This Week in Crypto – SEC Chair Urges Companies to Set Up Shop in the US as Agency Launches "Project Crypto"

Over the past seven days, numerous regulatory developments have happened in the United States, as the most powerful country strives to become the World’s crypto hub. Stick around to learn more about these developments and other top stories.

Move Back to America, SEC Chair Urges Crypto Firms to Return to the US

Last Thursday, the Securities and Exchange Commission (SEC) Chair Paul Atkins urged crypto companies that fled America due to an unfavourable business environment under the Joe Biden regime to return to the country as Donald Trump’s administration seeks to create a conducive environment for crypto businesses to flourish.

Similarly, US Treasury Secretary Scott Bessent called on American Web3 developers to set up shop in the country and consider hiring local talent. He reaffirmed the president’s support for the industry and his government’s mission to introduce clear regulations.

SEC Announces “Project Crypto”

After receiving recommendations from Trump’s Working Group on Digital Asset Markets, SEC Chair Paul Atkins announced an initiative dubbed “Project Crypto” to establish a comprehensive regulatory framework for digital assets.

The framework seeks to provide guidance for separating securities from commodities, while easing rules for licensing to allow brokerages to offer multiple asset classes under a single permit.

Furthermore, “Project Crypto” will offer regulatory grace periods to early-stage blockchain projects to allow them to innovate without interruptions from the SEC.

Report: Over 98% of CFOs Believe Their Firms Will Use Crypto in the Long Term

At least 98% of chief financial officers (CFOs) from companies generating over $1 billion in annual revenue expect these firms to use cryptocurrencies in the long term, a recent survey report by Deloitte shows.

Of the 200 CFOs who participated in the survey, 195 were optimistic that their companies would use digital currencies for payments or investments in the coming years. While they view crypto as a key technology, they’re concerned about the extreme price volatility, which makes it difficult for many companies to adopt non-stable digital currencies, such as Ethereum and Bitcoin.

UK’s FCA Lifts Ban on Cryptocurrency ETNs

Retail investors in the United Kingdom will be allowed to trade crypto ETNs (Exchange-traded notes) from October 8th after the country’s regulator (Financial Conduct Authority) lifted the ban on those products.

The FCA banned crypto ETNs in early 2021 to “protect UK investors from extreme price volatility.” However, the agency’s director of digital finance, David Geale, said on Monday that investors now have a better understanding of digital assets, enabling them to invest responsibly.

Indian Police Arrest CoinDCX Employee Accused of Facilitating a $44M Hack

On Sunday, police in India arrested programmer Rahual Agarwal, an employee of crypto exchange CoinDCX, which saw over $44 million drained from its wallets last month. Agarwal is accused of helping the hackers access the platform’s digital assets through his laptop. However, the 30-year programmer has denied the allegations.

XRP Could Rally 20% in August, Analysts Claim

According to analysts at Cointelegraph, XRP could witness a 20% rally before the end of this month. They claim that a bullish divergence has been formed in the coin’s 4-hour price chart, signaling a possible recovery rally.

The analysts also noted that while XRP’s price continues to make lower lows, the Relative Strength Index is forming higher lows, indicating that bearish momentum is weakening.

Report: Bad Actors Stole $142 Million in July

Scammers and hackers in the crypto stole over $142 million last month, according to a report by blockchain security company PeckShield. That figure represented a 25% jump from $109 million in June. However, compared to July 2024, when bad actors made away with $266 million, that’s a 46% decline.

Winners and Losers

According to data from CoinGecko, three coins among the top 100 that have seen the most 7-day gains are TON (11.43%), FORM (9.4%), and IP (8.8%). On the other hand, BONK (27.5%), FARTCOIN (25.7%), and VIRTUAL (24.1%) are the top three losers.