Berenstein: SEC's Project Crypto Could Revitalize American Innovation, Making the U.S. a Global Blockchain Financial Center
BlockBeats News, August 4th, Research brokerage firm Bernstein analyst pointed out that the US SEC's latest launch of Project Crypto marks the "boldest and most transformative crypto vision proposed during the SEC Chairman's term," which may revitalize American innovation and turn the country into a global blockchain financial center.
The Bernstein analyst team believes that the SEC's dismissal of the Coinbase lawsuit signifies that the regulatory model is shifting from "rigidity in the analog era" to "pragmatism in the digital era." Paul Atkins emphasized that the US regulatory framework should not cling to old paradigms that hinder innovation. "The future is coming at full speed—the world will not wait. The United States must not only keep up with the digital asset revolution but also lead this transformation," he said in his speech.
The Bernstein analysts pointed out that the plan will attract previously exiled crypto companies back to the US by loosening outdated regulations. In contrast to former Chairman Gensler's position, Paul Atkins believes that most crypto assets do not fall under the securities category, and the ambiguity of the Howey Test has hindered the formation of US capital. The SEC plans to introduce new rules to clearly classify crypto assets into categories such as digital commodities, stablecoins, and digital collectibles.
The report particularly emphasizes that the new rules will support the issuance of tokenized securities under US jurisdiction, with Wall Street giants and tech companies showing strong interest, effectively reducing companies' overseas circumvention operations. In addition, the SEC will allow broker-dealers to conduct comprehensive crypto and traditional financial business with a single license, eliminating complex state-level and federal dual approval barriers. This shift from "ATS regulation" to "super app regulation" can achieve platform integration of trading, staking, lending, and stablecoin services.
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