The SEC's emerging crypto framework and its impact on on-chain capital formation

The Securities and Exchange Commission’s Project Crypto was launched in 2025 under the leadership of Chairman Paul S. Atkins, aiming to address regulatory ambiguity in the cryptocurrency sector by distinguishing between securities and non-securities tokens and simplifying compliance processes. With Judge Margaret Ryan being appointed Director of Law Enforcement, the SEC is committed to balancing market integrity and innovation, which promises to promote institutional investment in digital assets and tokenized real-world assets.