The U.S. Securities and Exchange Commission (SEC) has officially launched a new initiative named 'Project Crypto', aimed at modernizing securities regulations for blockchain-based activities and promoting 'on-chain' financial markets in the United States. The initiative will clarify the legal status of tokens, support the issuance of tokens domestically in the U.S., provide guidance on asset tokenization, and update custody rules. The SEC also plans to allow the parallel trading of securities and non-securities assets and is considering granting pilot regulatory exemptions for DeFi and new on-chain models.