US SEC rolls out ‘Project Crypto' to rewrite rules for digital assets
Atkins said Project Crypto was in direct response to recommendations in a recent report by the President's Working Group on Digital Assets.
Atkins proposed easing licensing rules to allow for multiple asset classes or instruments to be offered by brokerages under a single license, while also creating a clear market structure separating commodities, which most cryptocurrencies fall under, from securities.
Regulatory exemptions or grace periods should be afforded to early-stage crypto projects, initial coin offerings, and decentralized software to allow these projects enough room to innovate, without crushing them under the weight of litigation or fear of reprisal by the SEC, Atkins said.
Additionally, the SEC chair said crypto business shouldn't be forced to establish decentralized autonomous organizations (DAOs) to avoid regulation. He also said the right to self-custody must be protected by law. Atkins wrote:
Many of the Commission's legacy rules and regulations do not make sense in the twenty-first century — let alone for on-chain markets. The Commission must revamp its rulebook so that regulatory moats do not hinder progress and competition, from both new entrants and incumbents, to the detriment of Main Street.'
Outfitting the SEC for internet capital markets and onchain finance has been a stated goal of the new SEC chair and a way to cement US leadership in crypto. SEC fully embraces regulatory shift with Atkins at the helm
Since Atkins became head of the SEC, the commission has shifted its posture toward the crypto industry by ending so-called regulation by enforcement, making pro-crypto regulations a priority and approving several crypto exchange-traded fund (ETF) applications.
In May, the SEC released guidance clarifying that income earned from staking on proof-of-stake blockchains does not qualify as a securities transaction because the income is through providing validation services.
The agency also approved in-kind creations and redemptions for crypto ETFs in July. This long-sought feature primarily affects how large institutions move assets in and out of the funds.
The recommendations outlined in the recent White House report, titled 'Strengthening American Leadership in Digital Financial Technology,' included establishing a clear market structure, interdepartmental coordination between agencies, stablecoin policy, countering illicit finance, banking regulations and taxation.
Per the recommendations made in the report, the SEC and the Commodity Futures Trading Commission (CFTC) will share joint oversight of the crypto industry, with the CFTC having sole authority over spot crypto markets.
Source: https://cointelegraph.com/news/sec-chair-atkins-announces-project-crypto
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