SEC Crypto Project Proposes New Framework for Cryptoassets in the US

• SEC seeks to integrate digital assets into financial regulation
• Crypto Project aims to unlock innovation in cryptocurrencies
• Wall Street May Operate with Stablecoins and Tokens

The SEC's new Crypto Project, led by Paul Atkins, marks a significant shift in U.S. regulators' approach to cryptocurrencies. The initiative aims to modernize securities regulations to accommodate the reality of digital assets and pave the way for the United States to take a leading role in global financial transformation.

In a recent speech Atkins emphasized the importance of updating the financial system beyond the traditional model. Drawing parallels with historical moments—from the Buttonwood Agreement of 1792 to the era of electronic reforms—the SEC chairman emphasized that "the United States needs to do more than just keep pace with the digital asset revolution. We need to drive it forward."

Analysts at Bernstein called Project Crypto the most ambitious vision ever put forward by a US regulator. The plan proposes relaxing rules that previously pushed crypto companies offshore and providing greater clarity on the classification of digital assets, including stablecoins, digital commodities, and collectibles.

The new framework provides for the authorization of tokenized securities within U.S. jurisdiction, with growing interest from major Wall Street players. It also proposes unifying financial and crypto services under a single license—the so-called "Reg-Super App" model—allowing operations such as staking, lending, and stablecoin trading on a single platform, without the bureaucracy of multiple state authorizations.

Another relevant point is the incorporation of decentralized finance platforms into the regulated system. The SEC intends to rewrite old rules to allow protocols such as automated market makers and on-chain lending to operate with legal certainty, paving the way for 24/7 markets, instant settlement, and collateralization across different asset classes.

Analysts also highlighted that the initiative could reduce uncertainty surrounding the Howey Test, which has historically hampered the legal definition of cryptoassets. The new project is expected to provide a more competitive, accessible, and secure environment for both institutions and fintech developers.