As crypto markets plunged Friday, a potentially historic regulatory shift flew under the radar, Wall Street broker Bernstein said in a research report Monday.

In a speech that Bernstein analysts called “the boldest and most transformative crypto vision ever laid out by a sitting SEC chair,” U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins unveiled 'Project Crypto', a sweeping initiative to modernize the country’s outdated securities rules for the digital age.

The initiative aims to overhaul U.S. securities laws to accommodate digital assets, continuing a broader push to make the U.S. a global hub for crypto innovation.

Central to the plan is “reshoring”, Bernstein noted, bringing crypto businesses back to the U.S. after years of regulatory uncertainty pushed them offshore.

The Commission intends to use its interpretative and exemptive powers to modernize outdated rules, ensuring they don’t stifle entrepreneurship or competition, the report said.

In a sharp reversal from past SEC messaging, Atkins said most crypto assets are not securities.

He blamed confusion around the Howey Test for stalling capital formation and pledged to introduce clearer standards for categorizing digital assets, including commodities, stablecoins, collectibles, and security-like tokens with governance and distribution rights.

Bernstein said the plan also lays the groundwork for domestic tokenization of traditional assets like stocks and bonds.

With Wall Street giants and tech unicorns already lined up, the SEC wants to build the world’s largest tokenized securities market, on American soil, the report added.

Read more: Crypto Is Going Mainstream and 'You Can't Put the Genie Back in the Bottle,' Bitwise Says

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