SEC pivot marks US digital finance shakeup
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On July 31, the U.S. Securities and Exchange Commission’s Chairman Paul Atkins gave a 30-minute speech in which he outlined the SEC’s plans to improve the regulatory climate surrounding the cryptocurrency industry significantly. While the markets didn’t react to it, the crypto community declared Atkins’s speech “the most bullish news for crypto in a decade.” Summary SEC Chairman Paul Atkins outlined future focal points of crypto regulation New rules will ease crypto business in the U.S., give Americans new opportunities, and reshore companies that left during the Biden era SEC is going to support tokenization and set a clear framework for bringing the U.S. markets on-chain Professionals from the crypto space lauded Atkins’s speech and predicted that crypto will go mainstream within two years Project Crypto Atkins gave the speech at the America First Policy Institute, and the name of this organization aligns well with the title of the speech: “American Leadership in the Digital Finance Revolution.” Right off the bat, Atkins proclaimed that America is in its defining moment in terms of becoming a leader in the crypto assets markets. Atkins referred to a complex of actions in the American crypto industry, planned by the SEC, as “Project Crypto.” The main directions of Project Crypto include: Ensuring that the legal status of crypto in the U.S. facilitates innovation and encourages entrepreneurs to work in the U.S. Support for the tokenization trend, moving various markets on-chain Paving the way for inclusion of U.S. citizens for participation in airdrops, ICOs, etc Bringing together securities and digital assets via the SEC-regulated platforms, or “super-apps” Guaranteeing that innovative companies, which don’t fit in the existing rules, will not have to stop their activity while regulators adjust the rules Such a broad and multifaceted program was met with enthusiasm by American cryptocurrency professionals and…
