By Ece Yildirim
The Securities and Exchange Commission made its biggest pro-crypto move yet this week. On Thursday, SEC Chairman Paul Atkins launched “Project Crypto,” an overarching roadmap of the Commission’s approach to regulating cryptocurrency.
The aim of the project, according to Atkins, is to make the United States “the crypto capital of the world” by onshoring crypto asset distributions.
Atkins hopes to do so by updating the Commission’s rules and regulations regarding on-chain software systems, encouraging experimentation with new technology like “tokenization,” and opening the door to the reclassification of most crypto assets as an investment contract rather than a security. The plan also aims to encourage decentralized finance initiatives that operate without intermediaries and “super apps” that integrate payment ability with other functions like social media (one example being Elon Musk’s vision to transform X into an “everything app”).
It’s a huge departure from the SEC’s previous approach to crypto under former chairman Gary Gensler, who became crypto industry’s public enemy number one due to his strict regulatory approach.
Atkins made sure to hammer that point in.
“It’s a new day at the SEC and we are picking up the gauntlet and the challenge that President Trump has laid down,” he told CNBC on Friday.
Disclaimer
The information contained in South Florida Reporter is for general information purposes only.
The South Florida Reporter assumes no responsibility for errors or omissions in the contents of the Service.
In no event shall the South Florida Reporter be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the use of the Service or the contents of the Service. The Company reserves the right to make additions, deletions, or modifications to the contents of the Service at any time without prior notice.
The Company does not warrant that the Service is free of viruses or other harmful components
