digitalmarkets

On December 4, SEC Chairman Paul Atkins dropped a major hint about the future of American finance: within the next two years, the United States could begin shifting its financial markets onto blockchain rails. He confirmed the launch of “Project Crypto", an SEC-led initiative aimed at pushing traditional market infrastructure into an on-chain era.
If the vision becomes reality, it would mark one of the most dramatic structural transformations in U.S. economic history though actually achieving full adoption this quickly remains a massive challenge.

1. What changes if the system really goes on-chain?

A blockchain-based U.S. market would operate round the clock, with instant T+0 settlement becoming the norm. Regulators would no longer rely on delayed disclosures they’d be able to monitor market activity directly from real-time on-chain data.

Banks would also find themselves operating in far more transparent conditions. Their balance sheets, or at least key parts of them, would become partially visible on-chain, allowing early detection of liquidity gaps or asset-liability mismatches. But transparency cuts both ways: the threat of faster bank runs could grow.

On the opportunity side, nearly any asset company shares, patents, office buildings, commodities could be tokenized and used as immediate collateral in smart contract systems.
Small businesses could issue micro-securities with low compliance friction, opening themselves to global liquidity. Even tokenized U.S. Treasuries could strengthen the digital backbone of the dollar’s international dominance.

But new risks will emerge too. Smart contract bugs, cross chain bridge failures, or protocol exploits could act as systemic shocks, capable of triggering and resolving entire crises within minutes a speed traditional markets have never dealt with.

2. What the SEC is actually doing in “Project Crypto”

Atkins says the initiative includes multiple structural changes:

A rewrite of securities definitions, clarifying the legal status of different types of tokens.

Allowing self custody wallets to directly interact with regulated on-chain financial markets.

Launching a “Reg Super-App”, a unified regulatory and trading platform capable of handling multiple asset classes.

Acknowledging that fully autonomous, code only DeFi protocols don’t need to be absorbed into centralized regulatory structures.

Taken together, these steps suggest the SEC is preparing for a hybrid future where traditional rules and on-chain infrastructure coexist.

3. Why full migration in two years is unlikely

A complete transition is extremely improbable. Blockchains still face throughput and scaling limits. U.S. laws remain far behind the pace of innovation. And entrenched players clearinghouses, custodians, brokers are unlikely to surrender their influence without resistance.

A more realistic path is phased integration:
starting with highly standardized markets like Treasuries, repo markets, and government debt, allowing the old and new systems to run in parallel, and then progressively expanding on-chain adoption.
#USOnChai #USJobsData #DigitalMarkets

Tech giant Google has lost its appeal against a court verdict requiring it to fundamentally rethink how its Play Store operates. The U.S. Court of Appeals for the Ninth Circuit dismissed all of Google’s objections, confirming that the company abused its dominant position in the Android ecosystem.

Google Must Lift Restrictions on Developers
The ruling forces Google to remove limitations that prevented app developers from launching their own marketplaces or billing systems outside of Google Play. These changes were supposed to take effect earlier but were put on hold pending Google’s appeal—which has now been rejected.
Judge Margaret McKeown stated in her opinion that in antitrust cases, even otherwise legal practices can be prohibited if they are used to maintain unfair advantages. She also emphasized that the court is within its rights to require Google to remedy the harm done to competitors and consumers.

Google Warns of Risks, Epic Celebrates
Google claims the decision could negatively impact user security and Android stability. “Our top priority remains protecting users and developers and ensuring a secure platform,” said Lee-Anne Mulholland, Google’s VP of Regulatory Affairs.
Meanwhile, Epic Games CEO Tim Sweeney welcomed the decision, saying it opens the door for the Epic Game Store to be made available through Google Play—a major step forward for fair competition, in his view.

Potential Multi-Billion Dollar Impact
Although Alphabet (Google’s parent company) doesn’t disclose app store revenue separately, analysts warn the changes could have a significant financial impact. The wider use of third-party billing systems could reduce Google Play’s gross revenue by 20–30%, potentially slashing the company’s gross profit by $1–1.5 billion annually.

Epic Recently Settled With Samsung
This decision comes just weeks after Epic Games settled a similar antitrust case with Samsung. Epic accused the company of colluding with Google to suppress competition—citing features like Samsung’s Auto Blocker, which allegedly discouraged users from downloading apps outside of the Google Play or Galaxy Store.
Both Samsung and Google denied wrongdoing and declined to reveal the terms of the settlement. However, Epic expressed satisfaction, suggesting Samsung addressed their concerns constructively.

What’s Next? A Supreme Court Appeal Is Still Possible
Google could still appeal to the U.S. Supreme Court. If it does, the final outcome may be delayed or even overturned. Still, the ruling already signals a shift toward more open competition on the Android app marketplace.
The decision could reshape the landscape by lowering barriers for developers and expanding choices for consumers.

#GooglePlay , #DigitalMarkets , #Regulation , #worldnews

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