Paul Atkins, speaking in Washington, D.C. on July 31, stated Project Crypto is the Securities and Exchange Commission’s response to President Donald Trump’s goal of making America the “crypto capital of the world.” The project will implement recommendations from the recent President’s Working Group (PWG) Report on Digital Asset Markets.

The chairman directed the SEC staff to swiftly develop new rules and guidelines. Key priorities include establishing a clear regulatory framework for crypto asset distributions in the U.S. and providing bright-line tests to determine if a crypto asset is a security. Atkins asserted that most crypto assets are not securities, but confusion has driven innovation offshore.

Project Crypto will also enhance choice for custody and trading. Atkins pledged to modernize custody requirements for crypto assets held by registered intermediaries, criticizing previous approaches for limiting options. He emphasized support for self-custody as a “core American value.”

“I believe deeply in the right to use a self-custodial digital wallet to maintain personal crypto assets and participate in onchain activities like staking,” he said.

A third priority is enabling “super-apps,” allowing securities intermediaries to offer diverse products, including non-security crypto assets, under a single license without needing multiple state or federal approvals. Atkins directed staff to develop guidance to make this a reality.

Furthermore, the project aims to update “archaic” rules to facilitate onchain software systems in securities markets, including decentralized finance (DeFi). Atkins stated the SEC will create space for both intermediated and non-intermediated models.

Project Crypto involves multiple SEC divisions working with a Crypto Task Force led by Commissioner Hester Peirce. Atkins stated the SEC will consider using exemptions and other authorities during the rulemaking process to prevent outdated regulations from hindering innovation. The initiative follows the recent signing of the GENIUS Act into law.

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