What to know:

SEC Chairman Paul Atkins announced 'Project Crypto' to modernize securities rules for crypto assets.

The initiative aims to create clear guidelines for crypto asset distributions, custody, and trading.

Atkins emphasized that most crypto assets are not securities, challenging previous SEC views.

WASHINGTON, D.C. — Securities and Exchange Commission (SEC) Chairman Paul Atkins said his agency is launching "Project Crypto" with an aim to make a quick start on the new crypto policies urged by President Donald Trump.