As the co-founder of the first publicly traded, hedged bitcoin exchange-traded fund of its kind and a believer in American innovation, I commend the U.S. Securities and Exchange Commission for launching Project Crypto and taking decisive steps to bring much-needed regulatory clarity to the world of digital assets.
It’s no surprise that Fort Worth was chosen as a stop on the SEC’s Crypto Task Force listening tour. Our region has become a vibrant hub for financial technology, attracting both established leaders and bold startups working at the cutting edge of crypto, digital finance and the burgeoning fintech sector. The SEC’s engagement here signals just how important local investor voices and ideas are to shaping the future of American markets.
But as we stand at the threshold of a golden age for financial innovation, one truth must underpin everything we do: Lasting progress depends on clear, strong investor protections and unwavering market integrity.
When launching Project Crypto, SEC Chairman Paul Atkins rightly declared we should not “watch innovations develop overseas while our capital markets remain stagnant” and called this moment “a generational opportunity.” If we want digital assets and tokenized securities to fulfill their enormous promise – unlocking new opportunities, expanding access for consumers and strengthening America’s economic leadership – we must build innovative reforms to last.
Digital assets position the U.S. at the forefront of financial innovation, ensuring we set global standards rather than following the lead of others. Done the right way, we can modernize our markets, increase competitiveness and empower everyday investors.
But if this transformation is rushed or undertaken without safeguards, we risk turning innovation into instability. We’ve seen what happens when financial markets lack proper oversight, from the 2008 crisis to the systemic shock caused by FTX and other crypto crashes. History teaches us that innovation without a solid foundation can have devastating consequences for investors and the broader economy. If we brush aside these past lessons, we risk harming consumer confidence when we need it most and jeopardizing long-term acceptance of digital asset markets.
That’s why we should not circumvent essential protections that keep investors safe in advancing reforms. Smart, clear, investor-first protections must be at the heart of every reform. This means upholding time-tested principles that ensure fair, transparent and efficient markets: preventing fraud, ensuring transparency and protecting against market manipulation. We must not let fragmentation or regulatory gaps threaten the trust and stability that underpin our markets.
As the Crypto Task Force listens to stakeholders in North Texas and beyond, I urge regulators to keep this inclusive, transparent approach at the center of any new rulemaking. The SEC should swiftly embrace a formal rulemaking process with public comment to ensure investor voices from all backgrounds are fully heard.
Our region’s dynamism shows what’s possible when innovation is encouraged, but it also reminds us that lasting opportunity is grounded in strong, sensible protections. Let’s work together to ensure America’s financial modernization is built to endure by protecting investors, maintaining market integrity, and enabling the next era of competitive, world-leading innovation.
It’s exciting to see this innovation taking root right here.
Mark Adams is the co-founder of Fortuna Funds, an investment management company. Earlier this year, Fortuna Funds launched a first-of-its-kind hedged bitcoin ETF.
