Author: Martin

The U.S. Securities and Exchange Commission (SEC) is shifting from enforcement regulation to framework construction, delineating a clear development path for the cryptocurrency industry.

"Cryptocurrency and tokenization are the SEC's top priorities," stated SEC Chairman Paul Atkins at the recent Fintech Week held in Washington, D.C. In the face of an industry that has long existed in a regulatory gray area, Atkins humorously referred to the SEC as the "Securities and Innovation Commission," departing from the traditionally stern demeanor of regulatory agencies.

This statement marks a potential significant shift in U.S. cryptocurrency asset regulatory policy. Atkins emphasized that the SEC aims to build a robust regulatory framework to attract crypto talent and companies that have left the U.S. back to the country, laying the groundwork for future innovative development.

In fact, the SEC has already begun to promote specific measures. Atkins revealed that an "innovation exemption" mechanism will be introduced, allowing companies to bring on-chain products and services to market more quickly.

New Regulatory Thinking: From Enforcement to Framework Construction

For a long time, the SEC has adopted a "regulation through enforcement" approach to the cryptocurrency industry, a strategy that has often sparked controversy. However, the current SEC leadership is showing a different governance mindset—constructing an adaptive regulatory framework rather than merely suppressing.

Atkins pointed out that the SEC will launch an "innovation exemption" program aimed at creating a system similar to a "super app," enabling multiple regulatory agencies involved with crypto assets to work collaboratively and avoid the hassle of companies having to register with multiple departments.

The backdrop for this shift is the increasing urgency of cryptocurrency regulation. In recent years, the scale of the crypto market has rapidly expanded, with various tokenization practices emerging, and there has been a significant shift in global regulatory attitudes from strict risk control to normative guidance.

During his speech, Atkins also particularly emphasized his optimism about distributed ledger technology, calling it "the most exciting part of the crypto space." This statement indirectly reflects the SEC's recognition of the foundational value of blockchain technology, rather than a wholesale denial of the potential contributions of cryptocurrencies.

"Crypto Project": Strategic Layout of the U.S. Market

The SEC's proactive shift is not an isolated event but part of the strategic layout for U.S. crypto assets. Earlier this year, the SEC launched the "Crypto Project," a comprehensive reform of securities rules aimed at updating regulations to enable the U.S. market to migrate on-chain.

The priorities of this project are very clear: to provide certainty regarding the securities nature of crypto assets; to ensure that entrepreneurs can raise funds on-chain without facing endless legal uncertainties; and to allow "super app" trading platforms to innovate.

Additionally, according to a recent report from the Presidential Working Group on Digital Asset Markets, the SEC will collaborate with other agencies to ensure that platforms can offer trading, staking, and lending services for crypto assets under a single regulatory framework. Atkins believes that "regulation should provide the 'minimum effective dose' of protection needed for investors and should not exceed that."

Real Challenges: Government Shutdown and Market Volatility

However, the SEC's push for crypto regulation faces real obstacles. The U.S. government shutdown has entered its second week, and Congress has failed to reach a funding agreement, severely limiting the actions of federal agencies, with SEC employees currently on unpaid leave.

This state of stagnation may affect the SEC's ability to respond to sudden events in the crypto market. For instance, the SEC recently announced plans to take legal action against Ripple for the sale of XRP, leading to a 30% drop in XRP's price on that day, with other major cryptocurrencies also experiencing significant declines.

In the lawsuit, the SEC accuses Ripple of conducting "unregistered securities offerings," while Ripple argues that XRP should be considered a currency rather than a security. Such disputes highlight the urgency of establishing a clear regulatory framework.

Digital Currency Competition in a Global Context

The U.S. crypto regulatory measures take on greater strategic significance in a global context. Currently, the global digital currency landscape is gradually diverging into three main paths: the central bank digital currency path represented by China, the "cryptocurrency + stablecoin" path represented by the U.S., and the diversified path represented by the European Union.

The U.S. is attempting to consolidate the dollar's global currency status in the digital economy era by constructing a crypto dollar hegemony anchored by strategic Bitcoin reserves and using dollar stablecoins as a means of circulation.

The EU's Markets in Crypto-Assets Regulation (MiCA) has recently come into effect, establishing a comprehensive regulatory framework for digital assets. Some European policymakers have already called for the development of "MiCA 2" to cover decentralized finance, non-fungible tokens, and digital asset lending.

In this international competitive landscape, the proactive actions of U.S. regulators are not only a necessity for domestic financial regulation but also part of the global currency sovereignty competition. As Atkins stated, "The era of crypto has arrived," and the question now is how countries will respond to this trend.

The coming months will be a critical period for U.S. crypto regulatory reform. If the SEC can quickly advance the "Crypto Project" and "innovation exemption" after government funding is restored, the U.S. may attract a large influx of crypto companies and talent, while new products such as tokenized stocks, prediction markets, and early token offerings may gain broader development space.

As major economies like the EU and Singapore accelerate the establishment of digital asset regulatory frameworks, the global crypto competition landscape is taking shape. The SEC's policy shift will become a key variable influencing the future landscape of digital assets.

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