The most important news about the cryptocurrency industry last night should be this: --When SEC Chairman Paul Atkins announced a regulatory framework for crypto compliance. One word: Great benefits The SEC has lacked a targeted framework for regulating encrypted assets for over a decade, relying mainly on the "Howey test" to determine whether encrypted assets are securities, and once deemed subject to federal securities laws, issuers must permanently comply regardless of whether their technical commitments have been fulfilled. Before 2025, the SEC will mainly rely on law enforcement to regulate, which is known as "using law enforcement to replace regulation". This has led to exchanges and project parties being covered by the shadow of SEC's constant crackdown, feeling anxious and at risk of being punished by the SEC and fined. Everyone knows that what capital fears the most is not negative news, but uncertainty, and one day their boots will hit their heads. This document is a major policy shift led by the new SEC Chairman Atkins. Although a bill has not yet been formed, now everyone at least knows where the boundaries are, making compliance easier. It can be considered a big step forward for the industry. ~~~~~~~~~~~~~~~~ Briefly summarize several main categories for judgment: Digital Commodities ❌ BTC, ETH, LTC, and others have no company, founder team, or roadmap commitment, and rely entirely on miners and protocols to operate. Their value comes from network consensus and scarcity. Digital Collectibles ❌ For example, NFTs Digital Tools ❌ Do tokens with practical functions, such as FIL, BAT, HNT, etc., have specific applications Stablecoins ❌ Payment stablecoins that meet the definition of GENIUS Act are not considered securities Digital Securities ✅ It is tokenized securities, a traditional financial security that is blockchain based ❤️ In addition, there is a very important clause: The SEC has clearly stated when non securities encrypted assets are subject to investment contract constraints, meaning that a project can "graduate" from a "securities" status to a non securities one. As long as the issuer has fulfilled its commitments or is unable to fulfill them, such as when the project is no longer led by team management and is directly DAO based, it will graduate in compliance. ❤️ Furthermore, the act of mining to obtain coins is also compliant, whether it is Protocol Mining Protocol Staking Cross chain wrapping of non securities encrypted assets Specific forms of airdrops Now @ star_okx doesn't have to worry about OKB mining and making new products that are not compliant. Keep up the good work ~~~~~~~~~~~~~~~~ The biggest beneficiaries of this matter at present are the mainstream big coins BTC ETH, as well as a large number of mature public chain tokens, mainstream tokens, and major exchanges. The unresolved issues of the past years have finally been resolved, and the law enforcement cloud has greatly dissipated. For retail investors, the short-term impact is not significant, but it should be noted that every increase in regulatory certainty in history has had a positive effect on the entry of institutional funds, clearing the uncertain obstacles for larger scale funds to enter cryptocurrency and expand market value. The future is more promising, right. What should be expected next is for Congress to pass the complete market structure bill, which will truly become law. I still need to give Mr. Atkins a big thumbs up!