#数字资产市场动态 There has been a major development in the crypto space recently worth paying attention to—the current Chair of the U.S. SEC has introduced a significant regulatory framework called "Project Crypto."

The SEC has previously been vague about crypto assets, but this time it's different. The core logic of the new framework is very clear: most crypto assets are not securities at all. This statement is in stark contrast to the attitude of the previous Chair, representing two completely different extremes.

What are the three most critical actions?

**Step 1**, Clarify the regulatory stance—finally someone has spoken plainly;

**Step 2**, Develop specific regulatory guidelines for the issuance, custody, and trading of crypto assets—what the market has lacked all these years is this "manual," and uncertainty hangs like a sword over everyone;

**Step 3**, Use modern securities laws to attract crypto companies and traditional finance back to the U.S. ecosystem and promote on-chain financial development.

Veteran Wall Street institution Bernstein even commented that this framework is the "boldest and most transformative crypto vision proposed by the current SEC Chair."

In simple terms, policy expectations are gradually unfolding.