BlockBeats news, on August 4, research brokerage firm Bernstein analysts pointed out that the SEC's latest launch of Project Crypto marks the 'boldest and most transformative crypto vision proposed during the SEC chairman's term,' which could revive American innovation and make the country the global center for blockchain finance.
The Bernstein analyst team believes that the SEC's dismissal of the lawsuit against Coinbase signifies a shift in the regulatory model from 'the rigidity of the analog era' to 'the pragmatism of the digital age.' Paul Atkins emphasized that the U.S. regulatory framework should not cling to old paradigms that hinder innovation. 'The future is coming at full speed—the world will not wait. The U.S. not only needs to keep pace with the digital asset revolution but must also lead this transformation,' he stated in his speech.
Bernstein analyst pointed out that the plan will attract previously outbound crypto companies back to the U.S. by loosening outdated regulations. Unlike former Chairman Gensler's position, Paul Atkins believes that most crypto assets do not fall under the category of securities, and the ambiguity of the Howey Test has hindered capital formation in the U.S. The SEC plans to introduce new regulations that clearly categorize crypto assets as digital commodities, stablecoins, and digital collectibles.
The report specifically emphasizes that the new regulations will support the issuance of tokenized securities under U.S. jurisdiction, with Wall Street giants and tech companies showing strong interest, which will effectively reduce companies' overseas circumvention. In addition, the SEC will allow broker-dealers to conduct comprehensive crypto and traditional financial operations with a single license, eliminating the complex dual approval barriers of state and federal regulations. This shift from 'ATS regulation' to 'super app regulation' can achieve the platform integration of trading, staking, lending, and stablecoin services.