U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has announced the launch of the "Project Crypto" initiative that is meant to modernize cryptocurrency regulation.
The commission-wide initiative will enable U.S. financial markets to move on-chain.
The aim of the project is to make sure that the U.S. retains its leadership when it comes to capital markets and bleeding-edge technologies.
Atkins has specifically stressed that the SEC will "reshore" those businesses that moved out of the U.S. due to regulatory uncertainty and the hostile "regulation-by-enforcement" approach adopted by the previous administration.
As part of "Project Crypto," the agency will also be focused on creating a comprehensive framework for the distributions of digital assets in the U.S.
"Mega bullish"
Undoubtedly, the new initiative further legitimizes the nascent asset class, which has so far had a banner year.
"The SEC is now fully dedicated to bringing crypto onshore to America, markets on chain, and letting consumers make their own choices. This is mega bullish," Blockchain.com CEO Peter Smith said.
Most crypto assets are not securities
Chairman Atkins has also clarified that the majority of financial assets are, in fact, not unregistered securities.
As reported by U.Today, Gary Gensler, Atkins's predecessor, argued that the opposite was the case. The former SEC boss has repeatedly stated that most crypto tokens would actually pass the investment contract test.
Atkins has now directed his staff to work on clear guidelines that will make it easier for market participants to determine whether or not a certain asset actually qualifies as a security.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team