Introduction
On July 31, 2025, the president of the SEC, Paul Atkins, pronounced a major political address to the America First Policy Institute in Washington, DC, revealing “Project Crypto” – an initiative on the level of the Commission to modernize the regulation of securities in the support of the vision of the President Trump of the United States as “cryptographic capital of the world”. Supervising the moment as a decisive opportunity for American leadership in digital finance, Atkins has described a regulatory program focused on the integration of “chain” software systems (on blockchain technology) in American markets, allowing decentralized finance and the launch of a new “innovation exemption” to accelerate the commercial deployment of novel technologies. His remarks point out a significant change to a more flexible regulatory posture that could shape the future of the American digital asset market for the years to come.
American leadership in the era of digital finance
To guarantee the American leadership in the era of digital finances, Atkins unveiled Project Crypto as a initiative on the level of the Commission to modernize the rules and regulations of securities to allow the American financial markets to move in mind. Atkins underlined the law on engineering and continuous efforts of the congress to adopt the legislation on the structure of the market and describes the report of the president’s working group on the digital asset markets (PWG) as “the plan To do America first in blockchain and cryptographic technology. “Rejecting the previous approach to” regulations in relation “, Atkins is committed to relaunching cryptographic companies and managed the staff of the commission to:
- Project of clear rules for the distribution, custody and trade in cryptographic assets, subject to a public opinion and a comment.
- Collaborate with the Crypto working group to quickly develop the proposals for rules aligned on the recommendations of the PWG report.
- Consider using the interpretative, exempt and other authorities to ensure that obsolete rules do not interfere with innovation and entrepreneurship in America.
Encourage distributions of cryptographic assets to return to the United States
Atkins has announced that it had ordered the SEC staff to develop a complete regulatory framework to reduce distributions of cryptographic assets to the United States in order to eliminate dependence on offshore structures and to give legal clarity to innovators. More specifically, he said that he had asked the staff of the dry of:
- Clear guidelines project to determine whether a cryptographic asset is security or subject to an investment contract.
- Propose tailor -made disclosure, exemptions and refuge mechanisms for cryptographic asset titles, including initial coins, guards and network rewards.
- Work directly with companies seeking to tokensize traditional titles to facilitate their distribution in the American markets.
Atkins underlined its point of view according to which most cryptographic assets are not titles and that being classified as security should not be dissuasive for development. He expressed his support for cryptographic asset titles which offer features such as voting rights and distributions. Atkins has also rejected the need for premature decentralization or offshore structuring and rather pleaded for a regulatory environment that encourages innovation and includes American investors.
Choice among guards and commercial places
Atkins stressed that market players should have a “maximum choice” in the way they have custody and trade in cryptographic assets. He reaffirmed his solid support for the self-care, calling it “basic American value”, while recognizing that many investors will continue to rely on intermediaries recorded by the SEC such as brokers and investment advisers.
To remedy this and implement the recommendation of the PWG report to modernize the rules of aging, Atkins ordered the SEC personnel to assess how to adapt the existing guard regime to adapt to cryptographic assets, including through exempting rescue and changes in potential rules. He also called on to allow market players to operate in several sectors of activity within the framework of the most effective license structure possible and has expressed support for regulatory flexibility which protects investors without imposing unnecessary charges.
Horizontal integration of product offers
Atkins has identified by allowing “super-applies” as a key priority for his presidency. He defined them as platforms that allow intermediaries of titles to offer a wide range of services, including exchanges of cryptocurrency titles, non-security cryptographic assets, cryptographic services (such as “jalls” active ingredients) and traditional titles-in a single license. He said that federal securities laws do not prohibit the sites registered with the dry to list non-security today. Consequently, Atkins led the SEC staff to:
- Develop advice and proposals to support the Super-App model.
- Develop a framework allowing trade in side of cryptographic assets and non-to safety assets on the platforms regulated by dry.
- Evaluate the use of the authorities of the Commission to allow certain non -security cryptography assets to negotiate unregistered places, including platforms related to the State and the CFTC.
Atkins has also called the SEC and other regulators, in accordance with the PWG report, to rationalize license structures and avoid regulatory charges in doubles, stressing the importance of regulatory and competition efficiency.
Integrate chain systems into the securities markets
Atkins has ordered the SEC staff to update obsolete rules and regulations to support the integration of software systems on the US securities markets. He explained that these systems vary in structure – some are fully decentralized and operate without intermediaries, while others have identifiable operators. Both models, he said, should be accommodated in the regulatory framework. Atkins stressed the importance of allowing decentralized systems, such as automated market manufacturers, which facilitate non -intermediate financial activity. He noted that if federal securities laws have traditionally supposedly supposed the presence of intermediaries, the regulations should not impose intermediaries where the markets can operate without them.
Atkins has also said that the SEC will strive to protect pure publishers from the software code, to clarify the distinction between an intermediate and disinterest activity and establish practical rules for intermediaries operating on chain. These systems, he said, should not be stifled by duplicating or useless regulations. Atkins has recognized that to implement this vision, rules of rules may be necessary, including potential changes to regulate NM to adapt to the trade in token titles.1
Commercial viability as director principle
Atkins concluded by calling for a more flexible regulatory posture which prioritizes commercial viability. He proposed a new “innovation exemption” to allow new models and commercial technologies to quickly enter the market, even if they do not integrate perfectly into the existing dry rules. This exemption would be based on principles, requiring respect for the fundamental objectives of federal securities on securities without imposing rigid or incompatible requirements.
Atkins suggested that the conditions in the context of the exemption could include periodic reports, the use of the white list or “checked pool” features – which restrict transactions to pre -approved and compliant participants – as well as limits on tokenized titles which do not comply with standards like ERC -3643, which incorporates characteristics that transfer. He stressed that the staff of the SEC and market players should assess new models with a view to practical implementation and market preparation.
Conclusion
Atkins’ speech marks a major change in the approach of the dry to digital assets. With the launch of “Project Crypto”, the Commission goes to a proactive regulatory framework aimed at making the United States a world leader in blockchain finance. While the advice, the development of rules and “innovation exemption” are still in progress, a federal path for the blockchain industry becomes apparent. Market players should actively monitor key developments (including engineering law, PWG report and market structure legislation), consider engaging directly with the crypto working group and reviewing their commercial structure, their products and their compliance programs to position themselves for this new regulatory framework.2
