After US President Trump officially signed the GENIUS Act stablecoin regulatory bill a few days ago, the US Securities and Exchange Commission (SEC)AnnounceA large-scale reform plan called "Project Crypto" was launched, with the goal of promoting a comprehensive modernization of the securities regulatory system and building a supervisory framework that is consistent with the development trends of blockchain and crypto assets.
This move is seen as a key indicator that the US government is shifting its focus to actively embracing crypto assets and decentralized technologies, hoping to attract the global crypto industry back to the US market and further consolidate its dominant position in global fintech innovation.
Paul Atkins, Chairman of the U.S. Securities and Exchange Commission, stated at a press conference on July 7st, U.S. time, that Project Crypto will promote a series of institutional changes through cross-departmental collaboration, covering the classification and definition of crypto assets, the legalized issuance of decentralized finance (DeFi) and tokenized securities, and the integration and streamlining of the supervisory framework.
Paul Atkins stated that the current U.S. regulatory system is no longer able to effectively cover the trading patterns of emerging digital assets, and therefore structural reforms must be implemented to establish a more flexible and innovation-oriented regulatory environment.
One of Project Crypto's key highlights is its proposed "Reg Super-App" framework. This mechanism allows financial institutions to offer diverse services, including traditional securities, crypto assets, and digital lending, on a single platform using a single license. This represents a future where securities trading platforms no longer need to apply for multiple licenses or face fragmented and overlapping regulatory hurdles across state lines, significantly streamlining operating costs and accelerating product innovation.
Furthermore, the U.S. Securities and Exchange Commission plans to revise the existing Regulation National Market System (Reg NMS). Originally designed to ensure investors receive the best possible price, this market regulation will be adjusted to incorporate decentralized markets and on-chain token trading logic, formally making blockchain technology a part of U.S. financial market infrastructure.
According to the SEC, draft regulations will be prepared based on the policy recommendations recently released by the White House Presidential Digital Asset Markets Working Group (PWG) and are expected to be released before the end of 2025. These draft regulations will cover transparent regulations for crypto asset transactions, innovative exemption mechanisms, and risk mitigation measures for new business models, thereby encouraging innovation while maintaining market stability.
In a simultaneous statement released by the White House, it was clearly stated that the United States is "about to enter a golden age of crypto assets," emphasizing that this reform not only represents a historic turning point in the regulatory direction of the U.S. Securities and Exchange Commission, but also highlights the importance of the federal government's view of crypto assets as a national strategic resource.
The White House believes that through the dual-track institutional framework of the GENIUS Act and Project Crypto, the United States will establish a global model for the crypto market that is both scalable and compliant.
The market generally interprets this policy shift as helping to attract crypto capital and talent back to the US, having migrated abroad in recent years due to regulatory uncertainty. This shift is expected to not only spur innovation in Web3, eco-finance, and on-chain applications, but also potentially reshape the global crypto market landscape.
It's worth noting that while Project Crypto is still in its early stages of policy development, its broad scope and positive policy stance have already garnered significant attention from both the industry and the capital markets. Numerous exchanges, wallet providers, and DeFi protocol developers have expressed eagerness to learn more about its implementation details and are already preparing for potential regulatory sandboxes and innovative pilot programs.
