Paul Atkins, Chair of the US Securities and Exchange Commission, today unveiled Project Crypto, an initiative to “modernize the securities rules and regulations to enable America’s financial markets to move on-chain.” Speaking at the America First Policy Institute, he commented that most cryptocurrencies are not securities.
A key goal of Project Crypto is to swiftly develop proposals implementing the recommendations of the President’s Working Group on Digital Assets as outlined in yesterday’s 166-page report.
“The Commission and its staff will in the coming months consider using interpretative, exemptive, and other authorities to make sure that archaic rules and regulations do not smother innovation and entrepreneurship in America,” he said.
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