The SEC has announced the launch of “Project Crypto”, an initiative to modernize securities regulations and make the United States the World Center for Innovation Crypto and Blockchain.
In short
- The dry has launched Project Crypto to update American crypto regulation, allow self-garde and attract innovation.
- President Paul Atkins claims that most Crypto assets are not securities and want clearer rules to support growth.
- The SEC will support the Super Apps, the integration of the DEFI and the auto-garde portfolios as essential pillars of the new frame.
Clear rules
During an intervention in Washington, DC, on July 31, the president of the SEC, Paul Atkins, said that the initiative is part of the agency's response to President Trump's objective to make the United States the “World City of Crypto”. The project will implement the key recommendations for the recent report of the Presidential Working Group (PWG) on digital market data.
One of the main priorities of Project Crypto is to provide regulatory clarity to the distributions of crypto assets in the United States. Atkins said that the majority of crypto assets are not securities and has attributed legal confusion as a cause of the displacement of innovation abroad. The SEC will also develop new tests to help determine whether an crypto asset is qualified as a valuable value.
Project Crypto also hopes to clarify the requirements in terms of childcare and negotiation. Atkins criticized the approaches to have limited the choice of investors and has committed to modernize the rules for keeping the digital assets held by registered intermediaries.
He stressed that the self-garde, the ability to hold and manage its own crypto assets in a personal portfolio, is a fundamental American right:
I deeply believe in the right to use a digital self -guard portfolio to hold personal crypto assets and participate in on-chain activities such as sting.
A license, several products
Another key objective of the initiative is to allow the development of “super apps”, platforms that allow brokers and traders to offer a wide range of products, including crypto assets not linked to securities, under a single license. The SEC will issue new guidelines to make this model legally viable without the need for multiple approvals at state or federal level.
The project also aims to update the “archaic” rules which restrict the use of on-chain software systems in the capital markets, including decentralized finance. Atkins has indicated that the dry will create space for models with and without intermediaries.
An inter-agencies effort
Project Crypto implies several divisions of the dry and includes the Crypto Task Force, led by Commissioner Hester Peirce. The SEC plans to explore exemptions and other authorities to ensure that obsolete regulations do not block progress. The initiative follows the recent adoption of the Genius Act, which has laid the foundations for a financial reform favorable to technology.
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