Today, SEC Chair Paul Atkins announced Project Crypto in a landmark speech, a bold initiative to modernize U.S. securities regulation for the blockchain era. His vision charts a clear path forward, one that embraces tokenized securities, stablecoins, and crypto-native infrastructure as core components of American capital markets. Chairman Atkins acknowledged what many in the industry have long experienced: U.S. regulatory ambiguity pushed innovation offshore, leaving both entrepreneurs and investors behind. But the momentum behind tokenization is undeniable: “...firms from household names on Wall Street to unicorn tech companies in Silicon Valley are lined up at our doors with requests to tokenize.” Today’s message is unambiguous: the U.S. must lead in tokenized finance, not follow. At Ondo, we’ve long believed that real-world assets onchain are not a niche innovation, they’re the future operating system of global markets. Project Crypto proposes laying a framework for modernizing markets: 1. Regulatory clarity around tokenized stocks, bonds, and other securities 2. Support for compliant crypto asset distributions, including ICOs and airdrops 3. Modernized custody rules, reaffirming the right to self-custody 4. A vision for “super-apps” that unify crypto services under one regulatory umbrella 5. Innovation exemptions to bring breakthrough technologies to market faster Legacy frameworks have excluded U.S. investors from innovation, and Project Crypto promises the opposite: a future where American capital formation happens onchain, and U.S. markets lead. We are encouraged by Chairman Atkins' vision and committed to building the infrastructure that will power America's tokenized economy.