The U.S. Securities & Exchange Commission published remarks by Jamie Selway, Director of the Division of Trading and Markets, arguing that “trustless” digital assets will function best in markets grounded in regulatory and investor trust. He linked this to Chairman Atkins’ effort to rebuild confidence in the Commission’s approach to digital assets while integrating crypto-related activity into U.S. capital markets, including through “Project Crypto.” Selway described Project Crypto, announced by Chairman Atkins on July 31 and building on Commissioner Peirce’s work and the Crypto Task Force, as a competition-oriented initiative intended to support experimentation under “firm and fair” rules. He said the Division has engaged a wide range of market participants since the summer across primary issuance, secondary trading and custody to advise the Commission on facilitating “innovation without arbitrage,” and argued that modernized policy should not advantage either new entrants or legacy providers or put the regulator between commercial competitors. The speech also pointed to the changing competitive landscape across global exchanges, decentralized finance platforms, app-based brokers and non-custodial wallets, alongside continuing skepticism about how the Commission will apply its powers. Selway indicated that engagement with industry will continue as the Division develops advice for the Commission.
U.S. Securities & Exchange Commission 2025-11-20
U.S. Securities & Exchange Commission trading and markets director sets out Project Crypto focus on trust and integrating digital asset markets
The U.S. Securities & Exchange Commission's Jamie Selway emphasized the importance of regulatory and investor trust in markets for "trustless" digital assets, linking it to Chairman Atkins' efforts to integrate crypto activities into U.S. capital markets through "Project Crypto." Announced on July 31, this initiative aims to support experimentation under "firm and fair" rules, engaging various market participants to facilitate innovation. Selway highlighted the evolving competitive landscape and ongoing industry engagement as the Division develops advice for the Commission.