The 'climate' of regulation has changed: from confrontation to co-construction, a new narrative in crypto is beginning
Recently, the movements of the SEC in the United States are far more than just policy adjustments; they represent a profound shift in regulatory philosophy. The new chairman, Paul Atkins, is reshaping the role of the SEC from 'law enforcement police' to 'innovation guide.' The core symbol is the upcoming 'innovation exemption' framework, aimed at providing a risk-controlled testing space for compliant projects.
Clarity brings confidence, classification points the way
Previously, the most confusing question for the market was: 'Does my token belong to securities?' Now, the SEC has provided an unprecedentedly clear answer.
· Categories explicitly not classified as securities: Network tokens (like ETH), digital collectibles (NFTs), and utility assets (functional tokens) are clearly excluded from SEC jurisdiction. This clears the greatest compliance cloud for the vast majority of crypto projects.
· Clear regulatory focus: The SEC explicitly includes only 'tokenized securities' (i.e., on-chain forms of traditional financial assets like stocks and bonds) within its regulatory scope. This clear classification allows market participants to more accurately assess the compliance pathways of projects.
New narrative: from 'compliance survival' to 'compliance innovation'
This transition will have far-reaching impacts:
1. Accelerating institutional entry: Clear rules lower the participation threshold and compliance risks for traditional financial institutions. The collaboration between the SEC and the Commodity Futures Trading Commission (CFTC) is also working to eliminate jurisdictional overlaps.
2. Focusing on RWA (real-world assets): The clarification of regulation paves the way for 'tokenization of everything.' Bringing assets like real estate and private equity on-chain is shifting from a concept to a clear compliance business.
As the fog of regulation gradually dissipates, the market's focus will return to what practical problems technology can solve and what real value it can create. In this new phase, we see not only innovations in financial assets but also practices like the #MAX community, exploring how to apply blockchain's collaborative capabilities to global educational philanthropy and other social fields. Clear rules ultimately aim to allow truly valuable innovations to grow better. @Max Charity
