Half of 2025 is about to pass, and the crypto market in this half-year has certainly kept old Elon busy. Almost all significant events affecting crypto are related to old Elon. One important aspect is the series of actions taken by the SEC after Elon was elected. From the resignation of Gary Gensler at the very beginning to the recent SEC declaration about DeFi, the SEC has been closely connected with crypto over the past six months.

The most obvious change is that they are no longer deadlocked with the industry. The SEC has withdrawn lawsuits against major companies like Coinbase and Consensys, and even the investigation into Uniswap has been halted. This is akin to loosening the industry's constraints, alleviating concerns over various investigations and settlement costs.

Secondly, the SEC has abolished the troublesome SAB 121 rule for banks, allowing banks to directly custody cryptocurrencies, which makes the relaxation of banks' involvement in crypto business evident.

Furthermore, the SEC has restructured its departments. It has established a 'Crypto Special Working Group' that sets rules before enforcement. They have also organized discussions with industry professionals to fully gather opinions.

One of the SEC's significant recent moves is to exclude three types of staking activities from the definition of securities, laying a regulatory foundation for future spot ETF staking.

Another major action is the acceleration of ETFs. The Solana spot ETF should be fast-tracked.

What other beneficial actions can we expect from the SEC for the crypto industry in the second half of the year?

The first expectation is the approval of several important altcoin ETFs, with SOL likely to be approved relatively quickly, and other ETFs may also follow. At the same time, POS-type cryptocurrency spot ETF staking will likely be approved together. It is estimated that the staking function of the SOL spot ETF should be implemented upon the approval of the spot ETF, and similarly, the ETH ETF staking should also be approved simultaneously, as there are now no securities-related obstacles; approval is just a matter of time.

The second expectation may be the promotion of the RWA trend. SEC commissioners have publicly stated that tokenization will become a trend in the future. The SEC has also held discussions on tokenization, supporting the creation of a financial system on-chain.

The third possibility is reforms for stock exchanges. Stock exchanges may be allowed to conduct both securities and cryptocurrency trading, such as trading stocks and stablecoins simultaneously. They may also allow crypto exchanges to trade stocks and other financial products.

The SEC's shift from 'enforcer' to 'rule-maker' is a fundamental change. The outdated will be eliminated, and new regulations will be established, gradually clarifying the main trajectory of the crypto industry.