A notable change in direction is underway regarding US cryptocurrency market oversight. Paul Atkins, the newly appointed leader of the US Securities and Exchange Commission (SEC), has indicated that most cryptocurrency tokens will not be classified as securities. This stance marks a clear departure from the prior administration’s strategy, which relied heavily on legal actions against crypto firms, resulting in fragmented regulation. Olena Sosedka, a fintech specialist and co-founder of Concord Fintech Solutions, told UNN that this development is a welcome signal that promises to advance the digital asset sector.
“The SEC is embarking on a fresh start… Regulation will no longer be dictated by ad hoc enforcement… We aim to establish transparent and reliable guidelines, empowering innovators to flourish within the United States,” Cointelegraph reported, quoting Atkins.
According to the news source, a central element of this revised strategy is the launch of Project Crypto, an initiative designed to create a consistent and predictable regulatory environment for digital assets. The SEC is proposing updated rules that would enable platforms to function as “super-apps,” combining functionalities such as trading, lending, and staking under a single license.
Atkins believes this regulatory approach will safeguard investors without “stifling” innovation within the industry.
He also acknowledged the European MiCA regulation as a well-structured framework for digital assets and stressed the importance of international collaboration.
According to Olena Sosedka, fintech expert and co-founder of Concord Fintech Solutions, this new direction in the US reflects the American authorities’ commitment not only to establishing domestic crypto market rules but also to aligning them with global standards.
The SEC has streamlined procedures, enabling exchanges to introduce new crypto-ETFs (exchange-traded funds) more quickly, bypassing lengthy individual approvals. This simplifies the approval process and opens the door to launching funds not just for Bitcoin or Ethereum, but for a broader range of cryptocurrencies.
Furthermore, US banks are no longer required to record all client crypto assets on their balance sheets. This eliminates a major obstacle for traditional financial institutions considering offering services to the digital asset market.
Olena Sosedka is optimistic that the evolving US crypto market regulatory landscape marks the beginning of a new era.
“The combined impact of Project Crypto, the approval of spot ETFs, and the removal of restrictions for banks propels the crypto industry into an institutional phase 2.0. Banks now have a compliant pathway to enter this space, exchanges will operate under clearer rules for launching innovative products, and investors will benefit from improved liquidity.”
Sosedka believes that easing the regulatory burden will directly influence asset valuations. “When concerns about unexpected lawsuits diminish, and regulatory policies become transparent, asset prices will more accurately reflect the true balance of supply and demand,” she explained.
She also highlighted the support for crypto-related “super-apps.” While acknowledging the added convenience for users, she emphasized the need for robust security protocols for financial transactions.
“This presents an opportunity for a genuine UX revolution, giving users access to trading, lending, and staking all within a single application. However, integrating such functionalities necessitates strict security measures, ranging from asset segregation to independent audits of smart contracts.”
She anticipates the emergence of the first spot exchange-traded funds beyond mainstream cryptocurrencies such as Bitcoin and Ethereum in the coming months. This development is expected to broaden institutional demand and contribute to the maturity of the digital asset market.
According to Olena Sosedka, the paramount consideration remains international harmonization. She noted that Atkins’ statement underscored the US’s intention to align its cryptocurrency market regulations with those of the European Union. This move may pave the way for the formation of a transatlantic regulatory corridor.
“This sends a crucial message to Ukraine. We are striving to align our digital asset market regulations with European standards, elevating them to banking-grade levels to attract global partners. Furthermore, Ukraine has already initiated the process of legalizing cryptocurrencies and is preparing to introduce regulation of the digital asset market. Aligning these regulations with European norms can significantly boost investor interest.”
Previously
On September 3rd, the Verkhovna Rada approved, in its first reading, a bill designed to legalize virtual assets. Bill 10225-d, titled “On Amendments to the Tax Code of Ukraine and some other legislative acts of Ukraine regarding the regulation of virtual assets in Ukraine,” garnered 246 votes in the first reading. According to Yaroslav Zhelezniak, the proposed legislation outlines income taxation at a rate of 18+5%, with a preferential rate of 5% on fiat withdrawals for the first year. The regulatory body responsible for overseeing the cryptocurrency market remains undetermined. The bill is currently undergoing preparation for its second reading.