The dry moves the gears on the crypto

The Securities and Exchange Commission has made its greatest pro-Crypto move this week again. On Thursday, the president of the SEC, Paul Atkins, launched “Project Crypto”, a global roadmap for the commission approach to regulate the cryptocurrency.

The goal of the project, According to AtkinsIt is to make the United States “the world capital of cryptography” by distributions of cryptographic assets in terms of.

Atkins hopes to do so by updating the rules and regulations of the Commission concerning the software systems on the chain, by encouraging experimentation with new technologies such as “tokenization” and by opening the door to the reclassification of most cryptographic assets as an investment contract rather than security. The plan also aims to encourage decentralized financing initiatives which operate without intermediaries and “super applications” which integrate the capacity of payment into other functions such as social media (an example being of Elon Musk vision To transform X into an “all” application “).

It is a huge start of the previous approach of the dry in terms of crypto under the former president Gary Gensler, who has become the public public enemy of the cryptographic industry because of his strict regulatory approach.

Atkins made sure to hammer this point.

“It’s a new day at La Dry and we collect the glove and the challenge that President Trump has established,” he said CNBC Friday.

Trump’s push for the legitimization of cryptography

Gary Gensler’s approach to the crypto as president of the dry was less “leave” and focused more on conformity. In an effort to protect investors, the administration of peopleler insisted that cryptographic tokens are extremely considered as securities and are therefore covered by the existing legal framework and require complete disclosure and a recording of the dry. This made it particularly approximate for decentralized financial initiatives. By virtue of peopleler, the dry launched a wave of prosecution against crypto exchanges like Coinbase and Binance, saying that they operated outside the law.

The cryptographic industry considered that it was a regulatory overtaking and said that it was pushing an innovation of American cryptography abroad.

To come Trump, who ran on a pro-Crypto campaign during the 2024 presidential election even if he was formerly skeptical himself, saying that the crypto was “A disaster waiting to occurIn 2021.

One of Trump’s first action courses after the inauguration was to establish a crypto federal working group, chaired by the president’s AI and Tsar Crypto David Sacks. This group has just published a 160 pages report Wednesday detailing policy recommendations.

Trump also recently signed GeniusA bill that establishes the first federal regulatory framework for Stablecoins, a type of cryptocurrency designed to have less volatility than traditional forms by striking it to the US dollar.

The act of genius was a huge earn For the cryptography industry, allowing banks, credit cooperatives and other institutions to issue stablecoins.

Although the dry of Atkins and the Trump administration in general use an era of regulation of cryptocurrencies with certain consumer protections, the roadmap always seems to involve a minimum of administrative formalities. The emphasis is rather on the legitimate on technology on the chain in the financial system.

And that seems to work: a huge range of large companies rushes to explore blockchain projects. Thursday, JP Morgan announcement that he will associate himself in Coinbase to allow the purchases of crypto via the chase credit cards of customers, and America Bank CEO Brian Moynihan said earlier this month that the bank planned to launch a stablecoin.

Troubled waters

Crypto enthusiasts beat its ability to rationalize financial processes by removing intermediaries and saying that it helps to give anyone around the world access to financial accounts. They also praise the privacy and anonymity it provides.

But it obviously comes with the drawbacks.

Critics consider cryptocurrency as a threat to the financial system: the same mechanisms as Crypto uses to rationalize and increase accessibility to financial services can also be used for money laundering, sanctions escapes and sanctions and sanctions and sanctions scams. According to the FBI, the Americans lost more than $ 3.9 billion for around 150,000 cryptographic fraud regimes in 2024 only.

Crypto is also known for its volatility, subject to accidents, and has been mired in controversy, especially since the Sam Banke scandal.

And the skeptics of Congress cryptography also emphasize that the regulatory thrust of the Trump administration towards legitimation neglects a blatant problem: own conflict of interest.

The Trump family manages several crypto projects, the crypto-banking banking platform World Liberty Financial which offers a stablecoin called USD Empire of the same and a Bitcoin Mining Business Co-founded by Eric Trump.

Not only the Trump family but also The crypto empire booming of his cabinet is seen by many criticism Like a vagueness of the lines between personal commercial interests and official policy. Regulatory measures taken so far could be considered self-supporting.

“Trump uses the presidency to get rich through the crypto, and he does it in sight,” said one of Trump’s greatest criticism on this subject, said senator Elizabeth Warren Vanity Last week.