Bernstein: The SEC's Project Crypto may revitalize American innovation and make the U.S. a global blockchain financial center

ChainCatcher news, according to The Block, analysts from research brokerage Bernstein pointed out that the SEC's latest initiative, Project Crypto, marks "the boldest and most transformative vision for crypto proposed during the SEC chairman's tenure," which could revitalize innovation in the United States and position the country as a global blockchain financial center.

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 Paul Atkins emphasized that the U.S. regulatory framework should not cling to outdated paradigms that hinder innovation.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Bernstein analysts noted that the plan will attract previously relocated crypto companies back to the U.S. by loosening outdated regulations.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 will clearly categorize crypto assets into 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. Additionally, 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 shift from "ATS regulation" to "super application regulation" will enable the platform integration of trading, staking, lending, and stablecoin services.