first couple of times, the powers that be (in this case, Capcom itself) have decided that the world is ready for a third official attempt at a live-action anything set in the Street Fighter universe.
Street Fighter: Assassin's Fist is a forthcoming live-action series (presumably web series) from Capcom and Assassin's Fist Limited, a production company composed of the core team responsible for the live-action Street Fighter: Legacy fan film. The show will follow Ken and Ryu's formative years as they study under the tutelage of Gouken, master of a modified version of Ansatsuken martial arts. At some point we expect Akuma to show up and shout "Messatsu!"
The script will be penned by Christian Howard (Ken in Street Fighter: Legacy) and director Joey Ansah. Global release is expected sometime in 2013.