#美SEC促进加密资产创新监管框架 I recently flipped through Paul Atkins’ planning document on “Project Crypto,” and to be honest, it’s pretty interesting.

The most headache-inducing issue in the crypto space over the past decade is finally being addressed head-on—are tokens considered securities or not? Atkins uses Florida orange groves as an analogy: if you buy a piece of land to grow oranges, at first it might be an investment contract, but once the grove matures and control becomes decentralized, the nature of the investment changes. The same logic applies to the crypto world: once a network is truly decentralized, why should it still be saddled with the “perpetual security” label? This approach of looking at the “economic reality” instead of obsessing over labels is a breath of fresh air for mature projects that are already up and running.

What’s even more practical is the token classification list—digital commodities, collectibles, utilities—each one clearly defined. What the industry needs most is this kind of certainty: only when you know which line you’re on can you move forward confidently. Of course, the regulatory bottom line is also clear: fraud is fraud, no matter how you package the asset.

If the “innovation exemption” mechanism really gets implemented by the end of the year, the US market might get lively again. Projects and traders who’ve been spooked by all the recent chaos may finally regain some confidence.