Original｜Odaily Planet Daily (@OdailyChina)
Yesterday, SEC Chairman Paul Atkins proposed an "innovation exemption" mechanism for crypto companies, encouraging the rapid launch of innovative cryptocurrency products. Previously, the SEC and CFTC had joined forces to open the U.S. market, and with the potential passage of the crypto market structure bill, the early approval of Ethereum staking ETFs, and the crypto retirement plan promoted by Trump, multiple favorable policies are expected to lead to rapid growth in the U.S. crypto market on both the product and funding fronts. Odaily Planet Daily will conduct a forward-looking analysis based on the aforementioned policy trends. Recommended reading “U.S. SEC and CFTC Join Forces for the First Time: A Comprehensive Shift in U.S. Crypto Regulation, Opening Perpetual Contracts and 24/7 Trading”
“Will the 'innovation exemption mechanism' be implemented, allowing crypto companies to 'get on the bus first and buy tickets later'?”
In early September, the U.S. SEC and CFTC jointly announced that they would enhance the competitiveness of the U.S. market through regulatory rule coordination, narrowing regulatory gaps, extending trading hours, and utilizing innovative exemption measures. Now, the innovation exemption mechanism aimed at crypto companies (i.e., regulated entities) may be implemented ahead of schedule, with a deadline set for the end of this year.
Specifically, this exemption will allow crypto companies to temporarily escape the constraints of existing securities regulations (such as the securities determination under the Howey test), enabling them to quickly launch new digital asset products (such as tokenized assets, blockchain infrastructure, or multi-asset exchange-traded products ETP). In the current environment of sluggish IPO activity in the U.S., this move will effectively drive the rapid development of "crypto IPOs."
The role of the SEC in this process is akin to that of a "parent" who does not intervene excessively but provides an "experimental environment"; numerous domestic crypto companies in the U.S., especially DeFi protocols, cryptocurrency exchanges, and asset management institutions applying for various ETFs, will have greater freedom to explore different types of product business.
This also means that the "temporary regulatory relaxation policy" will help crypto companies operate under lighter supervision while the SEC formulates dedicated rules, a model similar to the international "sandbox," but with a greater emphasis on principled conditions rather than strict requirements. Undoubtedly, this initiative will greatly encourage crypto companies to launch new products, new businesses, and new models. After all, compared to the previously restrictive regulatory environment, the primary condition for promoting the development of the crypto market is to lift unnecessary restrictions.
Moreover, this policy resonates with the stablecoin regulatory bill "GENIUS Act" promoted by the U.S. Congress and the PWG report from the President's Financial Markets Working Group. As the main driving department of Project Crypto, the long-term goal of the SEC is to localize crypto distribution and custody rules, eliminating reliance on offshore structures.
It is worth noting that this also reflects the starkly different regulatory attitudes of current SEC Chairman Paul Atkins and former SEC Chairman Gary Gensler, the latter of whom recently stated “I have no regrets about strictly regulating the crypto industry during my tenure”. The sharp contrast between the two also indirectly indicates the necessity and urgency of making U.S. crypto regulation more friendly—after all, destruction is always easier than construction.
This may also be an important reason why U.S. regulatory agencies are rolling out a series of favorable policies in the second half of this year; they need to create an environment for significant development in the U.S. crypto industry while addressing the "mess" left by the previous SEC chairman during the Biden administration.
A series of favorable policies are on the horizon, and Trump's $93 billion crypto retirement plan is still on the way
In the coming quarter, the U.S. crypto market will welcome a series of favorable policies. These include:
In mid-September, the SEC announced that, aside from BTC/ETH, spot cryptocurrency ETFs now have a simplified 75-day listing pathway. Bitwise CIO Matt Hougan stated that the general listing standards may be released as early as October, and while it cannot guarantee capital inflow, it is expected to welcome a large number of new crypto ETPs, as the history of ETF development supports this; Bloomberg ETF analyst Eric Balchunas commented on this, saying “Historically, when the SEC implemented such standards for ETFs, the number of listings doubled. There may be over 100 crypto ETFs listed in the next 12 months.” Faraday Future founder Jia Yueting also commented that “the SEC's simplification of the crypto ETF listing process opens the door for assets like Solana.”
On September 20, it was reported that although the SEC's final approval deadline for ETH staking ETFs is April 2026, analyst Axel Bitblaze indicated that approval is likely to be expedited to October 2025, adding, “BlackRock's ETH staking approval has a deadline in October, and I believe approval is likely to happen.”
On September 23, nine U.S. lawmakers (including House Financial Services Committee Chairman French Hill and Capital Markets Subcommittee Chair Ann Wagner) wrote to SEC Chairman Paul Atkins, urging him to expedite the implementation of the executive order signed by President Trump in August regarding “democratizing access to alternative assets for 401(k) investors.” The lawmakers requested that the SEC assist the Department of Labor in adjusting relevant regulatory provisions to allow crypto assets to be included in 401(k) retirement plans. The letter pointed out that approximately 90 million retirement investors in the U.S. are currently restricted from allocating alternative assets, and if 1% of 401(k) plans were allowed to be allocated to crypto assets, it could bring in $93 billion in incremental funds, surpassing the $60.6 billion that has flowed into Bitcoin spot ETFs since January 2024.
Yesterday, Patrick Witt, Executive Director of the White House Digital Asset Advisory Committee, stated at the 2025 Korea Blockchain Week conference that the crypto market structure bill is expected to pass by the end of 2025. This bill aims to establish a comprehensive regulatory framework for digital assets and will clarify the division of responsibilities between the CFTC and SEC in crypto regulation. He emphasized that the White House is actively promoting the return of overseas crypto companies and stated that the government is ready to engage in dialogue with the industry at any time. Currently, the Republican-led "CLARITY Act" has received bipartisan support in the House, and the Senate has also introduced the "2025 Responsible Financial Innovation Act."
Additionally, during the recent announcement of the innovation exemption mechanism, SEC Chairman Paul Atkins reiterated: the U.S. must prioritize commercial viability and avoid old rules hindering entrepreneurship. Coupled with his recent call to “Make IPOs Great Again” in a Fox Business interview, it is evident that he is determined and confident in revitalizing the U.S. crypto economic system.
Conclusion: The U.S. crypto industry of breaking down to build up
Of course, this somewhat radical policy shift also entails certain risks. For instance, multiple innovative policies may lead to a decrease in investor protection for U.S. investors, exacerbating short-term market volatility; in addition, the specific implementation effects of the policies still need to be verified. On September 29, a roundtable meeting between the SEC and CFTC will be held as scheduled, at which point the policy changes will become clearer.
But in any case, the Trump administration's determination to “fully embrace crypto friendliness” is undoubtedly established; the next step is to wait for when the capital side will enter the market.
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