SEC Chair Unveils ’Project Crypto’ to Modernize U.S. Securities Laws for Digital Assets

Amid a market selloff that dominated headlines, SEC Chairman Paul Atkins quietly introduced what Bernstein analysts describe as "the boldest and most transformative crypto vision ever laid out by a sitting SEC chair." The initiative, dubbed 'Project Crypto,' seeks to overhaul outdated securities regulations to better accommodate digital assets.

Atkins signaled a dramatic shift in regulatory stance, asserting that most crypto assets are not securities—a direct challenge to the SEC's historical application of the Howey Test. The plan prioritizes "reshoring" crypto businesses to U.S. soil after years of regulatory ambiguity drove them offshore.

The Commission will leverage its interpretative powers to create clearer classification standards for tokens, including commodities, stablecoins, and governance-enabled assets. This MOVE could unlock stalled capital formation and position the U.S. as a global crypto innovation hub.