The DeFi Golden Age Has Just Begun

Olivia Capozzalo & Camila Russo
July 31, 2025

gm, Defiers!

Today’s big story:

SEC Chair Paul Atkins just gave the most bullish statement on crypto to date

In other news:

The founders of Samourai Wallet just pleaded guilty in a NY court, while a jury deliberates on its final verdict in the Roman Storm trial
The White House released its crypto policy recommendations, included expanding the CFTC’s mandate to better oversee crypto markets
CryptoPunks price floor hits 3-year high in what continues to look like a broader NFT resurgence
Responding to criticism from a popular YouTuber, Ripple’s CTO acknowledged that XRP adoption “has been very slow”
As the Ethereum community celebrates 10 years since the network’s launch, experts weigh in on what’s ahead [FEATURE]
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We’re back! Here’s what you need to know in web3 today

📈 Markets in the last 24 hrs

TICKER	VALUE	24H
Bitcoin	$117,333	0.99 %
Ethereum	$3,757.63	1.33 %
XRP	$3.07	1.30 %
BNB	$798.22	3.20 %
Solana	$176.93	2.08 %

MessariPortals	MINDSHARE Rank	MINDSHARE % Change (7d)
		37.86%
		36.71%
		-55.33%
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Today’s Big Story

DeFi Was Always Inevitable - But the SEC Just Accelerated its Coup Over TradFi

Crypto may have just entered its most promising chapter yet and this time, it’s not about a fleeting narrative. It’s a structural, regulatory shift driven by the U.S. securities regulator, which has the potential to unleash an unprecedented wave of global financial innovation.

The most important gift the new SEC chair, Paul Atkins, is giving crypto is clarity. Previously, crypto teams and investors were driving blind, and not only that, they were driving with the certainty there was a cliff nearby… somewhere. As former SEC chair Gary Gensler stated, he believed most cryptocurrencies and tokens are securities, while at the same time refusing to say which and under what requirements.

Today we got more confirmation that’s changing. In a detailed policy statement Atkins presented “Project Crypto,” which will be the SEC’s north star as it aims to help make America the “crypto capital of the world” and bring the U.S. capital markets onchain — these are his actual words.

If what Atkins lays out here turns into law, it will radically change how entrepreneurs operate in the U.S. blockchain industry, eliminating all the layers of complexity they were forced to introduce, just to reduce regulatory risk.

This statement signals the end of the SEC’s adversarial stance toward crypto, and the beginning of a legal architecture that actually works for decentralized systems.

Let’s break down what Atkins proposed.

1. A Clear Framework for What Is (and Isn’t) a Security

Atkins acknowledged that the current ambiguity in U.S. regulations is a barrier to innovation. His solution: a workable framework for determining whether a digital asset is or is not a security.

Critically, he emphasized that being a security should not be a death sentence, and said the SEC should allow digital assets that are securities to flourish.

He also wants to enable companies to tokenize their common stock, bonds and other securities, adding that firms are lined up at the SEC’s doors with requests to tokenize.

2. Custody Choice

Atkins calls for flexibility in custody models, whether it’s self-custody or custody via third parties like banks.

That may seem like a small detail, but it’s a monumental shift from the previous administration, which threatened banks that dealt with crypto in “Operation Chokepoint 2.0.”

3. Mixed Asset Venues: Security and Non-Security Tokens Together

Today’s platforms are siloed: platforms that trade securities and crypto that may be considered a security are required a set of licenses. Other types of crypto assets require a different set of licenses. Atkins wants to end that and proposes a single license for trading all assets under one roof.

This would open the door to crypto-native apps that integrate everything—tokens, stocks, stables—under one compliant interface.

4. A Legal Pathway for DeFi

Atkins wants to create space in the market for what he calls “Big Beautiful On-Chain Software Systems," which can be both decentralized and centralized. He said regulators have always regulated intermediaries, but that doesn’t mean that intermediaries are always necessary.

He draws a line between “onchain software systems with operators,” like centralized exchanges or custodians, and “decentralized onchain software systems,” which may function without traditional intermediaries. For both, he says, the SEC must be able to supervise and enforce the law, while also respecting the differences between them.

A Clean Break from Gensler’s SEC

The tone and content of this statement would have been unthinkable a year ago. This is a rejection of the Gary Gensler doctrine.

Atkins is signaling regulators realize that while there may be risk to consumers from new financial assets and innovation, the risk for the U.S. losing its place as a leader in the technology that is bound to revolutionize finance is a lot greater.

Crypto was always going to replace our current decrepit financial rails. But the new SEC is allowing that process to accelerate, and to happen with the U.S. at the center of that change.

With love,

Cami, founder of The Defiant

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🎬WATCH

Stablecoins Redefined: How the Genius Act Impacts Cryptocurrency Exchanges

In the latest episode of The Defiant Podcast, Vinny sat down with the team at Biconomy, a centralized crypto exchange that serves customers globally, to discuss the implications of the GENIUS Act — the landmark U.S. stablecoin legislation that was signed into law less than two weeks ago. They explore how this new legislation is reshaping the industry in the U.S. and globally, the opportunities it unlocks, and what it means for the future of digital assets.

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Top News in the Past 24 Hours

White House Releases Crypto Report, Calls for Expanded CFTC Role Yesterday, the White House’s digital asset working group published an 166-page report on crypto policy. The report consists of recommendations for “strengthening” the U.S.’s role and “leadership in digital financial technology.” One of the group’s recommendations is to expand the CFTC’s mandate so that it can oversee non-security cryptocurrencies, working more in collaboration with the SEC to effectively regulate different kinds of crypto assets.
Samourai Wallet Founders Plead Guilty, Agree to $237 Million ForfeitureThe two founders of Samourai Wallet, a Bitcoin mixing service, pleaded guilty in Manhattan federal court to operating an unlicensed money-transmission business that laundered more than $100 million in proceeds from dark-web marketplaces and online fraud schemes. The move comes as Tornado Cash co-founder Roman Storm awaits the verdict on a trial on similar charges.
CryptoPunks Floor Price Hits 3-Year High of $208,000 As NFTs continue to have a resurgence, CryptoPunks lead the pack with a 163% increase in U.S. dollar terms, securing the top spot by floor price per NFT. Pudgy Penguins followed closely with a nearly 200% surge, climbing to second place in the rankings.
Ripple CTO Admits ‘Even Ripple Can’t Use XRPL DEX’ Ripple’s lack of adoption came under scrutiny as a popular YouTuber and long-time XRP bull questioned why the company’s extensive banking partnerships haven’t yet translated into meaningful on-chain activity for XRP. Ripple’s CTO responded at length, defending Ripple while admitting that adoption “has been very slow,” attributing it partly to compliance.
FEATURE: Ethereum Turns 10 — Experts Say ETH Could Hit $40,000 in Next Decade as Network Matures Ethereum officially turned 10 on Wednesday, marking a decade since its mainnet launch on July 30, 2015. Although its native token, Ether (ETH), has struggled to maintain momentum over the past five years, experts say its long-term outlook is improving.