In August 2025, the SEC launched the 'Project Crypto' initiative, aiming to fully transition the U.S. financial markets to on-chain operations and establish a core position for global crypto capital. Past regulatory ambiguity led to offshore relocations for companies, but now the reforms clearly classify crypto assets, support the legalization of tokenized securities, relax custody and trading restrictions, and provide a compliant path for DeFi. The market responded rapidly, with Coinbase's stock price soaring and companies returning at an accelerated pace. However, the reforms also face controversies such as easing regulations or increasing investor risks. Nonetheless, this move signifies that the U.S. crypto market is entering a new 'rules-driven' phase, with potential yet to be unleashed.
