The U.S. market is entering the onchain era as the Crypto Project begins a sweeping transformation expected to redefine finance, regulation, and global capital market leadership.
Regulators set the stage for the Onchain market with the vision of the Crypto Project to restructure finance.
Bringing the market onchain is emerging as one of the most significant changes in modern financial infrastructure, with industry leaders positioning blockchain technology as the foundation for future capital market systems. Cameron Winklevoss, co-founder of the Crypto exchange Gemini, reinforced this vision on social media platform X on August 1, in response to a groundbreaking policy speech by U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins.
Praising the launch of the 'Crypto Project,' Winklevoss wrote:
This is a truly remarkable and profound speech by Paul S. Atkins. The Crypto Project outlines a plan for cryptocurrency to drive America's Golden Age. This begins with moving the market onchain.
Atkins announced the Crypto Project the day before in Washington D.C., describing a comprehensive restructuring of securities regulation to facilitate digital asset innovation and restore the U.S. to a global leadership position in the capital markets. The initiative includes reforms around tokenized securities, self-custody, super apps, and decentralized systems. Winklevoss drew a historical comparison to reforms before the New Deal: 'Reading this feels like being taken back to 1933, before the Securities Act of 1933 and the Securities Exchange Act of 1934 — legislation that established the supremacy of the U.S. capital markets in the following century.'
The SEC's new approach aligns with the recommendations of the Presidential Working Group on Digital Asset Markets and the newly enacted GENIUS Act, establishing a regulatory framework for stablecoins.
Winklevoss concluded his post with a forward-looking warning:
We are now at a threshold moment, where the foundation for the next century is being laid and the world moves onchain. Be ready.
While critics question the risks associated with cryptocurrency finance, proponents argue that a secure and well-regulated onchain system can enhance transparency, global liquidity, and innovation in the U.S. market.
