#ProjectCrypto SEC Chairman Paul S. Atkins announced "Project Crypto" on Thursday, a comprehensive initiative aimed at modernizing securities regulation to enable the American financial markets to transition to an on-chain system and fulfill President Trump's vision of making the U.S. the "crypto capital of the world."

Speaking at the America First Policy Institute event in Washington D.C., Atkins outlined several key priorities for the SEC under his leadership, including bringing cryptocurrency distribution back to America, enhancing custody options, facilitating a "super-app," and updating regulations to accommodate on-chain software systems.

"We are on the brink of a new era in the history of our markets," said Atkins, noting that this initiative will work in conjunction with the newly signed GENIUS Act and recommendations from the President's Working Group on Digital Asset Markets.

Atkins directed SEC staff to draft clear rules for cryptocurrency distribution, custody, and trading, while considering exceptions and temporary relief measures. He emphasized that "the vast majority of cryptocurrencies are not securities" and promised guidance to help market participants accurately categorize digital assets.

The Chairman also discussed the need for modernized custody requirements, stating that "the right to have one's own custody over a person's private property is a core American value" while acknowledging that some investors will continue to rely on registered intermediaries.

The main focus of Project Crypto is to enable a "super-app" - a platform where securities intermediaries can offer a variety of products and services under one roof with a single license. This will allow broker-dealers to trade non-security cryptocurrencies alongside securities and offer services such as staking and lending without requiring multiple licenses.

Atkins further directed staff to update "antiquated" rules to accommodate on-chain software systems, the core objective of securities legislation.