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Bernstein: The SEC's Project Crypto may reinvigorate American innovation, making the U.S. a global Blockchain financial center.
BlockBeats news, on August 4, analysts from research brokerage Bernstein pointed out that the SEC's recently launched Project Crypto marks the "boldest and most transformative vision for encryption proposed during the SEC chairman's term" and may revitalize innovation in the United States, making the country a global hub for blockchain finance. The Bernstein analyst team believes that the SEC's dismissal of the lawsuit against Coinbase signifies a shift in the regulatory model from the "rigidity of the analog era" to the "pragmatism of the digital age." Paul Atkins emphasized that the U.S. regulatory framework should not cling to outdated paradigms that hinder innovation. "The future is coming at full speed — the world will not wait. The U.S. must not only keep pace with the digital asset revolution but must also lead this transformation," he stated in his speech. Bernstein analysts pointed out that the plan will attract previously exiled crypto companies back to the U.S. by loosening outdated regulations. Unlike former chairman Gensler's stance, Paul Atkins believes that most crypto assets do not fall under the category of securities, and the ambiguity of the howey test has hindered capital formation in the U.S. The SEC plans to introduce new rules that clearly classify crypto assets into categories such as digital commodities, stablecoins, and digital collectibles. The report particularly emphasizes that the new rules will support the issuance of tokenized securities under U.S. jurisdiction, with Wall Street giants and tech companies showing strong interest, which will effectively reduce companies' overseas circumvention operations. In addition, the SEC will allow broker-dealers to conduct comprehensive crypto and traditional financial business with a single license, eliminating the complex dual approval barriers of state and federal regulations. This transition from "ATS regulation" to "super app regulation" can achieve platform integration of trading, staking, lending, and stablecoin services.