The SEC's guidance for 2026 is out. Previously, the SEC's regulatory approach leaned towards post-incident accountability, with project teams often facing compliance investigations, causing many traditional funds to hold back and wait. Now, shifting towards collaboration means regulators will communicate rule boundaries with project teams in advance, instead of waiting to impose penalties after issues arise. This is crucial for rebuilding industry confidence. Oh, wait, not rebuilding—repairing, since industry confidence has seen a slight recovery over the past year. However, the specific details of collaboration have yet to be released, so it's still unclear how lenient the regulations will be. For industry players, the focus this year should shift from avoiding regulation to actively adapting to it. Creating regulation-friendly products is the safest bet. This statement marks the first time the SEC has publicly listed 'collaboration' as a core annual focus. The weight of this signal far exceeds any short-term market data.