The SEC launches the "encryption plan" to promote the U.S. as a global encryption hub, Trump’s vision accelerates on-chain financial market reform.

On July 31, the chairman of the SEC, Paul Atkins, officially announced the launch of "Project Crypto," aimed at responding to President Trump’s vision of making the United States the global capital of Crypto Assets. This initiative, which encompasses the entire commission, will promote the modernization of securities rules and accelerate the migration of the U.S. financial markets to on-chain. The plan includes establishing a clear and simplified regulatory framework for the issuance, custody, and trading of Crypto Assets, and reversing the stringent enforcement policies of former chairman Gensler's era to attract offshore crypto businesses back.

SEC launches "Crypto Plan" in response to Trump's vision of a crypto capital In a speech at the "America First Policy Institute" event in Washington, D.C. on July 31, SEC Chairman Paul Atkins announced the launch of a major initiative called "Project Crypto." Atkins stated that the future of financial markets is rapidly evolving, and the U.S. must "do more than just keep pace with the Crypto Assets revolution;" it must proactively lead this revolution. He declared, "We are standing on the threshold of a new era in market history. Today, I announce the launch of 'Project Crypto'—an initiative that spans the entire Commission aimed at modernizing securities rules to enable the migration of U.S. financial markets to on-chain."

Following the presidential task force report, targeting global crypto leadership The SEC's latest action related to crypto closely follows the highly anticipated "Digital Asset Market Report" released the previous day by the President's Working Group on Financial Markets (PWG). This report provided key recommendations to federal agencies, including the SEC, calling for the establishment of a regulatory framework for crypto to ensure that the U.S. maintains its dominant position in the global digital asset market. The "Crypto Plan" is a concrete implementation of this broad effort, with the SEC aiming to swiftly execute the recommendations of the President's Working Group. The core content of this plan includes: establishing clear and streamlined rules (regulatory clarity) for the issuance of crypto assets (issuance), custody (custodial services), and trading (secondary market trading) within the United States.

Flexibly utilize regulatory tools to avoid outdated rules stifling innovation Atkins further emphasized: "While the committee's staff works to finalize these regulations, the committee and its staff will consider using interpretive powers, exemptions (regulatory exemptions), and other authorities in the coming months to ensure that outdated rules and regulations do not stifle innovation and entrepreneurship in the United States." This indicates that the SEC will take a pragmatic and flexible approach, utilizing existing policy tools to provide space for innovation before formal regulations are issued.

Reverse previous policies to attract offshore Crypto Assets businesses to return The SEC views the "crypto plan" as part of its overall strategy, aiming not only to bring financial markets on-chain (on-chain finance) but also to recover all crypto businesses that were driven overseas due to the "regulatory pressure" (enforcement-style regulation) during Gary Gensler's tenure as SEC Chairman. In recent months, under the leadership of the Trump administration, the SEC has dismissed multiple lawsuits initiated during the criticized "enforcement regulation" period under Gensler and has terminated several investigations. The agency subsequently issued a statement to clarify its position, clearly showing that it has completely shifted from its previous anti-crypto stance (regulatory easing), creating an environment for the industry to return.

Conclusion: The launch of the SEC "Crypto Assets Plan" marks a significant shift in the regulatory policy for crypto assets in the United States. Driven by the Trump administration's "America First" vision and the competition for global crypto leadership, the SEC is actively modernizing rules, aiming to embrace on-chain financial innovation while ensuring market integrity. By simplifying the regulatory framework, discarding outdated rules, and reversing the high-pressure enforcement situation, the U.S. intends to attract global crypto capital and talent back, reshaping its core competitiveness in the emerging digital asset era. The effectiveness of this plan will be key to whether the U.S. can truly become the "Global Crypto Capital."