In a significant development for the U.S. cryptocurrency industry, the new chair of the U.S. Securities and Exchange Commission (SEC), Mr. Paul Atkins, emphasized that only a few digital tokens should be classified as securities. Speaking at the Wyoming Blockchain Conference on Tuesday, Mr. Atkins stated, 'Very few tokens meet the definition of securities,' while highlighting that classification depends on how an asset is packaged and sold.

Mr. Atkins clarified that the SEC is gradually shifting away from the view that all tokens are securities by default. 'Tokens alone are not necessarily securities, and perhaps they are not,' he explained. These remarks mark a historic reversal compared to the stance of former SEC Chair Gary Gensler, ending the era of imposing outdated regulations on the crypto market in a way that many experts liken to a 'Procrustean bed' - forcing everything to fit within an outdated framework.

New Project: SEC's 'Project Crypto'

This new philosophy is the cornerstone of Project Crypto, an ambitious initiative that the SEC has just announced, aimed at modernizing securities laws for blockchain-based finance. Chair Atkins described the project as a step toward bringing traditional assets like stocks, bonds, and currencies onto distributed ledgers.

In a post on X after the conference, he wrote: 'We must build a legal framework that protects the crypto market from future legal risks while promoting innovation.' Project Crypto aims to create a legal structure that both encourages creativity and protects financial stability, ushering in a new era for the blockchain industry in the U.S.

Expert and Market Evaluation

Industry analysts have quickly taken note of this initiative. Research firm Bernstein described Project Crypto as 'the boldest and most transformative vision ever announced by a sitting SEC chair,' while suggesting the program has the potential to 'rewrite the rules of Wall Street.'

At the same time, investors also see the long-term impact of this shift. Mr. Matt Hougan, Chief Investment Officer of Bitwise, referred to Project Crypto as 'a roadmap for investors in the next five years,' reflecting Mr. Atkins' assertion that all major asset types will likely be recorded on-chain in the near future.

SEC Looks Toward the Future

At the conference, Mr. Atkins emphasized that the SEC intends to implement Project Crypto quickly. 'This is a new day, especially for this industry,' he said, while highlighting the agency's new priority of promoting innovation rather than just focusing on regulation.

With Project Crypto, the U.S. may be preparing to become the world's leading blockchain hub, opening up opportunities for businesses and investors to participate in a smartly regulated yet innovative and flexible cryptocurrency market.