SEC Debuts 'Project Crypto' To Bring US Financial Markets 'On Chain' (cnbc.com) 31
The SEC has launched "Project Crypto" to overhaul outdated securities regulations for a blockchain-based future, aiming to support tokenized assets, crypto trading, and "super apps."
"To achieve President Trump's vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one," SEC chair Paul Atkins said at the "American Leadership in the Digital Finance Revolution" conference on Thursday. "I have directed the Commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets ... Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them." CNBC reports: Atkins, the SEC chair, highlighted "super apps" (such as one Coinbase introduced two weeks ago) as a priority of his chairmanship, noting the need to allow the apps to thrive with an "efficient licensing structure," rather than subject to multiple regulatory authorities.
So-called super apps like WeChat and Alipay -- which bundle several different services and functionalities into a single mobile app -- have long been viewed as the holy grail of financial technology by the industry. They're central to everyday life in China but haven't been successfully replicated in the West. Meta Platforms and X have made attempts to realize that vision, integrating payments, messaging and social content, among other functions.
Atkins also said the Trump administration will work to prevent "innovative" companies from being driven offshore by burdensome regulations, and said the SEC "will encourage our nation's builders rather than constrain them with red tape and one-size-fits-all rules."
"To achieve President Trump's vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one," SEC chair Paul Atkins said at the "American Leadership in the Digital Finance Revolution" conference on Thursday. "I have directed the Commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets ... Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them." CNBC reports: Atkins, the SEC chair, highlighted "super apps" (such as one Coinbase introduced two weeks ago) as a priority of his chairmanship, noting the need to allow the apps to thrive with an "efficient licensing structure," rather than subject to multiple regulatory authorities.
So-called super apps like WeChat and Alipay -- which bundle several different services and functionalities into a single mobile app -- have long been viewed as the holy grail of financial technology by the industry. They're central to everyday life in China but haven't been successfully replicated in the West. Meta Platforms and X have made attempts to realize that vision, integrating payments, messaging and social content, among other functions.
Atkins also said the Trump administration will work to prevent "innovative" companies from being driven offshore by burdensome regulations, and said the SEC "will encourage our nation's builders rather than constrain them with red tape and one-size-fits-all rules."
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Re: Crypto is the future (Score:1)
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Manged?
I think the poster inadvertently stumbled on a truth. When I was a farmer, you didn't want the calves getting mange. They'd start out looking a little ragged in the fur, and pretty soon they were losing weight, losing brightness in the eyes, be unable to process the feed/milk they received, and if it wasn't dealt with, they'd eventually die. I think that's a pretty apt metaphor for our entire economy right now, save the tippity-top which will be propped up by the government as the rest of the economy grinds
Re:Crypto is the future (Score:5, Informative)
If you bought $45k of Trumpcoin in January, you would have $910 today!
Re:Crypto is the future (Score:5, Funny)
If you bought a million it comes with a free pardon!
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If you bought a million it comes with a free pardon!
Pardon and a steak dinner at the White House. And I thought Hunter Biden was profiting off of the White House, and Democrats would all be exposed as child sex traffickers, just as soon as Trump releases all the Epstein files.
Hindsight is good at picking winners (Score:4, Funny)
If I had $1 in NVDA on Jan 2006, it would be worth over US $550 today.
If I had $1 in GM in 2006, it would be worth $0 today (pinklisted in 2009)
If I spent $2 on the numbers for Powerball back in 2022, it would be worth US $2 BILLION today!
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I paid between $7 and $55 per BTC. Sold most of it at $300 / BTC (almost 8 BTC total). Tidy little profit in a short time and I didn't have to play musical chairs or hang out with people who are "too" into crypto trading.
Got into NVDA before some of the splits at effectively $0.80/share. I got a fair amount of it because it seemed like a solid investment. I should have bought more, then I could have retired, but I don't actually have a crystal ball. (something a crypto bro would never admit)
DO NOT WANT (Score:1)
That Trumpcoin graft should be exclusively reserved for redhat morans.
Cryptocurrency is for CRIME! (Score:5, Informative)
Just so we are clear. The purpose of Crypto is work around financial reporting requirements and transfer $$$ anonymously and to distabilize national currencies.
