Chairman Paul Atkins of the US Securities and Exchange Commission has unveiled “Project Crypto,” a scheme to modernize the agency for the digital finance era and create distinct regulations for digital assets in the United States.

Atkins indicated that Project Crypto was a direct outcome of advice from a recent report from the President’s Working Group on Digital Assets, which he referred to as the “blueprint” for effective crypto regulation in the United States. Atkins stated:

Many of the Commission’s historical rules and regulations are illogical in the twenty-first century — much less for on-chain markets. The Commission must overhaul its regulatory framework to prevent barriers from obstructing advancement and competition — both from emerging players and established firms — to the detriment of Main Street.”

Equipping the SEC for internet capital markets and on-chain finance has been a declared objective of the new SEC chair and a means to solidify US preeminence in crypto. 

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