On August 1, Paul Atkins, the chairman of the SEC, delivered an important speech outlining the new direction of the SEC in regulating encryption assets. Atkins stated that after referencing the report from the President's Working Group (PWG), the SEC will prioritize the establishment of a regulatory framework for encryption asset issuance.

Atkins acknowledged that although capital formation has always been a core mission of the SEC, past regulatory approaches have overlooked the market's demand for diverse options. This practice has not only stifled innovative financing activities based on encryption assets but has also led to the migration of the crypto market to other regions, causing U.S. investors to miss out on opportunities to engage in economic development through emerging technologies.

The SEC chairman emphasized that the past regulatory strategies of 'avoiding reality' and 'enforcing first, asking questions later' have become history. This statement suggests that the SEC will adopt a more open and forward-looking regulatory approach to adapt to the rapidly developing encryption asset market.

This transition marks a significant adjustment in the attitude of U.S. regulators towards encryption assets. The new regulatory framework is expected to create a more favorable environment for the development of encryption assets in the U.S., while also potentially providing new references for global encryption asset regulation. However, the specific regulatory details and implementation timeline have yet to be announced. Industry insiders generally believe that this initiative will bring more certainty and development opportunities to the encryption asset industry.