According to Eleanor Terrett, Paul S. Atkins announced at the Philadelphia Fed Fintech Conference the next step in Project Crypto, establishing a token taxonomy framework to categorize digital assets under U.S. securities laws, source: Eleanor Terrett on X, Nov 12, 2025. This classification-focused move directly targets how digital assets are formally treated under securities regulation, a core input for trading compliance and market structure decisions, source: Eleanor Terrett on X, Nov 12, 2025.