Project Crypto: SEC Pushes Simpler Rules for Digital Assets

Called "Project Crypto", the plan was announced by SEC Chair Paul Atkins and is meant to help the agency better manage the digital finance industry.

One of the key goals is to separate the responsibilities of the SEC and the Commodity Futures Trading Commission (CFTC). Under this plan, the CFTC would take charge of the markets where most digital assets are traded, while the SEC would handle areas that involve crypto offerings that look more like traditional investments.

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Atkins also wants to make the licensing process easier for crypto-related businesses. He proposed a system where brokerages can manage several types of digital assets under one license, instead of needing different licenses for each kind.

He said this would reduce unnecessary steps while still keeping rules in place to protect users.

For new crypto projects, Atkins supports giving them more time before full rules apply. This would include early-stage tokens, open-source software, and startup teams that are still building.

The idea is to let these projects develop without being blocked by lawsuits or regulatory pressure right away.

He also spoke about the importance of giving users the right to store their own digital assets. Atkins said it should not be necessary to set up special systems like decentralized organizations just to avoid regulation. Instead, the rules should be clear and fair from the start.

Recently, Thailand's SEC asked the public for input on potential rule changes for investors in crypto token sales. What did the agency say? Read the full story.