July 2025 was the end of the beginning for crypto. A new chapter is starting now— crypto will start to show up everywhere as a mainstream asset class and technology over the next 12-24 months. What started as an Executive Order from the President months ago, has now advanced with the Genius Act, likely soon the Clarity Act, and today, this historic speech from the Chairman of the SEC, Paul Atkins: "I would like the world to go on notice that under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant. To achieve President Trump’s vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one. ... We are at the threshold of a new era in the history of our markets. As I mentioned earlier, today I am announcing the launch of “Project Crypto”—a Commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move on-chain. ... As we advance these priorities, I look forward to working with my counterparts across the Administration to make the United States the crypto capital of the world. This represents more than a regulatory shift—it is a generational opportunity." Change is officially coming to U.S. capital markets. As ever, all of us at @BitwiseInvest are excited to get to be part of it alongside our clients and the incredible people in this space. Onward —