The U.S. Securities and Exchange Commission (SEC) has announced Project Crypto, aimed at reforming securities laws and providing a clear framework for the crypto industry.
Reform of Crypto Asset Regulation
SEC Chair Paul Atkins unveiled Project Crypto as a significant initiative that will change the course of crypto asset regulation in the United States. He stated that most crypto assets are not securities, demonstrating a shift in the commission's approach that previously held a strict stance on classifying digital assets.
Tokenization of Real Assets
The goals of the project include modernizing existing laws to support the tokenization of real-world assets (RWAs) and creating multifunctional platforms where companies can offer both securities and commodity trading services under a single license. This aligns with recent proposals from the Senate Banking Committee.
Clarity and New Rules
Atkins also reported on the drafting of clear rules for key activities in the crypto industry, such as token distributions, custody, and staking rewards. This is a step towards better regulation aimed at bringing back companies that left the U.S. due to the stringent regulations of the previous administration.
Project Crypto could significantly reshape the regulatory landscape for crypto assets in the U.S., fostering innovation and ensuring clear asset classifications for market participants.
