The **Crypto Project** is a regulatory initiative launched by the **U.S. Securities and Exchange Commission (SEC)** on July 31, 2025, aimed at modernizing securities market rules to integrate blockchain technologies and crypto assets. Announced by SEC Chairman Paul Atkins, the project aims to make the U.S. the "global crypto capital," aligning with the Trump administration's policy for global leadership in digital finance.
Key pillars of the Crypto Project:
1. Transition to "on-chain" markets:
- Modernize "outdated" rules to allow public securities and other assets to be traded on blockchains (tokenization). This involves updating custody, settlement, and transaction record structures, reducing reliance on traditional intermediaries.
- Example: Facilitate the tokenization of stocks and money market funds, a practice that companies like Robinhood and Kraken already offer outside the U.S.
2. Clarification of asset classification:
- Create guidelines to distinguish crypto assets as **securities**, **commodities** (e.g., Bitcoin), or **other categories** (like stablecoins or digital collectibles), reducing ambiguity in the "Howey Test."
- Propose specific regulatory regimes for each class, including exemptions for initial projects (e.g., ICOs and "airdrops").
3. Unified licensing for "super apps":
- Allow platforms (e.g., Coinbase) to offer multiple services (trading, staking, lending) under a single license, simplifying compliance and fostering innovations like "super app" (like WeChat).
4. Protection of self-custody and deregulation:
- Ensure investors' right to self-custody of crypto assets, criticizing previous policies (like "Operation Chokepoint 2.0") that enforced excessive intermediation.
- Establish an "innovation exemption" for startups, with regulatory grace periods.
### **Context and motivations**:
- **Political change**: Represents a break from the era of former SEC Chairman Gary Gensler, marked by lawsuits against crypto companies. The project seeks to "repatriate" companies that migrated to more friendly jurisdictions.
- **External influence**: Responds to a report from the President's Working Group on Digital Asset Markets (07/31/2025), which calls for coordination between the SEC and CFTC for U.S. dominance in the sector.
- **Global impact**: Aims to learn from models such as Singapore's "regulatory sandboxes" and Portugal's favorable taxation, avoiding overburdening SMEs with complex rules like the EU's MiCA.
### **Next steps**:
- The **SEC Crypto Task Force**, led by Commissioner Hester Peirce, will draft rules for public consultation by the end of 2025.
- Immediate focus: Propose reforms for digital asset custody, trading structures, and DeFi integration.
*Critiques and challenges*:
- Consumer advocacy groups (e.g., Better Markets) warn that the project may increase fraud risks, similar to the collapse of FTX in 2022.
- Implementation depends on advancements in Congress, where the Senate is still debating comprehensive legislation to structure the market.
In summary, the **Crypto Project** is an effort to reposition the U.S. at the forefront of financial innovation, balancing modernization with investor protection. Its success could redefine the global capital markets infrastructure.
