The chairs of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have announced the relaunch of Project Crypto. This joint initiative aims to harmonize regulatory approaches, eliminate jurisdictional fragmentation, and prepare the basis for the Digital Assets Bill currently moving through Congress.
At the meeting, published last week as reported by CriptoNoticias, SEC Chairman Paul Atkins emphasized that interagency cooperation is essential to ending the “turf wars” of the past.
Atkins stressed that the goal is to “introduce clear, principled rules for the crypto asset market” and that the regulator’s job is to “enforce the minimum amount of effective regulation, no more, no less.”
CFTC Chairman Michael Selig pointed out that: Fragmented supervision models are no longer sustainable in the digital age. Selig said the previous administration chased headlines with punitive measures, but the current approach is focused on clarity.
“Project Crypto aims to address and, if possible, eliminate these contradictions,” he said. He added: “Market participants should not be forced to register duplicate agencies or sets of regulations to offer economically similar products.”
Focus on efficiency and decentralized technology
This work places particular emphasis on how technology related to cryptocurrencies is transforming the structure of markets. Atkins acknowledged that “trading, clearing, custody, and risk management now occur across asset classes, technologies, and platforms.” Therefore, individual regulations are a source of confusion for investors.
Selig agreed on the need to modernize monitoring tools to reflect on-chain activity. This brings into focus very sensitive topics such as privacy.
“We must act quickly to update our rules and regulations and adapt to blockchain technology, digital assets and upcoming legislation, or we risk ceding these emerging markets to foreign regimes,” he warned. And if clarity is not provided, Innovation will move outside the continental United States.
This agreement between the two regulatory agencies does not change existing jurisdiction, but after Congress approves the federal framework. Agencies work together.
The ultimate goal, both officials said, is to strengthen U.S. leadership in the global financial system.
“The future of finance is going to be built somewhere. Through Project Crypto, we can help ensure it is built right here in the United States,” Atkins concluded, emphasizing that the stability of assets like Bitcoin relies on a predictable and fair legal environment.
(Tag translation) Bitcoin (BTC)
