#ProjectCrypto “Project Crypto” is a sweeping policy initiative launched by the U.S. Securities and Exchange Commission on **July 31, 2025**, under chair **Paul Atkins**, aimed at modernizing securities rules for digital assets and enabling U.S. capital markets to “move on‑chain” . Practically, the SEC has instructed its policy divisions to draft clear, “bright‑line” distinctions between securities, stablecoins, NFTs, and DeFi tokens, and to establish purpose‑built rules for token distributions such as ICOs, airdrops, and network rewards .

The initiative calls for custody reforms that respect **self‑custody as a core American value**, while updating regulations for registered custodians. It also proposes legal pathways for **“super‑apps”**—broker‑dealer platforms offering trading, staking, lending, and both security and non‑security tokens under a single federal license . To foster experimentation, Project Crypto contemplates an **innovation exemption** and regulatory safe harbor for start‑ups and DeFi projects that meet investor‑protection principles .

Inspired by recommendations in the White House’s 160‑page Digital Asset Working Group report, this agenda signals a broader shift from enforcement toward **rule‑based permissionless finance** in order to reclaim U.S. leadership in blockchain innovation and on‑chain capital formation  boldy pioneered.