The U.S. Securities and Exchange Commission (SEC) announced the launch of Project Crypto, a strategic initiative to integrate cryptocurrencies into the country's financial system. This step signifies a substantial shift in the SEC's approach to cryptocurrency regulation.
Phases of SEC's Changing Approach to Cryptocurrencies
The SEC has gradually changed its stance towards cryptocurrencies.
* The initial phase involved strict measures: fines, investigations, and lawsuits. * The second phase saw a reduction in pressure, stopping arbitrary fines. * In the third phase, the SEC began acknowledging cryptocurrencies at public events. * At present, the SEC has announced the launch of Project Crypto.
Key Aspects of Project Crypto
Project Crypto encompasses five key directions:
1. Transition to 'on-chain finance': moving from electronic to blockchain technologies. 2. A new regulatory framework: introducing clear classifications for tokens and assets. 3. The concept of a 'super app': one license for all crypto products. 4. Recognition of self-custody rights for assets. 5. Integration of DeFi into the U.S. regulatory system.
Strategic Motives and Market Impact
Project Crypto is not only focused on improving the financial system but also has deeper political and economic goals. The SEC aims to bring U.S. companies back home by creating a more favorable environment for the cryptocurrency market and competing with global initiatives like China's digital yuan. The new SEC approach promises to enhance the market situation by increasing investments and lending.
With the launch of Project Crypto, the SEC is taking a step towards fully integrating cryptocurrencies into the U.S. financial system. This event may serve as a turning point for significant changes in the national cryptocurrency ecosystem.
