The Chair of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, spoke at the Wyoming Blockchain Symposium 2025, which runs from August 18 to 21. During his speech, he detailed the new Project Crypto initiative and outlined the regulator’s plans for further developing the regulatory framework for digital assets.
This is reported by Finway
SEC’s New Approach to the Crypto Market
Paul Atkins emphasized that the SEC has changed its strategy regarding innovations in the field of digital assets. According to him, the Commission now aims to create transparent rules that will foster technological development rather than hinder it. In particular, collaboration with other financial organizations and private companies is planned to develop modern regulations.
“Yes, this is definitely a new day, especially for this industry [of crypto assets]. […] You know, I share your pain. I am familiar with these stories about debanking and regulation through coercion that have lasted for the past few years. We have changed, the Commission has changed, as has our approach. We will no longer ‘bury our heads in the sand,’” Atkins stated.
Project Crypto: Modernizing the Regulatory Framework
As Atkins noted, the launch of Project Crypto marks a logical stage in the reform of the digital asset market in the U.S. The project involves developing clear rules for the classification of crypto assets, their distribution through trading, airdrops, initial coin offerings (ICOs), and other mechanisms. The SEC is actively involving external experts and meeting with representatives of other financial agencies, as well as with the presidential group.
“This is what we are currently doing with Project Crypto. We are collaborating with third parties, as well as our colleagues from other financial agencies. We also meet with the presidential group weekly. We have a lot of promising ideas, and we will try to implement them as soon as possible,” Atkins stated.
The SEC introduced the Project Crypto initiative in early August 2025 as a significant step towards updating regulations for the digital asset industry.
In response to questions regarding the so-called “Howey Test,” which was previously used to determine whether crypto assets are securities, Atkins emphasized that such an approach will no longer be universal:
“From the Commission’s perspective, we will move forward based on the idea that a token by itself is not necessarily a security. In my opinion, there are very few such assets, but it all depends on what package surrounds it and how it is sold.”
In addition to issues related to crypto assets, Atkins also highlighted the need to reform the initial public offering (IPO) process in the U.S. He noted that this process is currently too complex and costly, and promised to work on simplifying the process and reducing bureaucratic barriers.