The U.S. Securities and Exchange Commission (SEC) has launched “Project Crypto,” a push to update securities regulations for blockchain-based trading. 

Coinbase shares slid 11% in after-hours trading after the company reported second-quarter earnings that missed Wall Street expectations. 

Tether reported $4.9 billion in profit for Q2 2025, with $3.1 billion from operations and $1.8 billion from gains on bitcoin and gold. 

Top stories in the Crypto Roundup today:

• SEC Launches ‘Project Crypto’ to Move U.S. Securities Market On-Chain
• Coinbase Stock Drops After Q2 Revenue Miss and Slump in Trading Activity
• Tether Posts $4.9B Q2 Profit, U.S. Treasury Holdings Climb Past $127B

SEC Launches ‘Project Crypto’ to Move U.S. Securities Market On-Chain

The U.S. Securities and Exchange Commission (SEC) has launched “Project Crypto,” a push to update securities regulations for blockchain-based trading. 

The effort aims to legitimize tokenized versions of stocks, bonds and other assets on public blockchains.

SEC Chair Paul Atkins announced the plan Thursday, saying current rules are built around intermediaries that may no longer be necessary. 

“Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them,” he said.

The move follows growing interest in tokenization from major financial players like BlackRock and a recent surge in offshore crypto offerings. It also coincides with a White House-backed report urging regulatory reform to keep crypto innovation in the U.S.

Atkins said the SEC will also support crypto “super apps” by creating simpler licensing paths. Commissioner Hester Peirce’s Crypto Task Force will help implement the initiative.

Coinbase Stock Drops After Q2 Revenue Miss and Slump in Trading Activity

Coinbase shares slid 11% in after-hours trading after the company reported second-quarter earnings that missed Wall Street expectations. 

The crypto exchange posted $1.5 billion in revenue, slightly below the $1.59 billion projected by analysts.

Ebitda came in at $512 million, down from $596 million the year before. Most of the pain came from a steep drop in transaction revenue, which fell 39% from the first quarter to $764 million, even as bitcoin and ether hit new yearly highs.

Tether Posts $4.9B Q2 Profit, U.S. Treasury Holdings Climb Past $127B

Tether reported $4.9 billion in profit for Q2 2025, with $3.1 billion from operations and $1.8 billion from gains on bitcoin and gold. 

The stablecoin issuer also increased its U.S. Treasury holdings to $127 billion, up from $119 billion in Q1.

The company added $13.4 billion in new USDT during the quarter, bringing its total supply to over $157 billion. Tether’s total assets stood at $162.6 billion, exceeding its liabilities.

The firm has also deployed $4 billion into U.S.-based investments in areas like AI and digital infrastructure.

State of the Crypto by Top Tier Exchange Volume

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