Jamie Selway, Director of the Division of Trading and Markets at the U.S. Securities and Exchange Commission (SEC), presented insights on crypto market structure at the SIFMA Market Structure Conference. Selway highlighted a key paradox: decentralized cryptocurrencies’ reliance on trust-based market structures for healthy trading, even though they operate outside traditional financial systems. He explained that the SEC’s ‘Project Crypto,’ aims to establish clear regulations that will encourage competition and innovation within the crypto market while preventing distortions that could impact fair market competition. Selway emphasized the importance of fairness for both new entrants and established players in the crypto ecosystem, stating that the market itself ultimately determines value.