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Seeds of Wisdom
SEC Chair Paul Atkins Unveils Plan to Make U.S. a Global Crypto Leader During ‘Project Crypto’ Speech
SEC Commissioner Paul Atkins has outlined an ambitious new initiative — Project Crypto — aimed at positioning the United States as the global hub for cryptocurrency innovation. His remarks focused on building a clear regulatory framework for digital assets, safeguarding investors, and integrating blockchain technology into existing financial systems.
SEC Mobilizing to Update Crypto Rules
Atkins confirmed that the U.S. Securities and Exchange Commission (SEC) is actively reviewing rules related to the custody and handling of digital assets. This includes guidance for broker-dealers, asset managers, and investment advisers to conduct cryptocurrency transactions safely and legally.
“It [Project Crypto] is to modernize rules and regulations, enabling America’s financial markets to move on chain and make America the crypto capital of the world. The SEC will not stand by and watch innovations develop overseas — it’s going to happen here,” Atkins told Fox Business.
He cited the President’s Working Group on Digital Assets report, which offers recommendations to align U.S. markets with President Donald Trump’s vision for digital finance. The SEC is consolidating its departments to implement these strategies, with a particular focus on modernizing rules that are nearly 90 years old.
Atkins emphasized secure digital asset custody, noting that crypto should not be stored on unsecured devices like flash drives, and called for clear, stable regulations to boost industry confidence.
GENIUS Act as the Regulatory Backbone
Atkins stated that the SEC’s updated crypto rules will be built around existing laws passed by Congress, including the GENIUS Act, a legislative cornerstone for financial modernization.
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He also referenced:
- A North Dakota court ruling striking down the Durbin debit interchange rule — potentially opening the door for more crypto-based payment systems.
- A recent executive order allowing 401(k) retirement plans to invest in alternative assets, including crypto and private equity.
Atkins warned that the number of public companies in the U.S. has dropped by half over the past three decades, underscoring the need for diversification in investment strategies.
A Shift in SEC’s Approach
These remarks signal a major shift in the SEC’s stance toward digital assets — from caution to proactive innovation support. Project Crypto represents a coordinated effort to protect investors while ensuring that the U.S. remains competitive in the global blockchain economy.
@ Newshounds News™
Source: Coinpedia
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US Federal Reserve to End Oversight Program for Banks’ Crypto Activities
Federal Reserve to Sunset “Novel Activities Supervision Program”
The U.S. Federal Reserve announced it will end a program specifically designed to monitor banks’ activities in the digital assets sector, instead folding such oversight into its standard supervisory process.
The “novel activities supervision program”, created in August 2023, was established to oversee activities involving crypto assets and distributed ledger technology (DLT). It focused on banks providing deposits, payments, and lending to crypto-related firms and fintechs, with an emphasis on risk management and safety.
In a formal notice, the Fed said:
“Since the Board started its program to supervise certain crypto and fintech activities in banks, the Board has strengthened its understanding of those activities, related risks, and bank risk management practices. As a result, the Board is integrating that knowledge and the supervision of those activities back into the standard supervisory process and is rescinding its 2023 supervisory letter creating the program.”
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Political Context and Leadership Shifts
The move comes amid heightened political attention on the Fed. U.S. President Donald Trump has repeatedly challenged the central bank’s independence, particularly regarding interest rate policy, and has openly criticized Chair Jerome Powell, whom he appointed in 2017.
- Powell’s term as chair runs until May 2026, though his term as a Fed governor continues until January 2028.
- Adriana Kugler, a Fed governor and member of the Federal Open Market Committee, resigned on Aug. 8.
- Trump has nominated Stephen Miran, Chair of the Council of Economic Advisors, to fill Kugler’s seat until January 2026, when a permanent replacement is expected to be appointed.
Key Takeaway
The Fed’s decision signals a shift from targeted crypto oversight toward incorporating such monitoring into routine banking supervision—a potential sign of growing institutional familiarity with digital asset activities in the traditional financial system.
