In the past, the SEC introduced the controversial SAB 121 rule, which required financial institutions to account for customer crypto assets held in custody as liabilities. This sparked strong opposition within the industry, arguing that it would increase the burden on banks to hold and manage crypto assets and hinder the development of the crypto market. The rule was abolished in 2024 and is seen as a signal that the SEC is beginning to adopt a more open attitude towards the crypto industry. Overall, the SEC's disclosure guidelines emphasize that project parties must provide clear and transparent financial and risk information when issuing tokens or providing services to protect investor rights. This has impacted various aspects such as listing on exchanges, the operation of DeFi projects, and ETF applications, contributing to a more compliant development of the crypto asset market.