SEC Chair Paul Atkins Launches ’Project Crypto’ to Make U.S. a Global Blockchain Leader

In a bold departure from his predecessor’s enforcement-heavy approach, new SEC Chair Paul Atkins introduced ‘Project Crypto,’ an initiative aimed at making the United States the global hub for blockchain innovation. Delivered just a day after the White House issued its own sweeping crypto policy report, Atkins’ speech outlined a regulatory reset designed to encourage growth rather than restrict it. His plans include creating clear, simple rules for digital asset custody and trading, and fostering the development of crypto ‘super-apps’ that offer multiple services under one roof.

Atkins emphasized that the Commission would promote innovation by reducing bureaucratic friction and enabling experimentation with technologies like tokenized equities and on-chain financial instruments. These reforms aim to reverse the exodus of crypto companies that left U.S. markets during the tenure of former SEC Chair Gary Gensler, who took a hardline stance against the industry following the collapse of firms like FTX.

The shift arrives amid continued legislative uncertainty in Congress, where competing crypto regulation bills remain stalled. Still, the SEC appears poised to take the lead in shaping the U.S. digital asset market structure, regardless of federal legislation.

Critics, however, worry that a more permissive approach could set the stage for future financial blowups. Consumer advocates like Dennis Kelleher argue that Atkins’ deregulatory instincts may favor large firms at the expense of investor protections, a concern rooted in his earlier SEC tenure during the 2000s. Yet with crypto surging back into the mainstream and major institutions re-engaging with blockchain, the industry is closely watching to see if Atkins can strike a sustainable balance.