SEC Announces New Roadmap for Crypto Industry
This week, US Securities and Exchange Commission (SEC) Chairman Paul Atkins officially launched Project Crypto, a comprehensive plan to reset the SEC's approach to the cryptocurrency sector.
According to Atkins, the goal of the plan is to “make the United States the global capital of cryptocurrency” by promoting domestic digital asset distribution and reforming existing regulations.
The SEC intends to:
Update rules related to on-chain software systems.
Support testing of new technologies such as tokenization.
Consider reclassifying most crypto assets as investment contracts, rather than securities.
Encourage the development of decentralized finance (DeFi) and super apps that integrate payments, social networks, and many other functions.
“A new era has begun at the SEC, and we are taking on the challenge from President Trump,” Atkins said.
The difference from Gary Gensler's time
In stark contrast to his predecessor Gary Gensler, who initiated numerous lawsuits targeting exchanges like Coinbase and Binance, the current administration has pursued a more flexible approach.
Gensler has emphasized that most tokens are securities and require full SEC registration, which has caused many obstacles for DeFi projects in recent times and has caused a wave of crypto innovation to move outside the United States.
Trump changes his stance, pushes for crypto legalization
Despite calling crypto a “potential disaster” in 2021, Trump has completely changed his stance when running for president in 2024 with a crypto-friendly message.
Shortly after taking office, he established a federal working group on crypto, chaired by David Sacks, which just released a 160-page report with a series of policy recommendations.
A major milestone was Trump's signing of the Genius Act, the first federal piece of legislation regulating stablecoins, digital currencies pegged to the US dollar to limit volatility.
The bill paves the way for banks, credit unions and other financial institutions to issue legal stablecoins.
Big corporations join the game
Positive policy signals immediately attracted attention from the business sector.
JP Morgan has announced a partnership with Coinbase to allow customers to pay for cryptocurrencies using Chase credit cards.
Bank of America CEO Brian Moynihan announced that the bank is preparing to launch its own stablecoin.
The Line Between Personal Interest and National Policy
While the new administration has pledged to move toward legalizing cryptocurrencies while protecting consumers, many experts warn of the risk of conflicts of interest.
The Trump family is running a series of projects related to cryptocurrency:
World Liberty Financial – crypto banking platform issuing stablecoin USD1.
A memecoin ecosystem.
Bitcoin mining business co-founded by Eric Trump.
Risks and Controversies
Lawmakers like Senator Elizabeth Warren worry that the Trump administration's actions could amount to self-interest under the guise of public policy.
“Trump is using his presidency to get rich off crypto, and he’s doing it openly,” Warren told Vanity Fair.
The crypto industry still faces a lot of criticism, from its difficult-to-control anonymity, the risk of money laundering, sanctions evasion, to scams.
The FBI says Americans lost more than $3.9 billion to about 150,000 cryptocurrency scams in 2024 alone.
Huge market volatility and scandals like the collapse involving Sam Bankman-Fried still leave many lawmakers skeptical.
The Trump administration and the SEC are making history for the digital asset industry with a more open policy. However, the potential for loss of control, lack of transparency, and abuse of political power for personal gain could put the US cryptocurrency revolution in jeopardy.
Source: https://baonghean.vn/chu-tich-sec-cong-bo-ke-hoach-chien-luoc-voi-tien-so-10303800.html
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