One of the core catalytic events for the surge in the cryptocurrency market on August 19th was the proposal of the SEC's "Regulation Crypto Assets" draft, which officially ended today's two month public opinion period. The SEC has received approximately 140 submissions of opinions. The SEC's RegulationCA proposal recombines the previously mutually exclusive "benefits" of traditional securities exemptions, creating a capital formation pathway that is more relaxed than RegCF, more flexible than RegA, and more open than RegD, forming a new capital formation path that is particularly advantageous for cryptocurrency. It can also be seen as part of the construction of the crypto market structure through administrative rules, which the SEC has anticipated in advance that the Congressional CLARITY Act will not pass. 140 opinions were submitted from various organizations in the industry, including Hyperliquid Policy Center, Bitwise, AIMA, Chainalysis, Aleo, SkyBridge, etc. It was found that Hyperliquid also submitted opinions. Overall support direction (providing clear paths, reducing offshore incentives, coding safe harbor), but there are also specific improvement suggestions and concerns. You can go to the SEC official website to see The deadline for comments is just the beginning, and it will go through SEC staff's review of comments, drafting of adoption releases, Commission voting for adoption, publication of final rules, and more Final effective date and compliance date. Set by SEC in the adoption release. Generally, it takes effect at least 30 days after publication and may be phased in for compliance (based on entity size, etc.). May be accompanied by staff guidance. It is expected that the final rule will take effect no earlier than the first quarter of 2027 (possibly Q1-Q2), The Regulation CA bill deserves special attention, as mentioned earlier, the particularly favorable new capital formation path for encrypted tokens can further stimulate the vitality of encrypted innovation. In late August, I wrote multiple tweets about the rules of Reg CA terms: 1) Can this form a new online capital market? Https://((x.com))/qinbank/status/2090344005452157113? s=46&t=k6rimWsEbo2D2tXolYcM-A 2) Supply side reform in the field of encryption: https://((x.com))/qinbank/status/2091133175791812683? s=46&t=k6rimWsEbo2D2tXolYcM-A 3) What assets and platforms are beneficial for compliance with ICO2.0? Https://((x.com))/qinbufark/status/2091351314727100535? s=46&t=k6rimWsEbo2D2tXolYcM-A。