SEC Chair Paul Atkins said on Fox Business that the agency is "mobilising" under a new initiative dubbed "Project Crypto," which he described as an effort to update securities regulations for digital assets and position the United States as the world’s "crypto capital." Atkins’ comments, delivered after a scheduled appearance on 15 August, signal that the commission intends to publish further details and potential rule proposals aimed at clarifying how cryptocurrencies and related products fit within existing securities law. In a parallel move, Treasury Secretary Scott Bessent launched a public consultation on the GENIUS Act, legislation that would establish a federal framework for dollar-backed stablecoins. Bessent called the measure "essential to securing American leadership in digital assets," adding that regulated stablecoins could "expand dollar access for billions across the globe" and spur additional demand for U.S. Treasuries, which serve as their reserve backing.