US SEC rolls out ‘Project Crypto’ to rewrite rules for digital assets

US Securities and Exchange Commission chairman Paul Atkins has announced the ‘Project Crypto,’ an initiative to modernize the agency for the digital finance age and establish clear regulations for digital assets in the United States.

The SEC chairman said Project Crypto was in direct response to the recommendations established by the President's Working Group on Digital Assets in a recent report, which he called the “blueprint” for sound crypto regulation in the United States. Atkins also 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.

Update (date and time in UTC): This article has been updated to [insert the new info being presented.]