Summary: New Crypto Assets Group Backed By Trump Gets Green Light

Published: 1 month and 12 days ago
Based on article from NewsBTC

A New Era for Crypto: Trump Administration Backs Flexible Digital Asset Regulation In a landmark shift, the Securities and Exchange Commission (SEC) is set to launch the President's Digital Assets Group, signaling a significant pivot in the U.S. approach to cryptocurrency regulation. This move, confirmed by SEC Chair Paul Atkins, aims to foster innovation while ensuring investor protection, departing from previous enforcement-centric strategies.

White House Roadmap Guides New Crypto Policy

Chair Atkins announced the formation of this new group during the Wyoming Blockchain Symposium, unveiling what he termed "Project Crypto." The primary objective of this initiative is to enact the recommendations outlined by the President's Digital Asset Markets Working Group. This strategic shift emphasizes moving away from "regulation by enforcement" towards establishing clear, flexible rules. The goal is to create a regulatory environment that both prevents abuse and remains adaptable to the rapid advancements in digital asset technology.

Balancing Innovation with Investor Safeguards

This new direction stands in stark contrast to the approach taken by Atkins' predecessor, Gary Gensler, who often asserted that most digital tokens should be classified as securities under existing laws. Critics argued that Gensler's rigid stance stifled domestic innovation and created an atmosphere of regulatory uncertainty. Atkins, however, countered this by stating that very few tokens truly meet the definition of securities, emphasizing that their treatment depends more on how they are "packaged, marketed, and sold." The administration's commitment, backed by the President's Digital Asset Markets Working Group's July roadmap, is to introduce rules that encourage responsible growth within the crypto sector. This progressive stance is expected to make it easier for legitimate crypto projects to operate within the United States, promoting an environment that balances robust investor protection with crucial space for technological advancement.

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