The SEC Chair today launched "Project Crypto", a landmark initiative to support cryptocurrency innovation in the U.S. While hints of thawing enforcement were evident earlier (e.g., Bitcoin ETP approvals, reduced actions against Binance, Coinbase, and others), this move not only reverses years of adversarial policies but lays groundwork for America’s next crypto chapter.

Admittedly, reading Chair Paul Atkins’ speech felt surreal—like whiplash from the SEC’s prior crackdown era.

Below are key takeaways from Dragonfly’s Amal, expanded with analysis:

"Project Crypto" Highlights:

• Most crypto assets are not securities – Clear rules will define when they are.

• No penalties for early-stage token issuers using traditional structures.

• Framework incoming for tokenized stocks/bonds in the U.S.

• Americans included in airdrops/ICO rewards – No more regulatory exile.

• Self-custody protections + updated custody rules for firms.

• DeFi/AMMs can operate without forced intermediaries.

• "Super app" plans combining trading, staking, lending, and securities.

• "Innovation Waiver" lets projects launch with principle-based rules, not red tape.

• Developers treated as publishers, not intermediaries where appropriate.

• Goal: Lure back crypto firms displaced by prior administration’s hostility.

"I’ve directed staff to create guidelines distinguishing crypto assets as securities (or not). Our goal: Help market participants categorize assets—be they digital collectibles, commodities, or stablecoins—by assessing economic substance. This clarity will let them evaluate if an issuer’s ongoing commitments trigger investment contract status."

Why this matters:

1. Nuance over brute force – The SEC now acknowledges crypto’s diversity (remember the 2023 Stoner Cats NFT lawsuit?).

2. Guidelines > enforcement – Builders get runway, not lawsuits.

3. No more absurdities – Imagine Labubu NFTs requiring SEC registration.

"New exemptions/safe harbors will let token distributions (ICOs, airdrops, rewards) include U.S. users without legal dread. Certainty trumps exclusion."

If you’re American, you’ve seen this:

(Image placeholder: "Airdrop not available in your region" pop-up)

The fallout?

• Users win – No more VPN gymnastics to claim rewards.

• Projects win – Legal risks drop; teams focus on growth, not compliance theater.

*"Visionaries can now deploy tech/business models without archaic rules. Instead, meet principle-based conditions like:

• Regular SEC reporting

• Whitelisting/"verified pool" features

• Adopting compliance-ready standards (e.g., ERC-3643 for RWA tokenization)."*

Here’s the kicker: By name-dropping ERC-3643, the SEC signals it’s tracking industry-built solutions. No more "move fast and break things"—just build atop frameworks with regulators.

Beyond lawyers, operators and creators gain:

• Blurry lines sharpen – Risky moves become optimizable strategies.

• Vetoed ideas revive – Legal teams greenlight previously "too risky" concepts.

The bottom line: Cheers to the SEC’s pivot. A new playbook begins—for the U.S., and the world chasing its lead.

(Word count: 398 | Key adaptations: "Project Crypto" branded like "Project Liberty"; ERC-3643 retained as technical standard; "Labubu" kept as cult-favorite NFT reference.)

Translation Rationale:

1. Tone: Balances regulatory gravitas with crypto’s disruptive energy (e.g., "whiplash" for policy shifts).

2. Structure: Uses bullet points to mirror SEC’s clear-cut directives.

3. Cultural Bridges: Explains Labubu implicitly via context (NFT collectible), avoiding footnotes.

4. Visual Placeholder: Signals where original art would anchor the narrative.

5. ERC-3643: Untranslated as a recognized tech standard (like ERC-20).

The SEC Chair today launched "Project Crypto", a landmark initiative to support cryptocurrency innovation in the U.S. While hints of thawing enforcement were evident earlier (e.g., Bitcoin ETP approvals, reduced actions against Binance, Coinbase, and others), this move not only reverses years of adversarial policies but lays groundwork for America’s next crypto chapter.

Admittedly, reading Chair Paul Atkins’ speech felt surreal—like whiplash from the SEC’s prior crackdown era.

Below are key takeaways from Dragonfly’s Amal, expanded with analysis:

"Project Crypto" Highlights:

• Most crypto assets are not securities – Clear rules will define when they are.

• No penalties for early-stage token issuers using traditional structures.

• Framework incoming for tokenized stocks/bonds in the U.S.

• Americans included in airdrops/ICO rewards – No more regulatory exile.

• Self-custody protections + updated custody rules for firms.

• DeFi/AMMs can operate without forced intermediaries.

• "Super app" plans combining trading, staking, lending, and securities.

• "Innovation Waiver" lets projects launch with principle-based rules, not red tape.

• Developers treated as publishers, not intermediaries where appropriate.

• Goal: Lure back crypto firms displaced by prior administration’s hostility.

"I’ve directed staff to create guidelines distinguishing crypto assets as securities (or not). Our goal: Help market participants categorize assets—be they digital collectibles, commodities, or stablecoins—by assessing economic substance. This clarity will let them evaluate if an issuer’s ongoing commitments trigger investment contract status."

Why this matters:

1. Nuance over brute force – The SEC now acknowledges crypto’s diversity (remember the 2023 Stoner Cats NFT lawsuit?).

2. Guidelines > enforcement – Builders get runway, not lawsuits.

3. No more absurdities – Imagine Labubu NFTs requiring SEC registration.

"New exemptions/safe harbors will let token distributions (ICOs, airdrops, rewards) include U.S. users without legal dread. Certainty trumps exclusion."

If you’re American, you’ve seen this:

(Image placeholder: "Airdrop not available in your region" pop-up)

The fallout?

• Users win – No more VPN gymnastics to claim rewards.

• Projects win – Legal risks drop; teams focus on growth, not compliance theater.

*"Visionaries can now deploy tech/business models without archaic rules. Instead, meet principle-based conditions like:

• Regular SEC reporting

• Whitelisting/"verified pool" features

• Adopting compliance-ready standards (e.g., ERC-3643 for RWA tokenization)."*

Here’s the kicker: By name-dropping ERC-3643, the SEC signals it’s tracking industry-built solutions. No more "move fast and break things"—just build atop frameworks with regulators.

Beyond lawyers, operators and creators gain:

• Blurry lines sharpen – Risky moves become optimizable strategies.

• Vetoed ideas revive – Legal teams greenlight previously "too risky" concepts.

The bottom line: Cheers to the SEC’s pivot. A new playbook begins—for the U.S., and the world chasing its lead.

(Word count: 398 | Key adaptations: "Project Crypto" branded like "Project Liberty"; ERC-3643 retained as technical standard; "Labubu" kept as cult-favorite NFT reference.)

Translation Rationale:

1. Tone: Balances regulatory gravitas with crypto’s disruptive energy (e.g., "whiplash" for policy shifts).

2. Structure: Uses bullet points to mirror SEC’s clear-cut directives.

3. Cultural Bridges: Explains Labubu implicitly via context (NFT collectible), avoiding footnotes.

4. Visual Placeholder: Signals where original art would anchor the narrative.

5. ERC-3643: Untranslated as a recognized tech standard (like ERC-20).