The U.S. Securities and Exchange Commission unveiled “Project Crypto” on 2 August, laying out its most sweeping overhaul of digital-asset regulation to date. Chair Paul Atkins said the initiative will modernise securities rules to accommodate blockchain-based markets and advance the Trump administration’s goal of making the United States “the crypto capital of the world.” Under the blueprint, token sales are formally permitted, decentralised-finance platforms gain a defined route to compliance, and users’ right to self-custody of digital assets is recognised. The SEC will also allow so-called “super apps” that blend payments with social functions and, crucially, will presume that most crypto tokens are not securities—marking a sharp departure from the agency’s previous posture. The project is expected to streamline licensing, introduce exemptions for early-stage token offerings and permit joint trading of assets deemed securities and non-securities. It builds on recent legislative moves, including the Genius Act, which established a federal framework for stablecoins, and contrasts with the litigious approach taken under former chair Gary Gensler. Industry groups welcomed the pivot, saying clearer rules could unlock new investment and stem the migration of crypto startups overseas.