The Project Crypto of the U.S. Securities and Exchange Commission aims to modernize regulations and develop the cryptocurrency market in the United States.
Project Crypto aims to support a clear legal framework, helping the U.S. become the world's leading cryptocurrency hub while attracting projects back to the domestic market, promoting technological innovation and economic development.
MAIN CONTENT
Project Crypto modernizes securities law based on Blockchain technology.
Helps cryptocurrency projects return to the United States with transparent and simplified regulations.
Market impact increases liquidity, volume, and drives a new bull cycle.
What is Project Crypto and what are the main goals of this initiative?
Project Crypto is an initiative by Paul Atkins, Chairman of the SEC, aimed at updating the securities regulatory system using modern Blockchain technology.
This initiative focuses on supporting the plan to make the United States the global leader in cryptocurrency through clear laws, helping businesses develop more smoothly and fostering financial technology innovation.
"Project Crypto will ensure that the United States remains the best place in the world to start up, develop advanced technology, and participate in the capital market."
Paul Atkins, Chairman of the SEC, July 25, 2023
What are the highlighted points of Project Crypto that are prioritized for development?
Chairman Atkins emphasized that Project Crypto helps reverse the trend of cryptocurrency projects being pushed overseas, creating an environment for projects to return to the United States under transparent regulations.
In particular, this initiative eliminates complex corporate structures and confusion about the securities status of digital assets while simplifying the licensing process for major market applications with a single licensing mechanism instead of requiring permission from each state.
How does Project Crypto impact the cryptocurrency market?
According to Chairman Atkins, most cryptocurrency assets are not securities in the old sense, thus opening the U.S. market to the entire industry will encourage broader adoption.
Clearer laws promise to increase liquidity and trading volume, thereby supporting the formation of strong bull markets in the future. This is also a pioneering step that encourages other countries to follow suit in planning cryptocurrency policies.
"We are witnessing a major transformation, laying the groundwork for the cryptocurrency market to become more liquid and transparent than ever before."
Paul Atkins, Chairman of the SEC, July 25, 2023
Frequently Asked Questions about Project Crypto
How does Project Crypto affect cryptocurrency projects in the United States?
The project helps cryptocurrency projects return to the United States under a clear legal environment, conducive to development and fundraising.
Does Project Crypto change the way the SEC regulates cryptocurrencies?
Yes, the SEC will adopt Blockchain technology and simplify regulations to create a more modern legal framework.
Does this project help increase cryptocurrency liquidity?
Thanks to reduced barriers and market openings, liquidity and trading volume are expected to increase significantly.
What does Project Crypto do for the development of cryptocurrency applications?
The SEC will issue a single license instead of state-by-state licensing, helping to develop ‘super apps’ that integrate multiple services.
How long is the implementation of Project Crypto expected to take?
The SEC is quickly coordinating to finalize proposals based on recommendations from the digital market working group.
Source: https://tintucbitcoin.com/du-an-crypto-cua-paul-atkins-hien-dai-hoa/
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