During the Wyoming Blockchain Symposium, SEC Chairman Paul Atkins stated that only a limited number of cryptocurrencies qualify as securities.
The Vision Behind 'Project Crypto'
Atkins emphasized that cryptocurrencies themselves are 'most likely not' securities, and their classification significantly depends on how they are marketed and packaged. This information is released in the context of the launch of Project Crypto, which aims to modernize securities law.
A Shift from Gary Gensler’s Approach
Atkins' stance markedly diverges from the former chairman Gary Gensler's strategy, who considered most cryptocurrencies as securities. The new approach begins with the assumption that 'a cryptocurrency is not inherently a security.'
Market Reaction to SEC Initiatives
The SEC's recent cryptocurrency-focused initiatives have received favorable feedback from market observers. Bernstein analysts described Project Crypto as the most ambitious and transformative vision brought forth by a serving SEC chairman.
In conclusion, the new direction of the SEC, presented by Paul Atkins, promises to enhance operational transparency and investor protection while adapting securities law to the demands of the modern market.
