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Paul Atkins, the current chairman of the United States Securities and Exchange Commission (SEC), has announced a new initiative dubbed Project Crypto. According to Chair Atkins, the Project Crypto initiative is a broad-based program designed to modernize the securities rules and regulations through the use of blockchain technology.
The launch of the Project Crypto initiative happened a day after President Trump’s Working Group on Digital Asset Markets released the PWG Report. According to Chair Atkins, the Project Crypto initiative will work to assist President Trump’s agenda of making the United States a crypto hub through clear regulations.
“I am launching Project Crypto and directing the SEC’s policy divisions to work with the Crypto Task Force, led by Commissioner Peirce, to swiftly develop proposals to implement the PWG’s recommendations. Project Crypto will help ensure that the United States remains the best place in the world to start a business, develop cutting-edge technologies, and participate in capital markets,” Chair Atkins noted.
Key Aspects of the Project Crypto Initiative
The Project Crypto initiative is a major step towards making the United States a crypto hub. According to Chair Atkins, crypto projects that had been pushed offshore by the previous administration can now return to the U.S. market under clear regulations.
“First, we will work to bring crypto asset distributions back to America. The days of convoluted offshore corporate structures, decentralization theater, and confusion over security status, are over,” Chair Atkins noted.
Another key aspect of Project Crypto is to facilitate market participants to build ‘super apps’. Basically, the SEC intends to allow market participants to obtain a single license instead of the 50 states.
Market Impact
According to Chair Atkins, most crypto assets are not securities as perceived by the previous regime through its regulations by enforcement. The opening of the U.S. market for the wider crypto market is a pivotal moment that shifts in favor of mainstream adoption of digital assets.
Furthermore, other countries are likely to follow in the footsteps of the United States in enacting clear crypto regulations. The ultimate impact on the crypto market will be increased liquidity, trading volume, which reciprocates to more bull markets in the future.