The latest statement by SEC Chairman Atkins marks the beginning of a "restructuring period" for US cryptocurrency regulation. Atkins finally admitted that the SEC had a situation of "denial before enforcement" in its past regulation of encryption, creating fear and confusion. Nowadays, the SEC's attitude has shifted towards "proactive rule making and transparent dialogue", mainly including two points: 1. Structural adjustment of regulatory stance The past SEC has shown a clear dual stance of hostility and avoidance towards cryptocurrencies: Either when it does not exist (delay definition); Either forcibly enforce the law (high-pressure punishment); Neither of them has brought clear regulatory boundaries. Atkins stated that the SEC is attempting to end this alternating game of inaction and excessive action. By proactively formulating rules, restructuring dialogue mechanisms, and integrating technical windows, SEC is transforming from a "battlefield commander" to a "rules engineer". 2. FinHub Transformation: From 'Deterrence' to 'Collaboration' At the beginning of FinHub's establishment, it was for dialogue and understanding; Later on, it became known as the "subpoena station" in the industry. This indicates that the SEC's innovative interface has failed. Atkins wants to 'deconstruct FinHub', not by canceling it, but by removing functional marginalization and rebuilding the main architecture's carrying capacity. The SEC's shift is not loosening, but returning to normalcy. It is a signal of a return from 'law enforcement priority' to 'institutional design'. In the short term, it will be beneficial (especially for compliant exchanges and asset custodians), but what truly determines the future market pattern is whether these "draft rules" can be smoothly implemented in the political and legislative game. If regulation does not restructure its logic, it will continue to miss the home ground of technological revolution. The original text is as follows: https://www.sec.gov/newsroom/speeches-statements/atkins-prepared-remarks-sec-speaks-051925