Washington President, DC – President of Securities and Exchange Commission (SEC), Paul Atkins, said his agency launched “Project Crypto” in order to quickly start crypto policies urged by President Donald Trump.
Atkins announced the new initiative in a speech on Thursday at America First Policy Institute, saying that the effort will be rooted in the recommendations of the President’s working group report published Wednesday by the White House. He described it as “an initiative on the scale of the Commission to modernize the rules and regulations of securities aimed at allowing American financial markets to move home”.
“I ordered commission staff to write clear and simple road rules for cryptography
Distributions, custody and trade for public opinion and comments, “said Atkins.” While the committee staff strive to finalize these regulations, the Commission and its staff will consider in the coming months to use interpretative, exemplary and other authorities to ensure that archaic rules and regulations do not suffer innovation and entrepreneurship in America. “”
Crypto as titles
Atkins offered a rhetorical reversal at the time when the president of the dry predecessor, Gary Gensler, said that the vast majority of cryptocurrencies were probably titles that were to be supervised by the agency.
“Despite what the SEC has said in the past, most cryptographic assets are not titles,” said Atkins. “But the confusion on the application of the” Howy test “has led some innovators to treat all the cryptographic assets as such.”
Even if the congress continues to work on complex legislation which will define the cryptographic titles under the new law, Atkins suggested that its agency would move to start answering these questions now, by working on “clear directives that market players can use to determine whether a cryptographic asset is security or an investment subcontrate”.
Even when the projects obtain a securities label, he argued that it should not be a “scarlet letter”.
For cryptographic titles, he declared that he had “asked the staff to offer disclosure, exemptions and safe ports, including for” offers of initial documents “,” awards of rewards on the network “and network rewards.”
Atkins stressed Trump’s goal to establish a “golden age” for digital assets in the United States
“We are reshaping the cryptographic companies that fled our country, in particular those that have been paralyzed by the regulatory crusade of the previous administration and” Operation Chokepoint 2.0 “, he said.
Read more: “ Golden Age of Crypto ” by Donald Trump takes shape with the White House working group report
Auto-Custodia, super-applies
The president, who started working this year after his appointment by President Trump, also pleaded in favor of self -sufficiency of people of cryptographic assets.
“I deeply believe in the right to use a self-employed digital portfolio to maintain personal cryptographic assets and participate in chain activities such as staggered,” he said. “However, some investors will continue to rely on SEC registrants, such as brokers and investment advisers, to have assets on their behalf, and these companies are subject to additional regulatory requirements when they do.”
He also seemed to repel a routine review of peopleler that cryptographic companies offered too many often conflicting services in a single company. Atkins said he wanted to “allow market players to innovate with” Super-Apps “” which offer a “wide range of products and services under one roof with a single license”.
This would include allowing several types of assets to discuss a single platform, the offer:
“An broker with an alternative trade system should be able to offer exchanges in non -security cryptographic assets alongside cryptographic asset titles, traditional titles and other services, such as jalitude and loans to cryptographic assets, without requiring more state licenses or multiple federal licenses.”
While the dry under people in peopleler and its predecessors have seized the ground as the most important regulator and the application of the trade in American cryptography in recent years, the future surveillance structure envisaged by the congress would probably increase the Commodity Futures Trading Commission to a leading role.
It is therefore possible that the crypto of the Atkins project is less emergency because the Sister Agency assumes certain responsibilities.
Atkins added a defense of software developers – a point of particular interest in the week when the Tornado Cash developer, Roman Storm, was defended in a criminal trial.
Atkins has argued the importance of “protecting pure publishers from the software code, drawing reasonable lines to distinguish intermediate and disintermediary activity, and create rational and achievable rules of the road for intermediaries who seek to exploit software systems on chain.”
Update (July 31, 17:17 UTC): Add more details of the speech.
