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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.”

  • Axum@lemmy.blahaj.zoneEnglish
    82·
    1 month ago

    Sui specifically is a unique horse in this race, as they are trying to really push for zero knowledge/trust models as well as what is known in cryptography spaces as multi party computation.

    What this all effectively means long term is several things

    • moving between one cryptocurrency on one chain to another can be done without trusting a 3rd party ‘bridge’
    • you still retain control of your assets on cryptocurrency exchanges utilizing the tech instead of trusting some 3rd party like Coinbase or Charles Schwab to fulfill their end of the bargain
    • with the raise of the bs porn ID laws, this tech coupled with the unique dynamic NFTs sui has could generate you a proof token that has your personal info hidden after verifying with some trusted company handing these token out and being able to use them at sites to prove you are an adult without revealing your name.

    The problem with all of this of course is it is very new tech, and it’s hard to break into a space that’s littered with scammers running pyramid schemes or just pulling the rug out from under people and running with the money.

    The tech is there to eliminate a lot of unnecessary middle men in the financial world, but like all shiny new things, it is still lacking mass adoption and formal govt rules around it. This greatly limits the utility of this for the common man to just sending money to friends who have an exchange to cash them out or just paying for things visa won’t let you, like Pornhub or something.