Paulson: Harnessing the Benefits, Minding the Risks of Fintech Innovations

BESSENT: WILL SEE SUBSTANTIAL TARIFF NEWS NEXT COUPLE DAYS BESSENT: ECONOMY WAS IN GREAT PLACE BEFORE SHUTDOWN BESSENT CITES 'HICCUP' IN ECONOMY THANKS TO SHUTDOWN BESSENT: EXPECT AMERICAN PEOPLE WILL START FEELING BETTER ABOUT ECONOMY IN Q1, Q2 BESSENT: $2,000 REBATE WOULD BE FOR THOSE MAKING LESS THAN $100,000 BUT NOT DECIDED *BESSENT REITERATES 'SUBSTANTIAL' TAX REFUNDS COMING EARLY 2026 BESSENT: GOING TO UNVEIL TARIFF RELIEF ON COFFEE, OTHER ITEMS BESSENT: WILL SEE SUBSTANTIAL ANNOUNCEMENTS ON PRICES FOR PRODUCTS LIKE COFFEE, BANANAS THAT WE DON'T GROW IN U.S. -FOX NEWS

Good morning, ladies and gentlemen. Thank you for that kind introduction and for the invitation to join you today as we continue the conversation about how America will lead the next era of financial innovation. When I spoke recently about American leadership in the digital finance revolution, I described “Project Crypto” as our effort to match the energy of American innovators with a regulatory framework worthy of them. Today, I would like to outline the next step in that journey. At its core, this next step is about basic fairness and common sense as it relates to the application of the federal securities laws to crypto assets and related transactions. In the coming months, I anticipate that the Commission will consider establishing a token taxonomy that is anchored in the longstanding Howey investment contract securities analysis, recognizing that there are limiting principles to our laws and regulations. Much of what I will describe builds upon the pioneering work of the Crypto Task Force that Commissioner Hester Peirce leads. Commissioner Peirce has laid out a framework for coherent, transparent treatment of crypto assets under the federal securities laws, grounded in economic reality rather than in slogans or fear. Let me reiterate that I share her vision. I value her leadership, her hard work, and her perseverance in championing these issues over the years. I am very pleased that she took this task on. I will organize my remarks around three themes: first, the importance of a clear token taxonomy; second, how Howey applies in a way that recognizes the fact that investment contracts can come to an end; and third, what that could mean in practice for innovators, intermediaries, and investors. *SEC TO CONSIDER ESTABLISHING A TOKEN TAXONOMY, ATKINS SAYS #BREAKING U.S. SEC Chief Atkins Says Clarity Coming on Crypto Tied to Investment Contracts #Bitcoin $BTC