- SEC Chair Paul Atkins launched “Project Crypto” to modernize securities regulations and move U.S. financial markets on-chain, building off a report from the President’s Working Group.
- Commissioner Hester Peirce and her Crypto Task Force will lead the charge on drafting new rules for token classification, custody, trading, and public engagement.
- Atkins emphasized integrating DeFi and on-chain systems into U.S. markets without overregulating, aiming to make America the global hub for crypto innovation.
In a move that could reshape how American markets engage with blockchain, SEC Chairman Paul Atkins announced the launch of Project Crypto—a sweeping initiative aimed at modernizing securities rules to fit an on-chain future. The announcement came Thursday, following a fresh report from the President’s Working Group on crypto policy.
“Project Crypto will help make sure the U.S. stays the best place to start a business, build tech, and tap into capital markets,” Atkins said during his remarks. Yeah, it’s ambitious—but it’s also kind of overdue.
From Off-Chain to On-Chain: That’s the Plan
Atkins says the goal is simple in theory (and a bit chaotic in practice): bring financial markets on-chain while keeping things efficient, legal, and well—somewhat flexible. To make it happen, he’s tapped Commissioner Hester Peirce and her Crypto Task Force to lead the policy push. The SEC’s internal teams are also rolling up their sleeves to draft new rules covering everything from token distributions and custody to crypto trading platforms.
The initiative builds on Wednesday’s President’s Working Group report, which outlines how top U.S. agencies plan to approach the growing digital asset economy. The group includes major names—Atkins, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick, among others.
A Big Shift in Tone for U.S. Regulators?
In a line that felt like it was aimed squarely at Silicon Valley (and possibly the next election cycle), Atkins said the U.S. must embrace crypto if it wants to lead:
“To achieve President Trump’s vision of making America the crypto capital of the world, the SEC must holistically consider the benefits—and the risks—of moving our markets on-chain.”
He wasn’t vague either. The SEC will now explore how to categorize crypto assets—breaking them into buckets like digital collectibles, commodities, and stablecoins—and will evaluate the real economic purpose behind each transaction. No more guesswork. No more treating every token like a mystery box.
Making Room for DeFi, Without Drowning It
Atkins also made it clear that DeFi isn’t going anywhere—and neither should it be buried under “duplicative” rules. “Decentralized finance and other forms of on-chain software systems will be part of our securities markets,” he said. “They just can’t be drowned out by regulation that doesn’t make sense anymore.”
That’s a big shift from the SEC’s past tone, which often left crypto projects in limbo. Now, with Project Crypto officially underway, the agency is looking to make space for these systems—without stripping away oversight entirely.
