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HomeCrypto NewsMarketUS SEC Launches Project Crypto to Bring All Markets On-Chain

US SEC Launches Project Crypto to Bring All Markets On-Chain

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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.

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Clear Regulations on Distribution and Custody

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.

US SEC to Facilitate Super Apps and On-Chain Software

Meanwhile, Atkins also disclosed that the SEC would encourage “super apps,” all-in-one platforms where intermediaries offer diverse securities and non-securities products. An example of this super app is the Base App launched by Coinbase to replace the Coinbase Wallet.

Platforms like Robinhood and Kraken have also launched similar products, allowing their users in specific locations to trade securities like tokenized stocks alongside crypto trading and other crypto-related products.

Again, Atkins highlighted the existence of obsolete regulations that guide the industry. To that effect, he has tasked his staff to update outdated laws to accommodate on-chain software systems and DeFi platforms.

Remarkably, the chair noted that these amendments would align with Trump’s vision and the mandate from the White House Digital Asset Working Group. Recall that the group released a 166-page report on Wednesday with recommendations for the US SEC and other regulators on enhancing the existence of blockchain technology innovations in America.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Elendu Benedict
Elendu Benedict
Elendu Benedict is a refined cryptocurrency writer with over two years of experience in the field. With a thorough understanding of blockchain technology, cryptocurrencies, and market trends, as well as proficiency with ETFs, DeFi, and Web3, he specializes in writing engaging and educational articles on a variety of crypto-related subjects.

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