On July 30, the U.S. government released a 160-page policy report emphasizing support for the GENIUS Act stablecoin legislation, the Clarify Act, and the AXC regulatory framework, calling on the SEC and CFTC to expedite the implementation of digital asset trading using their existing authorities.
Shortly thereafter, SEC Chairman Paul Atkins announced the "Project Crypto" initiative during a speech at the America First Policy Institute on July 31, which clarifies the criteria for determining whether a token is a security and calls for the development of regulatory guidelines that accommodate on-chain securities and DeFi products.
Atkins pointed out that "most crypto assets are not securities," breaking from the previous stance during Chairman Gensler's tenure, which broadly classified them as securities, and instructed the commission to draft clear rules regarding issuance, custody, and trading.
On July 29, the SEC officially approved the use of physical creation and redemption for spot Bitcoin and Ethereum ETFs, allowing issuers to create and redeem ETF shares directly by delivering tokens, thereby reducing arbitrage costs and enhancing market efficiency.
The SEC's Crypto Task Force will promote a "universal listing standard" in the coming months that aligns with the regulatory boundaries of billions of dollars, allowing any mainstream token that has been trading futures contracts on an exchange for at least six months to directly meet ETF listing requirements. Approximately 12 mainstream assets are expected to be approved before October.
In May, the SEC released Staking guidance, clarifying that Solo Staking, Delegated Staking, and certain staking services do not constitute securities transactions, thus providing a regulatory basis for future yield-generating ETF structures. Liquid Staking Tokens (LST) from the Solana ecosystem are currently applying to join the ETF asset pool, which can enhance capital efficiency.
The regulatory stance has shifted towards open support: moving from strict enforcement actions (against Coinbase, Binance, etc.) to actively building supportive systems, the SEC is transitioning from the previous era of litigation to a "framework builder" role.
Market structures will be reshaped: physical creation and redemption will reduce capital friction, and staking mechanisms will give rise to new fund products, while tokenized securities will gradually be integrated into the capital system.
Stablecoin legislation lays the institutional foundation: the GENIUS Act has been officially passed, setting standards for custody, reserves, and disclosure for compliant stablecoin issuance, serving as a global regulatory model for stablecoins.
There are still variables in industry execution and legal pathways: although the framework is clear, the specific rules need to undergo public consultation, public input, and legislative processes, with formal execution potentially extending beyond six months.
Multiple main chain asset ETFs may accelerate their listings: assets like Solana (SOL), Ripple (XRP), and Cardano (ADA), which have active futures markets, are expected to gain approval under the universal listing standard.
Yield-generating Staking ETFs are likely to become the preferred choice for institutional allocation: especially after the launch of ETH and SOL staking products, they will attract funds seeking stable on-chain returns.
Tokenized securities and DeFi products are gradually being integrated into traditional trading platforms: the "Project Crypto" initiative envisions a seamless connection between the traditional financial system and on-chain assets.
Investors need to pay attention to execution details and risk boundaries: focusing on token classification standards, disclosure requirements, audit mechanisms, and staking/LST risk control clauses.
The SEC's launch of "Project Crypto" and the White House policy report together signify a shift of U.S. regulatory agencies from authoritative enforcement to content building. The regulatory concept has transitioned from closed to institutionally guided, allowing crypto assets to gradually enter a regulatory framework that connects with traditional finance. Looking ahead, crypto ETFs, staking products, and tokenized assets are expected to develop rapidly under the dual drivers of compliance and efficiency. The key variables remain the pace of rule implementation and the framework for executing details. Investors and market participants should pay attention to regulatory milestones, structural design, and timing windows to seize structural opportunities in the new institutional context.
Related: Trump's tariff order failed to reassure investors, Bitcoin (BTC) fell below $115,000.
Original: “SEC Launches ‘Project Crypto’: Comprehensive Layout of a New Order for Crypto Regulation”
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