SEC Launches 'Crypto Project': Reconstructing Web3 Regulation, Freedom Recedes, Order Arrives
The SEC's 'Crypto Project' will fundamentally reshape the balance between innovation freedom and consumer protection in the crypto market, with impacts evident in the following four areas:
1. Strengthening Consumer Protection (The Regulatory 'Tightening')
Stablecoin 'De-risking'
The new framework will require stablecoin issuers (e.g., USDT, USDC) to have 100% reserve transparency and prohibit high-risk investments (e.g., commercial paper).
Users will avoid tragedies like the Terra crash (which evaporated $40 billion), but the yields on stablecoins may approach zero.