- SEC Chairman Paul Atkins announced “Project Crypto,” a sweeping initiative to modernize digital asset regulation.
- The plan shifts the SEC away from enforcement-driven policy, introducing clear asset classifications.
- Draft rules are forthcoming, and Commissioner Hester Peirce is leading the Crypto Task Force.
In a landmark speech on July 31st, SEC Chairman Paul S. Atkins announced “Project Crypto”, a Commission-wide initiative to overhaul the agency’s approach to digital assets. The goal is to position the United States as the undisputed global leader in blockchain finance.
Speaking at the America First Policy Institute in Washington, D.C., Atkins aligned the plan directly with President Trump’s new economic agenda and the recently passed GENIUS Act, which sets national standards for stablecoins.
“Our regulatory framework need not be anchored to an analog past,” Atkins said. “America must do more than keep pace with the digital asset revolution. We must drive it.”
From Regulation-by-Enforcement to Rules of the Road
Project Crypto represents a major departure from the SEC’s enforcement-heavy posture under former Chair Gary Gensler. Atkins criticized previous efforts, such as “Operation Chokepoint 2.0” and the now-defunct SAB 121 guidance, for stifling innovation and pushing crypto firms offshore.
Instead, Atkins outlined a future in which:
- Crypto assets are clearly classified as securities, commodities, collectibles, or stablecoins.
- Tokenized securities can be issued and traded under tailored disclosure and exemption regimes.
- DeFi protocols and on-chain software have a legal path to operate without unnecessary intermediation.
- Self-custody and platform choice are protected as core American values.
“Super-App” Vision for U.S. Financial Markets
Perhaps the most radical proposal is that the SEC will move to enable what Atkins called “super-apps.”
These are single-licensed platforms that offer trading in traditional securities, crypto assets (both securities and commodities), staking, lending, and more.
The SEC will also work with other regulators to streamline licensing and reduce duplicative oversight. Notably, the agency intends this move to help startups and legacy institutions alike compete on a level playing field.
“We will not impose a Procrustean bed of regulation for regulation’s sake,” Atkins declared.
Innovation Exemptions and On-Chain Infrastructure
In addition to regulatory clarity, Project Crypto will roll out an “innovation exemption” to allow novel crypto business models to launch with temporary relief from legacy rules so long as they meet core investor protection principles.
The SEC will also revisit Reg NMS and other foundational rules to accommodate on-chain clearing, trading, and settlement. This move paves the way for tokenized equities and blockchain-based market infrastructure.
Related: SEC Pseudo-Outsources Crypto ETF Decisions to CFTC Through Futures Rule
The Road Ahead
The speech signals a dramatic change in tone and policy from the SEC, with Commissioner Hester Peirce tapped to lead the new Crypto Task Force under Project Crypto. The agency will publish draft rules for public comment in the coming months.
While much of the plan will require rulemaking, Congressional coordination, and potential litigation, the vision is to bring crypto home and make America the hub of financial innovation once again.
“The winds of innovation still blow. We will lead. We will build. And we will ensure the next chapter of financial innovation is written right here in America,” Atkins said in closing.
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