Thread by @EleanorTerrett

🚨NEW: In a landmark speech at the America First Policy Institute, @SECGov Chair Paul Atkins unveiled “Project Crypto” -- a sweeping Commission-wide initiative to modernize securities regulation for on-chain markets, which he says aligns with President Trump’s goal to make America the “crypto capital of the world.”

Here are some of the key highlights. 🧵

1/Under Project Crypto, the SEC will:

📌Draft new rules for crypto asset distributions (ICOs, airdrops, etc.)

📌Clarify when tokens are securities vs. commodities

📌Develop tailored disclosures & safe harbors

2/Atkins confirmed support for tokenization of stocks, bonds, and other assets and promised relief for firms seeking to issue tokenized securities in the U.S.

The speech also hit back at prior SEC actions including Operation Chokepoint 2.0 and SAB 121, which he named as barriers that drove crypto offshore.

3/Atkins emphasized the right to self-custody, while also pledging to revise rules for registered custodians (B-Ds and RIAs) to handle crypto assets.

He also proposed a “super-app” regulatory framework to allow a single platform to offer:

📌Crypto + securities trading

📌Staking, lending, and more

📌All done under one roof without needing dozens of overlapping licenses from multiple regulators

4/DeFi and on-chain software got special attention too:

Atkins wants to distinguish code publishers from intermediaries and create regulatory space for both decentralized and centralized models.

5/An “innovation exemption” is also in the works which is meant to let startups launch quickly with flexible compliance conditions, as long as they prioritize investor protection.

6/Atkins made it clear the SEC will no longer regulate crypto through enforcement alone.

He called the moment a “generational opportunity” to bring crypto back onshore.