The U.S. Securities and Exchange Commission is accelerating the development of a cryptocurrency regulatory framework, proposing a “safe harbor” mechanism to provide compliant financing pathways for crypto startups. Compared with Congress’s “CLARITY Act,” the SEC’s standalone rule set establishes higher financing limits and disclosure standards while also advancing a “tokenization innovation exemption.” Currently, crypto policy is becoming clearer step by step, and the SEC-led rules will be prioritized in shaping the market.