Chair of the U.S. Securities and Exchange Commission (SEC) Paul Atkins spoke at the Wyoming Blockchain Symposium 2025, held in August in Wyoming. During his address, he elaborated on the Project Crypto initiative and outlined the SEC’s new approach to regulating the digital asset market.
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SEC Updates Its Approach to the Crypto Market
Atkins noted that the regulator is changing its stance on innovation in the financial sector. The SEC now aims to support the development of modern financial technologies by creating transparent and clear regulatory rules for the crypto asset market. He referenced the experience of the 1960s when the SEC collaborated with the New York Stock Exchange (NYSE) to address issues with the circulation of paper certificates, which led to the establishment of the Depository Trust & Clearing Corporation. According to Atkins, a similar approach is now being implemented within Project Crypto.
“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 regulatory enforcement that have lasted for the past few years. We have changed, the Commission has changed, as has our approach. We will no longer ‘stick our heads in the sand’,” said Atkins.
Project Crypto: A New Regulatory Framework for Digital Assets
The Project Crypto initiative, launched by the SEC in August 2025, has a broad goal—modernizing the regulatory framework for governing the crypto market in the U.S. Specifically, it involves developing rules for the classification of crypto assets, as well as defining procedures for their distribution, trading, airdrops, and initial coin offerings (ICOs). The SEC is actively collaborating with other government agencies and private entities, and regularly discusses prospective ideas within the presidential working group.
Discussing approaches to classifying crypto assets, Atkins responded to questions regarding the well-known “Howey Test,” which was used by previous SEC leadership to determine whether cryptocurrencies are securities. He emphasized:
“From the Commission’s perspective, we will move forward based on the idea that a token itself is not necessarily a security. In my view, there are very few such assets, but it all depends on what package surrounds it and how it is sold.”
Additionally, the SEC chair expressed a desire to restore the popularity of initial public offerings (IPOs) in the U.S. He noted that currently, this process is complicated by high costs and excessive bureaucracy, and promised to work on streamlining these processes for businesses.