The U.S. Securities and Exchange Commission (SEC) is formulating guidelines for classifying crypto assets as part of its "Project Crypto" initiative, according to Jim Moloney, Director of the Division of Finance. The SEC is also creating a framework to determine whether these assets constitute investment contracts. For crypto assets identified as securities, the department is exploring regulatory structures for their issuance and sale. This marks a shift from enforcement-focused regulation to providing clearer rule-based guidance.