When I finished reading Chairman Paul Atkins' complete plan for 'Project Crypto', I even forgot to drink my coffee—this is definitely the most exciting news in the crypto space in the last three years, without exception! As someone who has been in this circle for eight years and witnessed three bull and bear markets, I dare say that this shift in direction is even more exhilarating than the surge in 2021.
Longtime followers know what we 'digital asset prospectors' find most troubling, right? It's not the market crash, but the regulatory 'Schrödinger's characterization'—today they say you're compliant, and tomorrow you might get a label slapped on you, making everyone either afraid to enter the market or treading lightly if they do. But this time, Atkins' plan has clearly torn apart the 'gray areas', shifting from a 'one-size-fits-all' approach to 'classified guidance'. The signal released behind this is crucial: U.S. regulators are finally willing to set aside their biases and embrace this digital financial revolution with 'fairness and common sense', even stating their intent to make the U.S. a leader in this field. This is not just empty rhetoric; the substantial content is so rich that I spent the night organizing three core points.
What strikes me the most is that Atkins directly addresses the 'ultimate question' that has plagued the industry for a decade: Should digital tokens inherently be classified as securities? Over the past ten years, countless high-quality projects have failed because of this qualitative issue, either being forced to shut down or moving overseas. Atkins clarified this matter with a vivid metaphor—he used Florida citrus groves as an example, stating that investment contracts have never been 'lifetime agreements.' Just like when a citrus grove is just starting out, your investment is based on potential future returns; this is considered an investment behavior. But once the orchard matures and ownership and management are decentralized among farmers, it becomes a simple agricultural product transaction, and no one would regard it as an 'investment contract.'
The same principle applies to the digital asset field: When a project is just launched, the team holds control, and everyone invests for future returns, so it falls under relevant regulatory categories without issue. However, once the network is fully mature and control is completely decentralized, the community can decide its own development direction, and the tokens become mere ecological tools or digital goods. Slapping a 'security' label on them becomes unreasonable. This judgment principle based on 'economic reality' rather than 'stereotypical labels' essentially paves a 'sunshine path' for those mature decentralized projects, equivalent to granting them a 'pass to deregulate.'
Even more remarkably, the plan clearly defines the classification standards for 'non-security' tokens—be it digital goods, collectible assets, or practical tools within ecosystems, all have clear definitions. What does this mean? In the future, we can determine whether a project is compliant without guessing; we can directly compare it to the standards. This kind of 'certainty' is the most scarce resource in our industry. Of course, old fans know that I always emphasize 'risk first,' and Atkins has not forgotten this point; he particularly reiterated: 'Fraudulent behavior is intolerable in any asset type.' This statement is spot on. Encouraging innovation does not mean being lax; maintaining the baseline against fraud is essential for the industry to move more steadily and further.
As an analyst who replies to everyone in the background every day about 'whether to enter the market' and 'which projects are reliable,' what I look forward to the most is the 'innovation exemption' mechanism that is about to be implemented by the end of the year. Once this mechanism is in place, the U.S. is likely to become the most friendly experimental ground for digital asset trading globally. Think about the past few months, how many loyal fans have quietly exited due to black swan events, some trapped at high points, while others simply vowed never to touch this circle again. But if this plan can be smoothly implemented, those 'gold diggers' who have left are likely to return one after another, and our ecosystem can be revitalized.
Lastly, let me speak from the heart: The crypto circle has never lacked opportunities; what it lacks is a stable development environment. Atkins' plan has given me hope for industry standardization. I will continue to track the progress of 'Project Crypto,' updating the latest developments daily in the comments section, and I will also make a special video breaking down those quality projects that may benefit. Old fans, don’t go away; new fans, hurry up and follow me so we can all keep watch for this 'golden age' of digital financial revolution—after all, financial freedom has never been about luck, but about seizing this historic windfall. Do you think this plan can be smoothly implemented? Follow me @链上标哥 , and don’t get lost!
