The SEC and CFTC chairmen launched Project Crypto to unify crypto regulation.

According to the SEC's official website, SEC Chair Paul S. Atkins and CFTC Chairman Mike Selig officially launched the Project Crypto joint initiative on January 29 at CFTC headquarters. This initiative aims to harmonize the two agencies' regulatory standards for the crypto market in response to bipartisan market structure legislation currently being pushed forward by Congress. Paul S. Atkins stated that current regulatory models are ill-suited to the current state of technological convergence, and fragmented regulation has become a source of investor confusion rather than protection. Project Crypto will seek to establish a unified framework in areas such as trading, clearing, custody, and risk management, and will adhere to the principle of minimum effective dose for appropriate regulation. Furthermore, SEC staff have provided guidance over the past year on memecoin, stablecoins, mining, staking, and broker financial responsibility, and clarified that registered advisors and regulated funds can deposit crypto assets with specific state-licensed financial institutions. This initiative marks a shift in regulatory focus from enforcement-driven to rule-clarification, aiming to reduce compliance costs through interagency collaboration.