#美SEC推动加密创新监管 The US SEC will promote a significant transformation in cryptocurrency regulation through the "Project Crypto" initiative in 2025, with key measures including:

Regulatory framework innovation

Token classification: Dividing digital assets into four categories: utility tokens, NFTs, functional tokens, and securities tokens, clarifying the legal trading space for non-securities tokens.

New interpretation of the Howey test: Emphasizing that "investment contracts ≠ the asset itself", and tokens that are initially securities may later become non-securities due to decentralization.