The SEC just did something that would have been unthinkable two years ago. It announced a formal plan to rewrite America’s securities rulebook so that financial markets can operate on blockchain rails.

Chairman Paul Atkins introduced “Project Crypto” on July 31, 2025, a comprehensive initiative designed to update US securities regulations for the on-chain era. The core thesis is simple: if stocks, bonds, and other traditional assets are going to be tokenized, the rules governing them need to actually make sense for that technology.

What Project Crypto actually does

The most consequential element is the SEC’s position that a majority of digital assets should not be classified as securities. In English: most…