Breaking: SEC Launches 'Project Crypto'

Key Points

1. SEC Chair Paul Atkins announced 'Project Crypto,' a commission-wide initiative to modernize securities rules and enable U.S. financial markets to move on-chain.

2. The project aims to ensure the U.S. retains leadership in capital markets and cutting-edge technologies, including reshoring crypto businesses that left due to previous regulations.

3. The SEC will create a comprehensive framework for digital asset distribution in the U.S., including approving in-kind redemptions for Bitcoin and Ethereum ETFs.

4. Atkins emphasized that most crypto assets are not securities, contrasting with his predecessor Gary Gensler's stance.

5. Blockchain.com CEO Peter Smith noted the SEC's commitment to bringing crypto onshore to America.