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The SEC announced “Project Crypto,” an initiative to modernize securities rules and regulations to allow for crypto-based trading. The proposal comes one day after the President’s Working Group on Digital Asset Markets released a long-awaited report with recommendations for the SEC and other federal agencies to build a framework to boost U.S. dominance in digital asset markets.
“I have directed the Commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets ... Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them,” said SEC chair Paul Atkins.
