Regarding the positive interpretation from the SEC: one ️⃣ Clearly state that PoS native tokens are not securities: the core token itself is not defined as a security, and the project party does not need to register for it. two ️⃣ Node/third-party pledge services are exempt: whether it is self operated, entrusted, or custodial pledge, it does not involve securities laws. three ️⃣ Pledge derivative services are also protected: providing unlocking solutions, risk protection, asset aggregation and other supporting services, as long as they are based on the pledge itself, they are equally secure. Conclusion: The green light from the SEC is a long-term institutional benefit that significantly reduces compliance uncertainty. But short-term currency prices are subject to the overall market environment and liquidity. The policy bottom has emerged, but the market bottom still needs to be observed. The revaluation of the pledged track value may require more active catalysts or cooperation with the overall market recovery.