#美SEC发布代币化证券指引 interpret it today

The signal released by the crypto market today is very clear: the U.S. regulator has ended the war of words between "who cares for whom" and has officially entered the stage of organized and planned "combine" and "deep transformation".
SEC Chairman Atkins' abrupt withdrawal of the exemption schedule originally scheduled for January is not a cooling regulatory wind, but a "tactical restructuring" after the new officials take office. Interestingly, on the same day, the SEC and CFTC announced a shift from coordination to joint enforcement, indicating that the two agencies have reached a consensus on benefit-sharing and jurisdiction.
For practitioners, this means that the era of using regulatory gaps to play "peek-a-boo" in the past is completely over, and the future compliance costs will be high, but the certainty will be stronger than ever. The real highlight is that this transfer of regulatory power is hitting the "parade" of infrastructure.
Looking at Securitize's exaggerated 841% revenue growth and IPO plan, this is a pure Web3 startup, which is clearly encroaching on the territory of traditional investment banks. When RWA (Real Asset Tokenization) is no longer a narrative on PPT, but a real financial report number, Wall Street's entry logic has changed from "allocating assets" to "restructuring business". Talos has received capital injections from Sony and Robinhood, and Copper is preparing to go public in the footsteps of BitGo.
At the same time, the industry is also completing a secret "power replacement". Ethereum's use of $220 million in "old accounts" to establish a security fund is essentially a sign that the protocol layer has begun to arm itself and no longer rely on handouts from external auditors. The divergence phenomenon of "currency prices falling and revenue rising" in the DePIN track is actually the pain of the industry returning to common sense.
In the past, we were used to using token growth to define the success or failure of a project, but now, on-chain real revenue is becoming the new referee. The current situation is much like the professional transformation on the eve of the dot-com bubble burst: speculators are still struggling with the date of regulatory exemptions, and the real market makers - institutions like Metaplanet that use Bitcoin as an anchor for treasuries and traditional securities on the chain like Securitize - have begun to enclose land under the new rules.
The logical thread behind this is "institutionalization", that is, the crypto industry is being forcibly dismantled, absorbed and reorganized into the core engine of the global financial system from a marginal experimental field.
For hardcore investors, the key now is not to stare at the candlestick, but to see who can get the first ticket under the new regulatory cycle.