The America First Policy Institute, a prominent think tank with significant sway within the Trump Administration, has seen its members transition into key roles within the government. Therefore, it was a fitting venue for Securities and Exchange Commission (SEC) Chairman Paul Atkins, appointed by Trump, to unveil “Project Crypto” during a speech delivered to the Institute. [1]
Atkins began his address by stating that Commissioner Hester Peirce and he are launching “Project Crypto,” designed to be the SEC’s guiding principle in supporting President Trump’s ambitious vision to establish the United States as the world’s leading hub for cryptocurrency innovation. [2] Chairman Atkins delivered this speech one day after the President’s Working Group (PWG) on Digital Assets issued its comprehensive 166-page report, “Strengthening American Leadership In Digital Financial Technology.”[3] This timing emphasized his strong commitment to the digital asset strategies championed by the president who appointed him. The PWG report’s priorities for the SEC are in close agreement with the themes expressed in Atkins’ speech. Notably, SEC staff members were involved in contributing to the PWG report.
In his address outlining Project Crypto, Chairman Atkins detailed a series of priorities for SEC staff. These included developing “clear and simple rules” to govern various cryptocurrency activities, such as custody and trading. He also advocated for allowing intermediaries like exchanges to introduce “super-apps” that would provide a broad spectrum of financial offerings. Furthermore, Chairman Atkins announced his directive to SEC staff to create a complete regulatory framework that would encourage the distribution of cryptoassets within the United States, thus removing the need for offshore transaction frameworks and foundations. He also stressed the need for market participants to have “maximum choice” regarding how they manage and trade cryptoassets.
Chairman Atkins reiterated his belief that many cryptoassets should not be classified as securities. However, even when dealing with those cryptoassets that are categorized as securities, he argued that existing rules should be revised to facilitate, rather than hinder, their offering. He instructed SEC staff to work towards this goal. He commented that offering an asset that’s deemed a security shouldn’t result in punitive treatment akin to Hester Prynne, who was forced to bear a “scarlet letter.”
Chairman Atkins concluded his speech by expressing his support for a complete reversal of the previous administration’s approach to the industry:
As we move forward with these priorities, I am eager to work with colleagues across the government to ensure that the United States becomes the dominant force in the crypto world. This signifies more than just a change in regulations—it represents a once-in-a-generation chance.
We will ensure that the next chapter of financial innovation is written right here in America.[4]
The Atkins-led SEC is known for its receptiveness to novel concepts. We have been in direct communication with the SEC and its Crypto Task Force (led by Commissioner Peirce) regarding the Task Force’s ongoing work, and we intend to continue providing feedback as new rules are drafted and made available for public comment.
[1] https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125.
[2] Id.
[3] https://www.whitehouse.gov/wp-content/uploads/2025/07/Digital-Assets-Report-EO14178.pdf.
[4] https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125.
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