@ Newshounds News™
Source: Cointelegraph
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Stablecoin Concerns: U.S. Banking Associations Push for Legislative Fixes
Banking Industry Flags Loopholes in New Stablecoin Legislation
In a letter to the Senate Banking Committee, banking associations representing all 50 states urged lawmakers to amend the recently proposed stablecoin legislation, warning of loopholes that could undermine the integrity of the U.S. financial system.
The associations stressed the need for a clear and robust regulatory framework for the digital asset market, noting that current legislative choices will shape the efficiency, fairness, and stability of the financial system for years to come.
Key Recommendation: Strengthen Interest Payment Prohibitions
While the legislation prohibits stablecoin issuers from offering yield, the banking groups argue that this rule can be “easily circumvented” if exchanges or affiliates provide rewards to stablecoin holders.
- Such incentives, they warned, could distort market dynamics and reduce bank deposits, impairing credit creation.
- The letter calls on Congress to extend the interest payment ban to digital asset exchanges, brokers, dealers, and related entities to protect the traditional banking system’s role in credit intermediation.
Concerns Over State Authority and Oversight
The associations also targeted Section 16(d) of the GENIUS Act, which allows uninsured, out-of-state-chartered institutions (e.g., Special Purpose Depository Institutions) to operate without host state approval.
- They argue this undermines the dual banking system and state oversight, both of which are critical for safety, soundness, and consumer protection.
- The letter urges Congress to repeal Section 16(d) to preserve state licensing authority and ensure fair competition.
Protecting the Separation of Banking and Commerce
Another highlighted risk is the potential for nonfinancial companies to act as payment stablecoin issuers.
- Historically, the separation of banking and commerce has prevented conflicts of interest and excessive concentration of economic power.
- While the GENIUS Act prohibits stablecoin issuance by nonfinancial public companies, it contains exception pathways that the banking groups say could invite regulatory arbitrage and complicate oversight.
Bottom Line
The banking associations are urging Congress to close these loopholes to safeguard the traditional financial system while enabling the responsible development of digital payment technologies.
@ Newshounds News™
Source: Bitcoinist
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Source: Dinar Recaps
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China & Brazil to Announce ‘Bold BRICS Masterplan’ for the Global South
Source:
Strategic Push to Counter U.S. Trade Dominance
China and Brazil are reportedly preparing a major BRICS initiative aimed at empowering the Global South to reduce its dependence on the U.S. dollar and resist U.S. trade and tariff pressures.
The plan seeks to strengthen ties among emerging economies, enabling them to act collectively despite political or economic differences.
- It is positioned as a direct response to Washington’s ongoing trade conflicts and tariff threats, which have driven developing nations to pursue more independent economic agendas.
BRICS’ Economic Ambition: Toward a Multicurrency World
The upcoming masterplan, expected to be announced alongside a joint statement opposing U.S. trade policies, envisions a shift away from dollar dominance toward a multicurrency trading framework.
- The U.S. dollar is viewed by BRICS members as a constraint on their economic growth.
- China is expected to promote the yuan as a viable alternative, advancing Beijing’s broader goal of internationalizing its currency for global trade use.
Geopolitical Context and U.S. Tensions
Former President Donald Trump’s threats of tariffs against BRICS have been met with relative silence from Washington in recent days.
- China and Brazil, however, continue to move forward with the masterplan’s details behind closed doors.
- The initiative aims to capitalize on anti-U.S. sentiment in the developing world, positioning BRICS as a counterweight to U.S.-led financial systems.
India’s Changing Stance
Even India—once at odds with China following the deadly 2020 border clash—is signaling interest in mending ties.
- According to Bloomberg, Prime Minister Narendra Modi is reviving dialogue with Beijing to negotiate new trade deals and improve relations.
- This thaw in relations could enable India to play a more active role in the Global South-focused BRICS strategy.
Outlook
If successful, the China-Brazil-led BRICS masterplan could reshape trade and currency flows for developing nations, accelerating the bloc’s push toward a post-dollar global economy and redefining its influence across the Global South.
@ Newshounds News™
Source: Watcher.Guru
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Source: Dinar Recaps
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