#ProjectCrypto The SEC launches the 'Crypto Project' to boost the U.S. securities market on-chain

The U.S. Securities and Exchange Commission (SEC) has launched the "Crypto Project," an effort to update securities regulations for blockchain-based trading.

The initiative aims to legitimize tokenized versions of stocks, bonds, and other assets on public blockchains.

SEC Chairman Paul Atkins announced the plan on Thursday, stating that current rules are built around intermediaries that may no longer be necessary.

"Federal securities laws have always assumed the involvement of intermediaries that require regulation, but that does not mean we should interpose intermediaries in order to force intermediation where markets can function without them," he said.

This move comes in response to the growing interest in tokenization from major financial players like BlackRock and the recent surge in cryptocurrency offerings abroad. It also coincides with a White House-backed report urging regulatory reform to maintain innovation in cryptocurrencies in the U.S.

Atkins stated that the SEC will also support cryptocurrency "superapps" by creating simpler licensing procedures. The Cryptocurrency Working Group of Commissioner Hester Peirce will help implement the initiative.