🏛️ Yesterday, the SEC launched Project Crypto, and the deduction of my video content has been deepened! The eldest brother has made the answer public, and then it depends on how Coinbase, Tether, and BlackRock copy the answer!
The original article is here:
Key points: I'll help you lift the chain, a total of 5 points:
🔹1. Development of crypto onshore!
• SEC Chairman Paul Atkins clearly stated that guidelines for classifying crypto assets will be established to help entrepreneurs determine whether their tokens are subject to securities regulations.
• The goal is to allow more projects to legally issue tokens in the U.S. market, rather than choosing to operate offshore due to unclear regulations.
• It will support the legal issuance of "tokenized securities" within the U.S., encouraging the on-chain representation of traditional assets like equity and bonds.
🔹2. Trading Freedom: Decentralized Custody and Legalization of Self-Custody
• Support for a more diverse range of crypto custody and trading methods, including self-custody wallets and on-chain staking activities.
• Criticism of past policies like SAB 121 and Chokepoint 2.0 for stifling the diversity of custody services.
• Proposal to introduce flexible compliance mechanisms to prevent old regulations from stifling new businesses and to protect the rights of U.S. users regarding their crypto assets.
🔹3. Reg Super-App: Unified License to Simplify Operations of Crypto Financial Institutions
• Proposal to build a framework similar to a "Regulatory Super-App" that allows a single license to cover multiple businesses (crypto, bonds, stocks, staking, lending)
• Reduce the burden of federal/state layer approvals and avoid compliance processes that raise the barriers to entrepreneurship.
• Support the simultaneous listing of securities and non-securities crypto assets on SEC-registered platforms.
🔹4. Open DeFi (You can refer to my previous DeFi video for this part)
• Acknowledge on-chain financial software systems (such as AMM) as a new form of market architecture, eliminating the need for mandatory intermediaries.
• Propose amendments to traditional rules like "Reg NMS" to adapt to the needs of on-chain securities and market automation.
• Emphasize the "freedom of software code development" and the "legitimate existence of decentralized architecture," and establish reasonable rules for intermediary-type DeFi platforms.
🔹5. Innovation Exemption Mechanism: Non-compliance ≠ Illegal
• Proposal to create an "Innovation Exemption Mechanism": New business models that do not fully comply with old regulations can be piloted as long as they meet principle-based compliance requirements.
◦ For example, providing regular reports, a whitelist mechanism, token standard restrictions, etc.
• Encourage rapid market testing, so that innovation is not stifled by regulatory barriers.
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