Overview

• SEC Chair Paul S. Atkins unveiled Project Crypto on July 31 to replace enforcement actions with formal rulemaking on tokenization, custody, broker-dealer “super-apps” and DeFi guardrails.
• The agency has already stayed or dismissed major cases against Binance and Coinbase and reorganized its crypto unit to focus on drafting clear regulations.
• Bitwise’s Matt Hougan called Atkins’s speech “the most bullish document” on crypto and argued that markets have not fully priced the policy shift while reiterating a $200,000 Bitcoin target.
• Complementary moves by the CFTC to permit listed spot trading and White House digital asset initiatives indicate growing inter-agency coordination toward a unified federal crypto framework.
• Traditional financial firms and crypto broker-dealers are intensifying lobbying for unified tokenization rules and positioning to build regulated on-chain market infrastructure.