SEC Chairman Paul C. Atkins announced on Thursday the launch of "Project Crypto" – a comprehensive initiative aimed at modernizing securities regulation to allow American financial markets to transition to blockchain and realize President Trump's vision of making the U.S. the "global crypto capital."
Speaking at the America First Policy Institute event in Washington, Atkins outlined several key priorities for the SEC under his leadership, including the return of cryptocurrency distribution to America, expanding storage options, promoting the creation of "super-apps," and updating regulations for deploying software systems on the blockchain.
"We are on the brink of a new era in the history of our markets," Atkins stated, noting that the initiative will work in tandem with the recently signed GENIUS Act and the recommendations of the President's Working Group on Digital Asset Markets.
Atkins directed SEC staff to develop clear rules for the distribution, storage, and trading of cryptocurrency assets, while considering exemptions and measures to ease requirements during the transition period. He emphasized that "most cryptocurrency assets are not securities" and promised to develop guidelines that will help market participants correctly classify digital assets.
The Chairman also addressed the need to modernize custody requirements, stating that "the right to self-custody of private property is a core American value," while acknowledging that some investors will continue to rely on registered intermediaries.
Significant attention in Project Crypto is given to creating "super-apps" – platforms where securities intermediaries can offer various products and services under one roof with a single license. This will allow broker-dealers to trade non-security cryptocurrency assets alongside securities and offer services such as staking and lending without the need for multiple licenses.