The U.S. Securities and Exchange Commission (SEC) has officially launched the 'Project Crypto', a major project aimed at transitioning to a cryptocurrency-based financial market system. This project is an attempt to restructure securities regulations around digital assets and is considered a key measure supporting the vision of President Trump to transform the United States into a global cryptocurrency hub.
The SEC announced this plan at the 'U.S. Leadership in Digital Financial Revolution' conference on July 31 (local time). The event was hosted by the America First Policy Institute, a pro-Trump think tank, of which Brooke Rollins, Secretary of Agriculture, and Larry Kudlow, former NEC Director, were co-founders.
SEC Chairman Paul Atkins stated, "Digital technology enables markets that no longer require intermediaries" and "We will innovate outdated regulations to actively nurture innovators rather than suppressing them." He strongly criticized the phenomenon of cryptocurrency companies leaving the U.S. due to uniform regulations and emphasized creating a more flexible and industry-friendly regulatory framework.
This Project Crypto includes a policy roadmap to institutionally accept a blockchain-based tokenized securities market. Based on recommendations announced the previous day by the Presidential Working Group on Digital Assets Market, the SEC's 'Crypto Task Force' will develop specific implementation plans. This task force will be led by Commissioner Hester Peirce, known as 'Crypto Mom'.
The SEC is also reviewing an efficient licensing structure to integrate overlapping regulations to build a 'Super App' ecosystem encompassing payments, trading, and communication centered on cryptocurrencies. Chairman Atkins mentioned, "A Super App with integrated financial services like WeChat or Alipay should be able to grow in the United States."
Expectations are also growing for the securitization of digital assets, or 'tokenization'. BlackRock CEO Larry Fink supported this by saying, "Tokenization of all financial assets is the core of financial technology revolution." In fact, major companies like Coinbase, Robinhood, and Kraken are already offering tokenized stock services outside the U.S., and through this project, full-scale introduction within the U.S. is expected to be pursued.
The SEC's move is an attempt to fundamentally change the structure of the U.S. capital market and is expected to create significant ripple effects on the global regulatory environment and the cryptocurrency industry as a whole.
