Rising pressure for coherent crypto governance is accelerating the push for regulatory clarity, and markets are watching closely as the U.S. Securities and Exchange Commission (SEC) sharpens its priorities under Project Crypto. The agency’s direction became clearer when Chairman Paul S. Atkins said on Nov. 12 at the Federal Reserve Bank of Philadelphia that its work is converging around structural guidance for digital assets.

“I believe that most crypto tokens trading today are not themselves securities,” said the SEC chief. With that premise, Atkins described Project Crypto as an initiative built to align oversight with economic substance and to replace years of ambiguity with rules that differentiate non-security tokens from tokenised securities. He said the project’s priorities include establishing a clearer token taxonomy, determining when investment-contract obligations end as networks decentralise and ensuring that tokens are not subject to perpetual securities status. Atkins added:

In the coming months, as contemplated in legislation currently before Congress, I hope that the Commission will also consider a package of exemptions to create a tailored offering regime for crypto assets that are part of or subject to an investment contract.

He further explained the capital-formation component of Project Crypto, stating: “I have asked the staff to prepare recommendations for the Commission’s consideration that facilitate capital formation and accommodate innovation while, at the same time, ensuring investors are protected.” These priorities also include coordinated oversight with the Commodity Futures Trading Commission and lifecycle-based analysis of token markets.

Read more: SEC Chair Declares ‘Crypto’s Time Has Come’—Champions ‘Super-App’ Trading Innovation

“A reasonable Commission approach to crypto will not by itself decide the fate of the market—or of any particular project. Markets will do that. But it will help to ensure that the United States remains a place where people can experiment and learn, fail and succeed, under rules that are both firm and fair,” Atkins concluded. That objective encapsulates Project Crypto’s broader aim: a durable regulatory structure that protects investors, respects jurisdictional limits and supports congressional efforts to codify long-term market-structure legislation.

• Why does Project Crypto matter for investors?
  It signals an emerging regulatory structure that could provide clearer rules for asset classification and market behaviour.
• How could token taxonomy changes affect portfolios?
  A clearer distinction between security and non-security tokens may influence risk assessments and investment strategies.
• What impact might tailored exemptions have?
  Potential exemptions could expand compliant capital-formation pathways for crypto ventures.
• How will coordinated oversight shape the market?
  Joint work between regulators may introduce more consistent standards across asset lifecycles.

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