Chairman Atkins’ clear-eyed leadership on crypto strikes the right balance: giving our innovators room to grow while protecting consumers. Let’s ensure the future of finance is built here at home.

Bernstein says SEC's Project Crypto could rewrite the rules of Wall Street

3/ We responded to the questions posed that are most critical to DeFi, and we lay out the following principles: ➡️Market structure laws should remain technology-neutral; ➡️DeFi developers and technology should be protected from inappropriate regulation meant for intermediaries; ➡️Congress should define criteria to assess “Control” over digital networks; ➡️Self-Custody protections for all US persons is essential; ➡️Legislation should address illicit finance but not unfairly burden DeFi innovation, and should maintain consumer protections and privacy rights; and ➡️Congress should include federal preemption for developer protections.

Two quotes from yesterday that stick with me. - "Regulators should provide the minimum effective dose of regulation necessary to protect investors while allowing entrepreneurs and businesses to flourish. We should not overburden them with paternalistic regulation that could drive them offshore or make American companies less competitive internationally." - “Decentralized finance software systems—like automated market makers—facilitate automated, non-intermediated financial market activity. Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them.” American markets needed @SECPaulSAtkins in this moment. "From the leaves of a buttonwood tree to ledgers on a blockchain, the winds of innovation still blow—and it is our task that they carry American leadership forward. After all, ladies and gentlemen, we have never been content to follow. We will not watch from the sidelines. We will lead. We will build. And, we will ensure that the next chapter of financial innovation is written right here in America."

The Crypto Task Force is going on the road to hear from early-stage crypto projects:

Always fun to chat with @virtuallylaw and @KarenUbell. Can’t wait for next month!

Here's the SEC's plan for Project Crypto:

Thank you, @A1Policy, for hosting me today to discuss “Project Crypto,” which will be the SEC’s north star in aiding the President in his efforts to make America the “crypto capital of the world.” Thread 🧵⬇️

Simply a stunning and amazing speech. Kudos to Chair Atkins, Commissioners Peirce and Uyeda, and their collective staffs. #ProjectCrypto

It's been over 60 days since the SEC issued staking guidance. Today, executives from @jito_sol, @vaneck_us, @BitwiseInvest, @SolanaInstitute & @multicoincap filed a letter to SEC's Crypto Task Force advocating for liquid staking tokens (LSTs) within ETPs and other traditional financial products 👇 "We believe that LSTs are the best and most clearly viable path towards a fully staked ETP. Allowing partial staking reduces the achievable yield available to investors and creates additional operational requirements for issuers."