SEC chair Paul Atkins speaks in prepared remarks about crypto

SEC chair Paul Atkins speaks in prepared remarks about crypto

Title: SEC Chair Paul Atkins Announces "Project Crypto" to Modernize U.S. Financial Markets

SEC Chair Paul Atkins recently delivered a speech outlining the agency's plans to modernize U.S. financial markets, focusing on cryptocurrencies and blockchain technology. Atkins emphasized the need for the SEC to adapt to the digital age and position the U.S. as a global leader in the crypto asset markets.

Atkins highlighted the historical evolution of capital markets, from the Buttonwood Agreement of 1792 to the current digital age. He noted that markets have always been dynamic, driven by innovation and technological advancements. The SEC, he said, has a role in safeguarding markets while fostering innovation.

The speech touched on the "Paperwork Crisis" of the 1960s, where the SEC played a crucial role in developing modern clearing and settlement systems. Atkins drew parallels to the current situation, where the SEC must adapt to the digital asset revolution.

Atkins announced "Project Crypto," a Commission-wide initiative aimed at modernizing securities rules and regulations to enable on-chain markets. This initiative aims to ensure the U.S. remains the best place for businesses to operate and innovate in the crypto space.

The speech also mentioned the GENIUS Act, which President Trump signed into law, providing a framework for gold standard stablecoins. Atkins expressed his support for bipartisan efforts in Congress to pass crypto market structure legislation by the end of the year.

Atkins directed the SEC's policy divisions to work with the Crypto Task Force, led by Commissioner Peirce, to swiftly develop proposals based on recommendations from the President's Working Group on Digital Asset Markets (PWG Report). The goal is to future-proof U.S. markets against regulatory mischief and ensure the U.S. remains the crypto capital of the world.

Project Crypto will involve various initiatives, including bringing crypto asset distributions back to the U.S., establishing a regulatory framework for crypto asset distributions, and revamping legacy rules and regulations to foster innovation and competition.

Atkins emphasized that the SEC will work to ensure that the U.S. remains the best place to start a business, develop cutting-edge technologies, and participate in capital markets. He also expressed a commitment to revamping the SEC's rulebook to remove barriers to innovation and entrepreneurship.

In conclusion, SEC Chair Paul Atkins' speech underscored the agency's commitment to modernizing U.S. financial markets to meet the challenges and opportunities of the digital age. The launch of "Project Crypto" signals a significant step towards positioning the U.S. as a global leader in the crypto asset markets.

References:
[1] https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125