SEC Chairman Paul S. Atkins' Important Statements and Developments in the Cryptocurrency Sector 1. Advocating for an innovation exemption framework, the SEC is considering establishing a temporary innovation exemption mechanism to provide temporary regulatory support for on chain products and services that meet the requirements during the compliance period. 2. Atkins supports the concept of DeFi self custody, stating that self custody of encrypted assets is a fundamental American value that should avoid excessive regulatory intervention and reduce restrictions and interventions on transaction costs or user staking activities. 3. Promote the formulation of clear digital asset rules. The SEC will shift from a referee style enforcement to a rule-based approach, hoping to provide clearer and more predictable regulatory guidance for the three major areas of issuance, custody, and trading. After Paul S. Atkins took office, the regulatory style of the SEC underwent a substantial transformation. The SEC has significantly reduced its staff structure, making it clear that it will no longer continue its previous strategy of "heavy law enforcement and heavy suppression", but instead shift towards a more "light regulation and innovation" approach. The market generally sees this signal as the beginning of an improved regulatory environment, especially for DeFi and on chain financial products, releasing strong positive news. Even on the day Atkins announced the establishment of an "Innovation Exemption Mechanism," CZ forwarded the SEC's statement with a note stating that "June 9th will be remembered as Decentralized Finance Day." This not only represents a loosening of regulatory attitudes, but also symbolizes the positive shift towards DeFi from a mainstream compliance perspective. There is great support for innovation in the entire cryptocurrency field. But the core contradiction has not been resolved, and the issue of token securitization remains unresolved. Even though the SEC is now willing to encourage "decentralized financing and innovation," once a token is seen as directly tied to protocol benefits or governance rights, it is highly likely to trigger a "securities recognition" red line. For example, Uniswap is undoubtedly a cash cow, but UNI's token cannot be linked to Uniswap's own revenue due to the inability to obtain empowerment, resulting in the price of Uni being unrelated to the protocol's revenue. This is in stark contrast to the US stock market, where returns, voting rights, and asset ownership are closely linked, while in the crypto world, most tokens still cannot play the role of "equity anchor" that carries protocol value. So even if policies are loose and market sentiment is positive, the structural issues of tokens are the fundamental obstacles that limit the linkage between valuation and value. What is more noteworthy is that Atkins himself is the SEC Chairman nominated by Trump. This is why I have repeatedly stressed that if Trump's authority is challenged, the encryption market, especially this round of rebound that is relying on policy, will probably bear the brunt of the impact. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex