The U.S. Securities and Exchange Commission has launched “Project Crypto,” a broad policy blueprint designed to give the digital-asset industry clearer ground rules. The initiative sets out criteria for classifying tokens, opens a formal pathway for decentralized-finance platforms and so-called super apps, and explicitly protects investors’ ability to hold coins in self-custody, according to remarks by the agency’s leadership. As part of the same policy shift, the SEC approved in-kind creation and redemption for all U.S. spot Bitcoin and Ether exchange-traded funds, replacing the cash-only model that fund sponsors said added costs and tracking error. The change is expected to streamline the ETF market’s operations and could spur additional inflows, coming as spot Ether products already notch a record streak of daily subscriptions. Exchanges and financial firms moved quickly to capitalise on the looser stance. Intercontinental Exchange’s New York Stock Exchange, Cboe Global Markets and Nasdaq jointly filed a framework that would allow them to list a wider array of crypto-based ETFs. Separately, JPMorgan Chase struck a partnership with Coinbase, underscoring Wall Street’s growing involvement in digital assets. The White House welcomed the regulator’s moves, calling them a step toward “ushering in a golden age of crypto.” Market reaction was mixed: Bitcoin fell roughly 4% and Ether 6.3% over the week even as policy momentum accelerated, highlighting continued volatility in the asset class.