The Securities and Exchange Commission on Thursday debuted "Project Crypto," a plan to modernize securities regulations to allow crypto-based trading.

Paul Atkins, chairman of the U.S. Securities and Exchange Commission, on Thursday announced the launch of “Project Crypto,” a bold and sweeping policy initiative aimed at bringing U.S. financial markets onto the blockchain.

A year ago, one of the Securities and Exchange Commission’s primary targets was the crypto industry, which the agency said in myriad lawsuits was widely flouting securities laws. Now, SEC Chairman Paul Atkins says the agency is going to do everything in its power to make the U.S. the most attractive country to digital-asset firms in the world.