Chairman of the U.S. Securities and Exchange Commission (SEC) Paul Atkins announced externally - 'Project Crypto'. This chain reform plan led by the SEC has a clear goal: to completely rewrite the regulatory logic of the United States in the era of crypto assets, enabling financial markets to 'shift on-chain', realizing the ambition of the Trump administration - to make the United States the 'world capital of crypto'.

The main contents include -

'1. Crypto Compliance The SEC will establish a new classification framework, clearly defining crypto assets as digital collectibles, commodities, or stablecoins, ending the controversy over the 'Howey Test'. Tokenized securities will be allowed to be issued in the United States, attracting Wall Street and tech companies back.

2. Trading Liberalization Supports individuals to self-custody crypto assets, abolishing restrictive rules (such as SAB 121), allowing institutions to explore new custody models, and safeguarding investors' choice.

3. 'Regulatory Super App' Simplifies the licensing application process, allowing a single license to cover diverse services such as trading securities, non-securities crypto assets, and staking lending, promoting the development of 'one-stop' financial platforms.

4. Decentralization Supports the recognition of the compliance status of on-chain systems (such as automated market makers), revising the National Market System Rules (Reg NMS), allowing tokenized securities to trade in a no-intermediary environment.

5. Innovation Exemption Mechanism Provides a green channel for new business models that do not fully comply with existing rules, allowing enterprises to quickly enter the market based on principled conditions (such as periodic reporting, whitelist mechanisms).'

This plan is the third leap in U.S. financial infrastructure following the shift to paper and electronic forms, attempting to inject new momentum into America's waning financial hegemony.

The implications of financial on-chain are far greater than simply tokenizing stocks; it means that under the endorsement of the state apparatus, all assets can be tokenized, achieving low-friction global 24-hour trading.

Global liquidity faces more choices, which also means a re-evaluation of various assets.