SEC Chair Unveils 'Project Crypto' To Back Trump's Push For US Crypto Dominance

Securities and Exchange Commission (SEC) Chairman Paul Atkins on Thursday announced the launch of the 'Project Crypto', which he said would be the“north star” for the SEC in helping President Donald Trump make the U.S. the“crypto capital of the world.”

“We are at a threshold of a new era in the history of our markets,” Atkins said.“I would like the world to go on notice that under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he added, explaining that the new project is aimed at modernizing securities rules and regulations to enable the U.S. financial markets to move on-chain.

'Project Crypto' will be run by SEC Commissioner Hester Pierce to swiftly develop proposals to implement recommendations from the report published Wednesday by the President's Working Group (PWG) on Digital Asset Markets.

The SEC staff will work to develop clear guidelines that investors and businesses can use to determine whether a crypto asset is a security or subject to an investment contract. For crypto asset transactions that are subject to the securities laws, the SEC will propose purpose-fit disclosure exemptions and safe harbors. These rules will cover initial coin offerings (ICOs), airdrops, and network rewards, according to Atkins.

'Project Crypto' will also look at rules for firms that are seeking to tokenize their common stock, bonds, and other securities. 

“In accord with the PWG Report's recommendations, I have directed the Commission staff to draft clear and simple rules of the road for crypto asset distributions, custody, and trading for public notice and comment,” Atkins said. He explained that the end-goal would be to reshore the crypto businesses, particularly those that were“crippled by the previous administration's regulation-by-enforcement crusade.” 

Atkins added that another priority of his chairmanship would be to allow market participants to innovate with“super apps” – allowing securities intermediaries to offer a broad range of products and services under one roof with a single license. 

He said he has also directed the Commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets.

Bitcoin (BTC) gained 0.6% in the last 24 hours. Bitcoin's price was around $118,500 at the time of writing. On Stocktwits, retail sentiment around the apex cryptocurrency remained in the 'bearish' zone over the past day. 

The iShares Bitcoin ETF (IBIT) was up 1.43% in midday trade on Thursday, but retail sentiment around the ETF also remained in 'bearish' territory over the past day.

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