In a Thursday speech, U.S. Securities and Exchange Commission (SEC) chairman Paul S. Atkins announced “Project Crypto,” an initiative to modernize the country’s securities rules and regulations to move financial markets on-chain.
“Under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant,” he said at an America First Policy Institute event in Washington D.C. His plan includes measures to reshore crypto businesses that have left the country and to ensure that “archaic rules and regulations do not smother innovation and entrepreneurship in America.”
It was supposed to be the very thing that Paypal become (probably why Elon hedged his bet on it after getting kicked) but it became so inefficient with expensive transaction fees that everyone turned it down. As a consequence, it became a worse version of the stock market.
Mind you, this was before we even before we knew about the environmental damage.