SEC Chairman Paul Atkins has announced "Project Crypto," an ambitious initiative to update the agency's rules around digital assets. The project includes plans for a comprehensive "token taxonomy" to delineate between cryptocurrencies that would be classified as securities versus commodities. Project Crypto also encompasses forthcoming "Regulation Crypto" with 2026 rulemakings for trading frameworks, guidance on tokenized securities, market structure for financial "super-apps," and an innovation exemption for testing novel business models. The initiative represents the SEC's most comprehensive approach to crypto regulation under the Trump administration's pro-innovation policy stance.