#美SEC推动加密创新监管

The current SEC regulation in the U.S. has achieved a key shift from high-pressure enforcement to guiding innovation, centered around the innovation exemption rules that will take effect in 2026. This has constructed a clear and differentiated regulatory framework, reshaping the logic of industry development. Its core measures focus on three dimensions: first, establishing a four-tier classification standard for tokens to clarify the regulatory boundaries for commodity-type and functional-type assets, ending the long-standing regulatory ambiguity and providing clear guidance for project compliance; second, introducing a 12-24 month innovation exemption period to simplify information disclosure requirements and reduce compliance costs for startups, while also strengthening investor protection through mechanisms such as KYC and investment limits; third, implementing a tiered regulatory strategy that applies light-touch regulation to small and medium decentralized protocols, exempting them from underlying technology innovation obligations, balancing risk prevention with technological iteration vitality.

The shift in regulation has already shown substantial effectiveness, with institutional capital accelerating entry, compliant stablecoin trading volume accounting for 70%, and the issuance of security tokens surging by 200%, promoting the transformation of the crypto market towards compliance and institutionalization. However, controversies remain, as the core conflict between decentralized ideals and compliance requirements such as real-name verification and asset freezing has yet to be resolved. The unclear compliance recognition standards after the exemption period also pose potential risks, and in the future, a continuous balance must be sought between regulatory certainty and industry innovation space.