SEC Chair Paul Atkins Unveils ‘Project Crypto’ To Drive ‘Digital Asset Revolution’

Securities and Exchange Commission (SEC) Chair Paul Atkins has unveiled “Project Crypto,” a sweeping reform initiative aimed at positioning the US at the forefront of the “digital asset revolution.”

Atkins said the initiative is a direct response to a report released by US President Donald Trump’s Working Group on Digital Assets and that it aims ”to make the US ”the crypto capital of the world.”

He added that the initiative will modernize the securities rules and regulations ”to enable America’s financial markets to move on-chain.”

“Many of the Commission’s legacy rules and regulations do not make sense in the twenty-first century — let alone for on-chain markets,” Atkins said. “The Commission must revamp its rulebook so that regulatory moats do not hinder progress and competition, from both new entrants and incumbents, to the detriment of Main Street.”

Crypto Regulations

‘Project Crypto’ To Ease Rules

Part of ”Project Crypto” is a proposal to ease licensing rules for companies operating in the US digital asset market. 

One of those new proposed rules is to allow for multiple asset classes or instruments to be offered by brokerages under a single license. Atkins also wants to create a clear legal separation between commodities, which most cryptos currently fall under, and securities. 

The SEC Chair also aims to offer regulatory exemptions or grace periods for early-stage crypto projects, initial coin offerings and decentralized software. Atkins’ aim with this is to provide these projects with enough room to innovate, without crushing them under litigation.

Industry Leaders Call For Formal Crypto Taxonomy

Atkins’ initiative comes amid mounting pressure from industry leaders for regulators to create a formal framework that distinguishes digital securities from commodities. 

Strategy’s Michael Saylor is among those leaders. In the company’s second-quarter earnings call yesterday, he said that “it would be beneficial to the market” if regulators “nail down on digital assets taxonomy.” 

Without that taxonomy, Saylor argued that confusion would persist regarding who can issue what and under what circumstances. 

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