The SEC has changed its face. Paul Atkins, Chairman of the US Securities and Exchange Commission, made it clear in the first official podcast program that US cryptocurrency regulation is entering a critical turning point, and the overall approach will shift from "law enforcement led" to "supporting innovation". During the same program, committee members Hester Peirce and Mark Uyeda appeared together to convey a unified policy signal. The action has already landed. The SEC has recently taken multiple adjustment measures: determining that most cryptocurrency assets do not fall under the category of securities, providing exemptions for DeFi interfaces, and revoking or terminating multiple enforcement cases against companies such as Ripple, Coinbase, Binance, etc. The number of enforcement actions in the fiscal year 2025 decreased by about 22%, and the amount of fines decreased from 8.2 billion US dollars to 2.7 billion US dollars. The regulatory authorities themselves acknowledge that past enforcement against the cryptocurrency industry has to some extent "created misleading expectations" - this is a rare self reflection. The market interpretation is straightforward: the shift in regulation means that the threshold for institutional funds to enter is being lowered, and the development space for complex products such as cryptocurrency listings, derivatives, and ETFs is being reopened. But the reminder from industry insiders is equally important - the key is not the direction, but the speed at which the rules are implemented. The next 12 to 18 months will be a window period for the United States to compete for dominance in encryption infrastructure. From the enforcement hammer of the Gensler era to the rule toolbox of the Atkins era, the underlying logic of the SEC is being restructured. The thing that the encryption industry has been waiting for for a long time is finally starting to happen.