TLDR for the SEC's "Project Crypto": - Most crypto assets are not securities - SEC will create rules to clearly define when a crypto asset is a security. - SEC will stop penalizing token issuers for early-stage centralization or using traditional business structures. - A regulatory framework is coming to support tokenized securities like stock and bond tokens inside the U.S. - Americans will no longer be excluded from airdrops, ICOs, or network rewards due to regulatory uncertainty. - SEC will protect the right to self-custody crypto assets and modernize custody rules for registered firms. - DeFi protocols and AMMs will be allowed to operate without forced intermediation. - SEC plans to enable super-apps that combine crypto trading, staking, lending, and securities in one platform. - A new “innovation exemption” will let crypto projects go to market without full traditional compliance. - SEC will treat crypto developers as publishers of code, not intermediaries, where appropriate. - goal is to reshore crypto companies that fled due to regulation-by-enforcement under the prior administration.