On August 4th, Bernstein analysts pointed out that the SEC's latest Project Crypto marks the "most bold and transformative crypto vision proposed during the SEC chairman's tenure", which may revitalize American innovation and make the country a global blockchain financial center.
The Bernstein analyst team believes that the SEC's withdrawal of the lawsuit against Coinbase signals a shift in regulatory approach from "rigid analog-era thinking" to "pragmatic digital-era practices". Paul Atkins emphasized that the US regulatory framework should not cling to outdated paradigms that hinder innovation. "The future is coming at full speed - the world will not wait. The United States must not only keep up with the digital asset revolution but must also lead this transformation," he stated in his speech.
Bernstein analysts noted that the plan will attract crypto companies back to the US mainland by loosening outdated regulations. Unlike the previous chairman Gensler, Paul Atkins believes that most crypto assets do not fall under securities, and the ambiguity of the Howey Test has hindered US capital formation. The SEC plans to issue new regulations that will clearly categorize crypto assets into digital commodities, stablecoins, and digital collectibles.
The report particularly emphasized that the new regulations will support tokenized securities issuance under US jurisdiction, with Wall Street giants and tech companies already showing strong interest, which will effectively reduce companies' overseas roundabout operations. Additionally, the SEC will allow broker-dealers to conduct comprehensive crypto and traditional financial businesses with a single license, eliminating complex state and federal dual approval barriers. This transformation from "ATS regulation" to "super app regulation" can achieve platform integration of trading, staking, lending, and stablecoin services.
