Overview

• SEC Chair Paul Atkins officially unveiled Project Crypto on July 31 as a commission-wide effort to overhaul outdated securities rules and enable US markets to operate on-chain.
• The initiative proposes single multi-asset licenses for digital-asset firms, clear separations between commodities and securities, and exemptions or grace periods for early-stage projects.
• Commission staff will undertake a multi-year rulemaking roadmap, drafting regulations on asset distributions, custody and on-chain trading followed by public notice and comment phases.
• Prominent supporters like Michael Saylor have praised the move for providing regulatory clarity, while groups such as Better Markets caution that lighter rules could undercut investor protections.
• Project Crypto marks a shift away from Gary Gensler’s enforcement-first approach, with the SEC already retracting lawsuits and signaling an intent to reshore crypto business to the United States.