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▲ 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 of an 'encryption capital' is evolving beyond a slogan into a restructuring of institutional regulations.
According to crypto news outlet 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 to modernize on-chain market regulation are underway.
The core initiative is Project Crypto. This initiative is a joint regulatory effort pushed by the SEC and the Commodity Futures Trading Commission (CFTC) to modernize digital asset regulation. Atkins assessed that the SEC has taken historic steps to modernize on-chain market regulation.
Atkins emphasized that issuers, investors, and founders should be able to pre-determine whether a digital asset constitutes a security. He said, “To be clear, this is not a privilege for the industry. It is what the market requires to function. Clear rules of the road are needed, and those rules must be applied without bias.”
The SEC's change in stance is a clear departure from the era of former Chairman Gary Gensler. In March, the SEC issued an interpretation stating that most cryptocurrency assets, including non-fungible tokens (NFTs) and dollar-based stablecoins, are not securities. Atkins also mentioned an 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 favorable attitude towards the cryptocurrency industry. Trump called cryptocurrency an “important industry” and stated that the U.S. must lead this sector 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 through its interpretation that most cryptocurrency assets are not securities and by establishing a framework for tokenized stock trading.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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