01.08.2025 02:53

The US Securities and Exchange Commission (SEC) has unveiled a groundbreaking initiative, "Project Crypto," signaling a dramatic shift in its approach to cryptocurrency regulation. This unprecedented move, announced by Chairman Paul S. Atkins at an America First Policy Institute event, aims to establish the United States as the global leader in the crypto industry.

Atkins' ambitious vision involves a comprehensive overhaul of securities laws, aligning them with on-chain infrastructures and fostering a more favorable environment for crypto entrepreneurs. He stressed the urgency of proactive leadership in the rapidly evolving digital landscape, arguing that the US must not merely keep pace but actively shape the future of finance. This bold strategy reflects a departure from previous ambiguities and aims to attract innovation rather than repel it.

Project Crypto encompasses a wide-ranging set of regulatory reforms. These include establishing clear guidelines for crypto asset distribution (covering token issuance, airdrops, and network rewards), providing a robust legal framework for tokenized securities, and safeguarding the rights of users employing self-custody and digital wallets. The initiative also intends to broaden access to crypto asset storage and trading services, facilitate the emergence of crypto "super-apps," and bring decentralized finance (DeFi) applications under a clear regulatory umbrella. Furthermore, "innovation exemptions" will be offered to encourage experimentation with novel business models.

Crucially, Project Crypto seeks to resolve the uncertainty surrounding the Howey Test, which has previously led to regulatory ambiguity. Atkins explicitly stated that the majority of crypto assets are not securities, promising clearer definitions to alleviate confusion. This, combined with compatibility with the GENIUS Act's gold-standard stablecoin regulations, should significantly reduce regulatory uncertainty and encourage greater domestic investment in the crypto sector. By offering legal certainty, Project Crypto intends to reverse the trend of crypto startups relocating overseas due to unclear regulatory landscapes. The SEC now intends to provide a welcoming and well-defined framework for the crypto industry within the US.