SEC opens ‘Crypto Project’ to update the rules in line with Trump’s vision

By Hannah Pérez

Paul Atkins, president of the SEC, presented the new ‘Crypto Project’ through which he will seek to modernize the rules and provide clarity to the cryptocurrency market, in line with the recommendations of the White House.

***

• Paul Atkins, president of the SEC, presented the new ‘Crypto Project’.
• It seeks to “modernize the rules” to allow the entry of cryptocurrencies to the stock market.
• He has commissioned the internal group, led by Hester Peirce, to write new rules quickly.
• It will align with the recommendations of the Presidential Group of the Trump Administration.
• “Most cryptoactive are not values“ATKINS said, advocating new clear rules.

---

The United States Stock Exchange and Securities Commission is inaugurating a new initiative to modernize the rules related to cryptocurrencies, in line with the vision of the Donald Trump administration.

The president of the SEC, Paul Atkins, presented the new ‘Crypto Project’, which identified as the “The North Star of the SEC to help President Trump in his historical efforts to make the United States the “world capital of cryptocurrencies”“

Atkins announced the initiative on Thursday during a speech in the America First Policy Institutesaying that the effort will be based on the recommendations of the report of the president’s digital asset work group, issued Wednesday by the White House.

As part of the project, the boss has sorting the SEC policy divisions to work with the internal group dedicated to cryptocurrencies, led by Commissioner Hester Peirce, to quickly develop proposals that align with the recommendations of the administration. The sec group was created in January by the interim president, Mark Uyeda.

This is “An initiative of the entire commission to modernize the rules and regulations of securities to allow US financial markets to move within the chain“ATKINS described.

SEC rules will be aligned with Trump’s vision

The chief of the SEC began his speech –Published on the regulator’s website– Drawing a parallel between the historical evolution of financial markets and the current revolution of digital assets, to argue that markets thrive when regulation encourages innovation instead of quelling it.

To achieve this objective, he said that he has instructed the SEC personnel to develop clear rules for the distribution, custody and trade of cryptocurrencies, using exemptions and other authorities to prevent outdated regulations for scrubbing innovation.

“To achieve President Trump’s vision of convert“ATKINS said.

Clarity for classification: value or raw material

Marking a distance with the hostile approach of his predecessor, Gary Gensler, Atkins also recognized the confusion generated by the application of the Howey to determine if a cryptocurrency is a value. In this sense, he proposed clear guidelines to classify digital assets and evaluate whether they are subject to investment contracts.

“Our goal is to help market participants to classify cryptoactive categories, such as digital collectibles, digital raw materials or stable currencies, and evaluate the economic realities of a transaction“ATKINS said.

“Despite what the SEC has said in the past, most cryptoactives are not values“he emphasized, arguing that even if a project is classified as a value, this should not be a stigma.

While the agency’s staff works to finalize these norms, and Congress also advances in the legislation that will define the values and grant specific powers to the supervisory agencies, ATKINS suggested that the agents of the SEC take various interpretive courses and measures to begin to answer those key issues of regulation immediately.

Defi will be part of the stock market

Among other aspects, Atkins also defended the right to use digital self -systemal wallets as a fundamental American value, proposed allowing market participants to operate multiple business lines under a single license and advocated a licensing framework that minimizes unnecessary regulation, similar to the banking model.

Likewise, he acknowledged that the systems in Blockchain They can be decentralized and others have operators, so the regulatory framework should contemplate both models.

“Decentralized finances and other forms of chain software systems will be part of our stock markets and will not be eclipsed by duplicate or unnecessary regulations“said.

Atkins’s speech largely reiterates comments made by the official in the past, emphasizing his effort to boost new and clear rules for the emerging industry. To close, he left an open invitation to market participants to follow the next proposals of the SEC and to contribute comments to shape the future of innovation in the United States.

---

Hannah Estefanía Pérez / Diariobitcoin

Image of Unspash, edited in Canva

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.