The SEC is launching “Project Crypto,” a plan to make the United States the crypto capital of the world, per Commission Chair Paul Atkins. The project is building off a report released on Wednesday by the President’s Working Group, and will update several rules and reguations around crypto, while focusing on on-chain development.

“Project Crypto will help ensure that the United States remains the best place in the world to start a business, develop cutting-edge technologies, and participate in capital markets,” Atkins said in a speech today. He added that Project Crypto will serve as the “north star in aiding President Trump in his historic efforts to make America the “crypto capital of the world.”

Paul Atkins said he directed fellow SEC Commissioner Hester Peirce and her task force to create proposals going off of the President Working Group’s crypto recommendations. He added that agency staff will be working on drafting rules around crypto distributions, custody and trading and that those would go through public notice and comment. The SEC has already made several notable decisions surrounding the crypto industry and loosening previous restrictions. However, the “Project Crypto” plan will be the centralization of all of Trump and the SEC’s ideas to put the US ahead of the competion in the crypto industry.

Also Read: SEC Chair Vows to Make US Leader in Cryptocurrency Revolution

Already, the US has greenlight several spot crypto ETFs that add another dimension to investing in the markets. Furthermore, the US government has approved key legislation that allows stablecoins– crypto assets pegged to fiat– to be publicly traded. Several US banking institutions are also getting in on the action, now offering crypto products as investment options for customers.

“To achieve President Trump’s vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one,” Atkins added in his Thursday statement. “Decentralized finance and other forms of on-chain software systems will be part of our securities markets and not drowned out by duplicative or unnecessary regulation.”

The SEC is launching “Project Crypto,” a plan to make the United States the crypto capital of the world, per Commission Chair Paul Atkins. The project is building off a report released on Wednesday by the President’s Working Group, and will update several rules and reguations around crypto, while focusing on on-chain development.

“Project Crypto will help ensure that the United States remains the best place in the world to start a business, develop cutting-edge technologies, and participate in capital markets,” Atkins said in a speech today. He added that Project Crypto will serve as the “north star in aiding President Trump in his historic efforts to make America the “crypto capital of the world.”

Paul Atkins said he directed fellow SEC Commissioner Hester Peirce and her task force to create proposals going off of the President Working Group’s crypto recommendations. He added that agency staff will be working on drafting rules around crypto distributions, custody and trading and that those would go through public notice and comment. The SEC has already made several notable decisions surrounding the crypto industry and loosening previous restrictions. However, the “Project Crypto” plan will be the centralization of all of Trump and the SEC’s ideas to put the US ahead of the competion in the crypto industry.

Also Read: SEC Chair Vows to Make US Leader in Cryptocurrency Revolution

Already, the US has greenlight several spot crypto ETFs that add another dimension to investing in the markets. Furthermore, the US government has approved key legislation that allows stablecoins– crypto assets pegged to fiat– to be publicly traded. Several US banking institutions are also getting in on the action, now offering crypto products as investment options for customers.

“To achieve President Trump’s vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one,” Atkins added in his Thursday statement. “Decentralized finance and other forms of on-chain software systems will be part of our securities markets and not drowned out by duplicative or unnecessary regulation.”