PANews reported on November 21 that Jamie Selway, Director of the Trading and Markets Division of the U.S. Securities and Exchange Commission (SEC), stated at the SIFMA Market Structure Conference that although crypto assets are built on a "trustless" decentralized mechanism, healthy trading still depends on a market structure based on "trust." Selway pointed out that the SEC will promote clear regulatory rules through "Project Crypto" to support competition and innovation and avoid regulatory distortions that could distort fair market competition. He emphasized that policymakers should treat all market participants, old and new, fairly, and that the market itself is the ultimate arbiter of value.