The US Securities and Exchange Commission has unveiled a new initiative aimed at bridging the US financial market with the digital space.
This disclosure came at the America First Policy Institute in Washington, DC, on Thursday. The regulator launched “Project Crypto” to modernize securities law to bring all US financial markets on-chain. This aligns with the vision of US President Donald Trump to make America the “crypto capital of the world.”
Speaking at the event, SEC Chair Paul Atkins outlined several initiatives that would drive this new course, insisting it was the priority of the commission under this leadership. Some of them include updating “antiquated” regulations, facilitating “super apps,” and enhancing crypto custody and trading. During his speech, Atkins directed the SEC Commissioners to prioritize the development of clear regulatory policies that would attract crypto distribution back to America. He noted that America has entered its golden age; hence, the days of pushing innovation offshore have ended. Interestingly, Atkins stressed that most cryptocurrencies are not securities and promised that the agency would create clear guidelines on digital asset classification. He also noted that the SEC would enhance the tokenization efforts in America, working closely with firms pursuing the distribution of tokenized securities to provide the required support. Furthermore, the US SEC would also modernize crypto custody and trading rights. According to the Chair Atkins, Americans have the right to self-custody their assets. While existing regulations do not have digital assets in mind, he noted that his administration would make the necessary changes. Atkins also disclosed that the SEC would encourage “super apps,” all-in-one platforms where intermediaries offer diverse securities and non-securities products.