On July 31, the U.S. SEC unveiled its "Project Crypto" initiative, marking the first time financial institutions have been authorized to integrate securities trading, crypto assets, and DeFi services within a single platform—heralding the advent of the crypto super app era. Industry leaders, including Coinbase, JPMorgan Chase, and Fidelity, now face a transformative reshuffling, and DeFi protocols are confronting a major revaluation of their market positions. This article delivers an in-depth analysis of the policy framework, evolving market dynamics, and key dimensions of future competition, offering insight into which players could emerge as winners under the new regulatory paradigm—and which may be forced out. Project Crypto may well be the "iPhone moment" for the crypto finance sector.