The initiative aims to modernize the SEC for 21st-century finance and was formed in response to recent policy recommendations from the White House.
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US Securities and Exchange Commission Chair Paul Atkins has announced “Project Crypto,” an initiative to modernize the agency for the digital finance age and establish clear regulations for digital assets in the United States.
Atkins said Project Crypto was in direct response to recommendations in a recent report by the President's Working Group on Digital Assets, which he called the “blueprint” for sound crypto regulation in the United States. Atkins wrote:
Many of the Commission’s legacy rules and regulations do not make sense in the twenty-first century — let alone for on-chain markets. The Commission must revamp its rulebook so that regulatory moats do not hinder progress and competition — from both new entrants and incumbents — to the detriment of Main Street.”
Outfitting the SEC for internet capital markets and onchain finance has been a stated goal of the new SEC chair and a way to cement US leadership in crypto.
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