There is a reason Cybercriminals use it for Ransomware!
Can you make $$$ scaming others or using for ransom drops, drug sales or money laundrying. Absolutely!
That the US Govt is now participating in these schemes only shows how corrupt it has become.
A great way to learn about crypto and many of the illegal transactions it allows is this book: The Number Go Up! [wikipedia.org]
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>> The people most opposed to crypto now where traditionally the people that were most in favor of liberalizing or legalizing drugs.
> Interested in why this is "troll" comment.
Because it's made up nonsense? What does "most opposed" mean? Legalize which drugs? What signal do you have to correlate these groups?
Answers: Yes. Whatever you want. Any substance at all. None.
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Ummm. An illicit drug store on the dark web is certainly safer for the seller. But not for purchaser/user, as there is no guarantee that "the product" will be as advertised or that even fake drugs will be delivered to the purchaser.
The "Silk Road" [wikipedia.org] is not a good business model for purchasers. It is a good model for the illicit drug sellers, and a great model for the marketplace platform provider whose getting a commission on every sale whether or not the product is as represented or ever delivered.
At least u
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the real master plan of crypto.
No, it isn't. There is no "master plan" for crypto. Its just greedy humans buying something in the hopes they can find a "greater fool" they can sell it to at a higher price. The evidence is they can and there is not a lot of reason to think that will change.
2008 called (Score:4, Insightful)
It wants to personally thank President Trump for giving them another chance.
Will hopefully be undone (Score:4)
Just like all the other misguided stuff from this admin, hopefully the next sensible admin will undo all this and potentially push all financial institutions to disconnect from cryptocurrencies.
When this collapses a lot of people (Score:3, Insightful)
Trump is opened up high risk private equity investment to 401ks. So you're quote unquote safe retirement is going to be funneled into private equity firms that are currently losing money because all the high profit private equity purchases have dried up. It's the same thing that was done with public pensions but now with your 401k.
Meanwhile you can expect Trump to continue to use tariffs as a national sales tax so that he can keep pushing for more tax cuts for his billionaire buddies and himself. That will create runaway inflation which will in turn cause interest rates to shoot up. That means more layoffs because high interest rates are designed to cause layoffs.
We gave too much power to the president and then we elected a congress unwilling to take it away because they're terrified of primary elections. Nobody here is going to get away unscathed.
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As a side note, remember when Bush wanted to partially privatize Social Security? Remember all the arguments against it that led to it not going anywhere? Well, we can look back now and see how it would have turned out. Can you guess who was right?
It's going to be very hard to safely invest (Score:2)
when crypto currencies are baked into the system as they are likely to cause a systemic failure. Much like the derivative created mortgage crisis of 2008. When supposedly decades old safe investments, like General Motors, provided to be vulnerable.
And before that, the growth in the pig butchering scam [wikipedia.org] is going to be enormous.
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But I also know that even with the crash and Great Recession, partially privatized Social Security would have saved the system by now and left you with a LOT more waiting for your retirement. Those naysayers were brutally wrong and cost us the opportunity to all have cushy retirements. I could be the wrong one now.
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Oh, I'm incredibly skeptical of cryptocurrency. I don't understand what it's for and can't see any way that it represents value. I suspect that it is a giant scam.
But I also know that even with the crash and Great Recession, partially privatized Social Security would have saved the system by now and left you with a LOT more waiting for your retirement. Those naysayers were brutally wrong and cost us the opportunity to all have cushy retirements. I could be the wrong one now.
That entirely depends on how "private social security" is invested and managed. Most people left on their own would not invest it wisely. Maybe you would or maybe you would not, but that is all hindsight and not provable now.
It's almost impossible to invest wisely (Score:2)
Previously safe investments are becoming high risk because the regulations and rules that kept them safe are being shut down systematically.
Mixing some out of control inflation caused by a national sales tax in the form of tariff by executive order and emergency declaration and honestly there's nothing safe anymore except being born to a billionaire.
It's the classic
America is the new (Score:2)
"Trump's vision of making America the crypto capital of the world"
Well, we first have to beat Nigeria and maybe Cambodia for that title. If the US dollar falls flat on George Washington's face, this vision will be made real.