Overview

• Under Chair Paul S. Atkins the SEC has shifted from enforcement to rulemaking with a public Project Crypto framework guiding tokenization and digital-asset oversight.
• Project Crypto outlines four fronts: tokenization at scale, custody modernization, broker-dealer super-apps and on-chain DeFi guardrails.
• On July 29 the CFTC approved listed spot trading and in-kind ETF settlement rules, marking tighter federal coordination on digital assets.
• Bitwise’s Matt Hougan argues the regulatory pivot remains underpriced, urging higher crypto allocations and forecasting bitcoin could reach $200,000.
• Traditional financial firms are lobbying for unified tokenization rules as they race to build integrated trading and custody platforms.