The U.S. Securities and Exchange Commission (SEC) recently announced a major initiative aimed at reshaping the regulatory landscape for Crypto Assets in the United States. SEC Chairman Paul S. Atkins officially launched a new program called "Project Crypto" on July 31, 2025, marking a more proactive and open approach by U.S. financial regulators towards the digital asset market.

The core objective of this plan is to promote the on-chain process of the U.S. financial markets in response to the national strategy vision of building a "World Crypto Capital." Project Crypto encompasses multiple key areas aimed at creating a clearer and more friendly regulatory environment for the Crypto Assets industry.

First, the SEC will begin to develop guidelines for the classification of crypto assets. Chairman Atkins emphasized that most crypto assets do not fall under the category of securities, and this statement may provide greater operational space for market participants.

Secondly, the committee will revise the existing custody and trading rules to accommodate the unique characteristics of digital assets. This includes considering certain exemptions and relief measures during the transition period to facilitate a smooth transition for the industry.

A notable innovation is the introduction of the "super application" concept. This will allow securities intermediaries to integrate various services under a single platform, greatly simplifying the licensing process and is expected to inspire new business models and innovations.

In addition, the SEC will also update existing rules to accommodate emerging technologies such as decentralized finance (DeFi). This may include modifications to core regulations such as Regulation NMS to support on-chain software systems that operate without traditional intermediaries.

Finally, the SEC proposed an innovative exemption mechanism that allows companies to quickly launch innovative products and services, provided they meet basic principles, even if these innovations may not fully comply with existing regulations temporarily.

The launch of Project Crypto resonates with the legislative efforts of the White House cryptocurrency working group, demonstrating the collaborative efforts of various U.S. government departments in promoting the integration of traditional finance and the crypto market. The market has responded positively, with several large financial institutions and crypto companies beginning to prepare for the new regulatory environment.

This series of measures reflects a significant shift in the attitude of U.S. regulators towards the Crypto Assets industry, which is expected to inject new momentum into the industry's development and also provide a reference for regulatory policies in other countries. However, the specific implementation details of these measures and their long-term impact on the global Crypto market remain to be further observed.