SEC and CFTC launch Project Crypto to unify cryptocurrency regulatory standards

SEC Chairman Paul S. Atkins and CFTC Chairman Mike Selig officially launched the Project Crypto joint initiative on January 29th at the CFTC headquarters, aiming to coordinate regulatory standards for the cryptocurrency market between the two agencies and address cross party market structure legislation pushed forward by Congress. Paul S. Atkins stated that existing regulatory models are difficult to adapt to technological convergence, and fragmented regulation is confusing for investors. Project Crypto will strive to establish a unified framework and implement moderate regulation in areas such as trading, clearing, custody, and risk management. The SEC has provided guidance over the past year on Memecoin, stablecoins, mining, staking, etc., and has clarified that registered advisors and regulated funds may store cryptocurrency assets in licensed financial institutions in specific states.