CoinVoice has recently learned that, according to The Block report, analysts from the brokerage firm Bernstein indicated that the SEC's latest launch of Project Crypto marks the 'boldest and most transformative crypto vision proposed during the SEC chairman's tenure,' which may revitalize American innovation and position the country as a global blockchain financial center.
The Bernstein analyst team believes that the SEC's withdrawal of the lawsuit against Coinbase marks a shift in regulatory models from 'the rigidity of the simulation era' to 'the pragmatism of the digital age.' Paul Atkins emphasized that the U.S. regulatory framework should not stick to outdated paradigms that hinder innovation. 'The future is coming at full speed—the world will not wait. The U.S. must not only keep pace with the digital asset revolution but must also lead this transformation,' he stated during his speech.
Bernstein analysts pointed out that the plan will attract previously exiled crypto companies back to the U.S. by loosening outdated regulations. Unlike the stance of former chairman Gensler, 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 into digital goods, stablecoins, and digital collectibles.
The report particularly emphasizes that the new regulations will support the issuance of tokenized securities subject to U.S. jurisdiction, and Wall Street giants and tech companies have shown strong interest, which will effectively reduce corporate offshore circumvention. Furthermore, the SEC will allow broker-dealers to conduct a full range of crypto and traditional financial services with a single license, eliminating the complex dual approval barriers of state and federal regulations. This shift from 'ATS regulation' to 'super application regulation' can achieve platform integration of trading, staking, lending, and stablecoin services. [Original link]
