Paul Atkins: "SEC Supports Formation of US Crypto Capital".. Opening the Institutional Door

▲ U.S. Securities and Exchange Commission (SEC), U.S. Commodity Futures Trading Commission (CFTC)/ChatGPT Generated Image

The U.S. Securities and Exchange Commission (SEC) is accelerating its shift in digital asset regulation. Donald Trump's vision for a 'crypto capital' is evolving beyond a mere slogan into a restructuring of institutional regulation.

According to crypto-specialized media Benzinga on July 3 (local time), SEC Commissioner Paul Atkins stated that the SEC is deliberately moving to support Trump's goal of making the U.S. the world's crypto capital. Atkins explained in a speech at the Economic Club of New York that measures for modernizing on-chain market regulation are underway.

The core pillar is Project Crypto. This initiative is a joint regulatory effort by the SEC and the Commodity Futures Trading Commission (CFTC) to modernize digital asset regulation. Atkins assessed that the SEC has taken historical steps to modernize on-chain market regulation.

Atkins emphasized that issuers, investors, and founders should be able to pre-determine whether a digital asset is a security. He stated, “To be clear, this is not a special privilege for the industry. It is what the market demands to function. Clear rules of the road are needed, and those rules must be applied without bias.”

The SEC's shift in stance clearly differs from the previous Gary Gensler chairmanship. In March, the SEC issued an interpretation that most cryptocurrency assets, including non-fungible tokens (NFTs) and dollar-backed stablecoins, are not securities. Atkins also mentioned the innovation exemption initiative, and the SEC is working to establish a tokenized trading system for Wall Street-listed stocks.

The Trump administration has also shown a friendly attitude towards the cryptocurrency industry. Trump called cryptocurrency an “important industry” and stated that the U.S. must lead in this field to avoid ceding dominance to China. Benzinga recently cited financial disclosure data, reporting that Trump's crypto-related businesses generated over $1 billion in revenue during his first year in office.

[Article Key Summary]

-SEC Commissioner Paul Atkins stated that the SEC is deliberately moving to make the U.S. the world's crypto capital.

-Project Crypto is a joint regulatory initiative pursued by the SEC and CFTC to modernize on-chain market regulation.

-The SEC is strengthening its pro-crypto stance by interpreting most cryptocurrency assets as non-securities and establishing a framework for tokenized stock trading.

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