SEC’s Paul Atkins Unveils Project Crypto Promises End to Enforcement-First Era

The U.S. Securities and Exchange Commission is undergoing a dramatic shift in its approach to digital assets. Speaking at the Wyoming Blockchain Symposium in Jackson Hole on Tuesday, SEC Chair Paul Atkins pledged to break with the agency’s history of enforcement-driven regulation, signaling a more collaborative stance with the crypto industry.

“It is a new day,” Atkins told attendees, stressing that under his leadership, the SEC would embrace innovation rather than pursue punitive actions against projects. “I feel your pain,” he added, acknowledging industry frustration with years of regulatory uncertainty.

Central to this new direction is Project Crypto, a sweeping initiative announced last month designed to make the United States a more attractive hub for blockchain companies. The program outlines tailored disclosures, safe harbor provisions, and exemptions for a broad array of digital asset activities, including token sales, airdrops, and network rewards.

Atkins also made a point to diverge from past SEC chairs by arguing that most crypto tokens should not be classified as securities. “There are very few tokens in my mind that are securities,” he said. “It depends on what’s the package around it.”

The initiative aligns closely with the Trump administration’s recent 168-page crypto policy framework, which called on regulators to ease restrictions on blockchain companies. Industry leaders have already begun pushing to influence the outcome. Venture capital firm Andreessen Horowitz and the DeFi Education Fund, for example, have petitioned the SEC to ensure developers of decentralized applications enjoy broad immunity from enforcement, even when projects exhibit centralized control.

If carried out, Atkins’ vision would mark one of the most significant regulatory shifts in the SEC’s history, potentially ushering in an era where innovation takes priority over enforcement in shaping the future of U.S. crypto policy.