SEC's Project Crypto 'Looks Awesome,' Says Tim Draper As He Pushes For A Bitcoin-Only World With Blockchain Powering Accounting And Payroll
Venture capitalist Tim Draper envisioned a Bitcoin (CRYPTO: BTC) and blockchain-centric ecosystem, following the launch of the SEC’s “Project Crypto” initiative on Thursday.
What Happened: In an X post, Draper expressed excitement at the “awesome” initiative unveiled by SEC Chair Paul Atkins, hoping it would turn his vision of a Bitcoin-centric future into reality.
“My hopes to raise a fund all in Bitcoin, invest it all in Bitcoin, and have startups pay all their employees and suppliers in bitcoin, with all the accounting done on the blockchain with smart contracts is in sight,” Draper said.
He also hoped to see a day when all the aspects of a business, including accounting, auditing, taxes, bookkeeping and ownership transfer, would be on decentralized blockchain systems.
See Also: Bitcoin As ‘Neutral Reserve Asset’ Could Overhaul Financial System, Says Analyst
Why It Matters: The so-called ‘Project Crypto’ initiative aims to overhaul securities regulations to adapt to blockchain-based financial systems, ensuring that the U.S. stays competitive globally as a hub for innovation and capital formation.
The initiative is a direct follow-up to a report released by President Donald Trump’s cryptocurrency advisors, which calls for rapid action in areas such as trading, custody and registration to eliminate uncertainty and reduce regulatory friction for digital assets.
Draper has been a vocal advocate for cryptocurrency, and his venture capital firm Draper Associates owns investments in Bitcoin and cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN), according to the company’s website.
He predicted earlier in the year that Bitcoin would hit $250,000 by the end of 2025 and become the dominant currency of the world.
Price Action: At the time of writing, BTC was trading at $115,914.48, down 2.06% in the last 24 hours, according to data from Benzinga Pro.
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Posted-In: Cryptocurrency
