By Frances Yue
Paul Atkins, chairman of the U.S. Securities and Exchange Commission, on Thursday announced the launch of “Project Crypto,” a bold and sweeping policy initiative aimed at bringing U.S. financial markets onto the blockchain.
The unveiling of the plan follows the release of a 160-page report on Wednesday by President Donald Trump’s crypto working group that outlines regulatory recommendations to strengthen U.S. leadership in digital assets, safeguard self-custody and decentralized finance, which refers to financial services that operate without intermediaries.
“This is the most pro-crypto posture we’ve ever seen from the SEC,” said Ben Kurland, chief executive at crypto research platform DYOR. “It’s not just a change in tone, it’s a shift in doctrine – from choke points to checkpoints,” Kurland said in emailed comments.
As part of the initiative, Atkins said he has directed the SEC’s staff to develop clear guidelines to help market participants determine whether a crypto asset qualifies as a security or falls under an investment contract.
“Despite what the SEC has said in the past, most crypto assets are not securities,” Atkins said in remarks Thursday.
Atkins is also advocating for rules that would enable so-called “super-apps.” These platforms would allow broker-dealers to offer a wide range of services including trading in securities and non-security crypto assets, staking and lending, under a single license.
Additionally, Atkins has called on staff to update regulations to support the integration of on-chain software systems, including DeFi, into U.S. securities markets.
He also instructed the agency to work closely with firms aiming to distribute tokenized securities in the U.S. and “to provide relief where appropriate to assure that Americans are not left behind.”
Furthermore, the SEC chair has asked staff to propose tailored disclosures, exemptions and safe harbors for activities such as initial coin offerings, airdrops and network rewards.
-Frances Yue
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07-31-25 1430ET
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