U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has officially launched the Wall Street regulator’s “Project Crypto” that aims to implement the digital asset policies of President Donald Trump.
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Atkins announced the new initiative in a speech on July 31, saying the effort will be rooted in the recommendations of President Trump’s crypto roadmap that has just been unveiled and strives to make the U.S. the leading cryptocurrency market in the world.
“I have directed the commission staff to draft clear and simple rules of the road for crypto asset distributions, custody, and trading for public notice and comment,” said Atkins during his speech. News of the crypto roadmap and the SEC’s Project Crypto has led digital assets to trade higher, with Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) each up nearly 2% on the day.
Big Change
The SEC’s supportive approach to cryptocurrencies is a big change from the view the regulator took of digital assets under previous Chair Gary Gensler, who said the vast majority of crypto is like a stock and needs to be closely scrutinized and overseen by the agency.
“Despite what the SEC has said in the past, most crypto assets are not securities,” Atkins said in his latest remarks, contradicting Gensler’s viewpoint. The U.S. Congress continues to work on legislation that will define cryptocurrency securities under new laws. Atkins added that he supports President Trump’s goal to establish a “golden age” for digital assets in the United States.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 22.42% in the last 12 weeks.
