#美国证券交易委员会推进数字资产监管框架创新 Recently, I’ve been observing the new developments in SEC Chair’s stance on cryptocurrency policies, which are quite worth discussing.

Starting from the ongoing question since last year—are tokens really securities? This time, a relatively clear answer has been provided. Using the Florida citrus grove analogy to explain, it’s quite illustrative: if a network is already mature and decentralized, its assets shouldn’t be permanently labeled as securities. This approach is based on actual economic conditions rather than rigid classifications, opening a door for projects truly moving towards decentralization.

Additionally, there is now a specific classification for tokens—categories like digital commodities, collectibles, and tools, each with different rules. This kind of certainty is urgently needed for the industry. The previous ambiguity left everyone directionless; now at least there is a framework to follow.

However, regulation also emphasizes a bottom line: fraud is always fraud, regardless of asset type. This indicates that while encouraging innovation, the requirements for investor protection have not been relaxed.

If an innovative exemption mechanism can be introduced before the end of the year, it might truly make the US a relatively friendly testing ground. For participants who have been somewhat overwhelmed by recent black swan events, this could be a turning point. What the crypto space needs is this kind of certainty and ongoing policy support to help the entire ecosystem move forward.