The United States goes on-chain, starting with the SEC's launch of 'Project Crypto'. Unlike the regulatory suppression tone of the past few years, the SEC is sending a strong signal to the entire industry. This article is sourced from a piece by kkk and republished by BlockBeats. (Background: Trump shouts that economic data is falsified 'to cut interest rates immediately': new Federal Reserve Chair and Labor Statistics Director to be announced in three days) (Further background: Trump tariffs have no negotiation space! U.S. Trade Representative Greer: It has been confirmed that there will be no reduction) On July 31, SEC Chairman Paul Atkins announced a far-reaching new policy — 'Project Crypto'. This chain reform plan led by the SEC has a clear goal: to completely rewrite the regulatory logic in the era of crypto assets, allowing the financial market to 'move on-chain' and realize the macro vision outlined by the Trump administration — to make the United States the 'world capital of crypto'. The past model of 'enforcement instead of regulation' has not only driven innovative companies in the crypto space to Singapore and Dubai but has also missed the opportunity for the United States to lead the next generation of financial infrastructure. The launch of 'Project Crypto' differs from the regulatory suppression tone of previous years and undoubtedly sends a strong signal to the entire industry: the on-chain era in the United States begins now. Regulatory easing brings a golden window for DeFi protocols like Uniswap and Aave. The attitudes of past SEC chairs towards crypto assets and their derivatives — especially DeFi (Decentralized Finance) — have often determined the temperature and activity level of the U.S. market. Under Gary Gensler's leadership, the SEC's regulatory strategy focused on 'securities definition first' and 'enforcement as the core', emphasizing the comprehensive inclusion of token trading within the traditional securities framework. During his term, over 125 crypto-related enforcement actions were promoted, involving numerous DeFi projects, including subpoenas for Uniswap and lawsuits against Coinbase, almost pushing the compliance threshold for on-chain products to historic highs. However, after the new chairman Paul Atkins took office in April 2025, the SEC's regulatory style underwent a fundamental change. He quickly initiated a roundtable discussion titled 'DeFi and the American Spirit' to ease regulations on DeFi. In Project Crypto, Atkins clearly stated that the original intention of U.S. federal securities law is to protect investors and market fairness, rather than to stifle technology structures that do not require intermediaries. He believes that decentralized financial systems such as automated market makers (AMMs) can essentially achieve non-intermediated financial market activities and should gain legitimate status at the institutional level. Developers who 'only write code' should be provided with clear protections and exemptions; meanwhile, clear and enforceable compliance pathways should be established for intermediaries wishing to offer services based on these protocols. This shift in policy thinking undoubtedly releases positive signals for the entire DeFi ecosystem. Particularly, protocols like Lido, Uniswap, and Aave, which have long established on-chain network effects and possess highly autonomous designs, will gain institutional recognition and development space under the logic of decentralized regulation. Protocol tokens that have long suffered from the 'shadow of securities' are also expected to reshape valuation logic against the backdrop of policy easing and market participation returning, becoming 'mainstream assets' in the eyes of investors. Building the next generation of financial gateways: Super-App will reshape the competitive landscape of trading platforms. Paul Atkins proposed the concept of 'Super-App', which is highly practical and transformative. Atkins believes that current securities intermediaries face complicated compliance structures and redundant licensing barriers when providing traditional securities, crypto assets, and on-chain services, which directly hinders product innovation and user experience upgrades. He suggested that future trading platforms should be able to integrate various services, including non-security crypto assets (such as $DOGE), security crypto assets (such as tokenized stocks), traditional securities (such as U.S. stocks), as well as staking, lending, and more, under one license. This is not only a compliance innovation that simplifies processes but also the core of future trading platform competitiveness. The regulatory body will promote the real-world implementation of this super app framework. Atkins has clearly indicated that the SEC will draft a regulatory framework allowing crypto assets to coexist and trade on SEC-registered platforms, regardless of whether they constitute securities. At the same time, the SEC is also evaluating how to utilize existing authority to relax listing conditions for certain assets on non-registered exchanges (such as platforms with only state licenses). Even derivatives platforms regulated by the CFTC are expected to incorporate some leveraged features to release greater trading liquidity. The direction of the entire regulatory reform is to break the binary boundary of securities/non-securities, allowing platforms to flexibly allocate assets based on product nature and user needs, instead of being constrained by compliance structures. The most direct beneficiaries of this reform are undoubtedly Coinbase and Robinhood. These two companies have already established diversified trading structures, covering both mainstream crypto assets and traditional securities trading, while also providing lending and wallet services. Encouraged by Project Crypto, they are expected to become the first platforms to benefit from policy dividends — achieving one-stop services and bridging on-chain products with traditional user groups. Notably, Robinhood has completed the acquisition of Bitstamp this year and officially launched tokenized stock trading features, bringing U.S. stocks like Apple, NVIDIA, and Tesla online in ERC-20 format. This move is precisely a rehearsal for the Super-App model: providing a traditional stock trading experience using on-chain protocols without disrupting familiar user practices. On the Coinbase side, they are advancing the developer ecosystem through the Base chain, attempting to integrate exchanges, wallets, social, and application-level services. If they can integrate traditional securities and on-chain assets at the compliance level in the future, Coinbase is likely to evolve into a 'on-chain version of Charles Schwab' or 'the next generation of Morgan Stanley' — not just an asset entry point, but a complete financial tool distribution and operation platform. It is foreseeable that once the Super-App framework is fully released, it will become the core battlefield for competition among trading platforms. Whoever can first achieve compliant 'multi-asset aggregated trading' will occupy a leading position in the next round of financial infrastructure upgrades. The regulatory body's attitude has become increasingly clear, and platforms are already accelerating their entry. For users, this means a smoother trading experience, richer product choices, and a financial world closer to the future. ERC-3643: From technical protocol to policy template, a compliance bridge in the RWA track. Regarding RWA, Paul Atkins clearly stated in his speech that he would promote the tokenization of traditional assets and specifically named ERC-3643 as a token standard worth referencing in the regulatory framework. This is also the only token standard publicly mentioned in the entire speech, indicating that ERC-3643 has risen from a technical protocol to a policy-level reference model, underscoring its importance. Paul emphasized that when designing an innovative exemption framework, the SEC will prioritize token systems with 'built-in compliance capabilities'.

#DOGE #SEC #RWA