On July 31, 2025, SEC Chair Paul Atkins unveiled Project Crypto, a bold plan to modernize U.S. securities regulation. He made the announcement at a speech hosted by the America First Policy Institute in Washington D.C.
Atkins described the initiative as more than a regulatory shift—it’s a generational opportunity for America to lead in blockchain and digital finance.
Key Moves at a Glance
- Clear tests: The SEC will define when tokens count as securities, commodities, stablecoins, or other asset types.
- Tokenized securities: Atkins tasked staff with helping firms launch blockchain-based shares and funds.
- Innovation exemption: A new rule‑light path for ICOs, airdrops, staking rewards, and early-stage crypto models.
- Super‑apps support: Brokerages may soon offer securities, non‑securities crypto, lending and staking under one license.
- Self‑custody rights: Atkins reaffirmed the right to hold crypto in personal wallets and participate in on-chain activities.
Why It Matters
Under the prior administration, the SEC filed lawsuits against crypto giants like Coinbase and Binance. Many tokens were assumed to be unregistered securities. Those cases have since been dropped.
Atkins has said: “most crypto assets are not securities.” His view counters the stricter stance under former Chair Gary Gensler.
By working with firms seeking to tokenize securities and drafting clear guidelines, Project Crypto aims to bring crypto businesses—and investors—back to the U.S.
Backdrop: Policy and Political Shift
The SEC initiative follows a wide-ranging 160-page report by the President’s Working Group. It urged agencies to enable digital asset trading using existing federal authority and coordinate rulemaking.
This aligns with President Trump’s earlier pledges to make the U.S. the “crypto capital of the world”, including signing the GENIUS Act on stablecoins.
What’s Next for the Industry
In the coming months, the SEC plans to seek public comment on proposed rules covering distribution, custody, and trading of crypto assets.
While Congress continues to debate legislation on stablecoins and market structure, Project Crypto signals clear regulatory intent.
Why It’s a Big Deal
- Clarity for crypto firms: Clearer classification and rules reduce legal uncertainty.
- Tokenization push: Easier access to tokenized stocks and funds on-chain in the U.S.
- Innovation boost: Exemptions and streamlined licensing encourage new models and IPO-style offerings.
- Investor choice: Support for self-custody and super-app models offers more options.
