The U.S. is really going to get serious this time.

After reading the full text of SEC Chairman's Project Crypto speech, I have only one thought: the U.S. is really going to get serious this time.

In the past few years, whether you are dealing with coins, chains, DeFi, or NFTs, you can somewhat feel a reality: U.S. regulation is like the sword of Damocles hanging over every project. With the SEC stating that something is a security, you either spend millions fighting legal battles or move to Singapore or the Cayman Islands.

But now, from this speech, it really seems that the wind has changed.

There are several particularly interesting points in this speech that are worth discussing.

✅ Bring crypto businesses back to the U.S. This statement really resonates. Right now, many projects are running overseas to avoid scrutiny, while teams in the U.S. are afraid to engage with American users, directly excluding Americans in KYC processes. This is not normal. Ultimately, the U.S. is the core of the capital market; if it opens its arms, who wouldn't want to work here? This is a huge encouragement for the entire industry.

✅ Adapt regulatory rules to blockchain. This is also crucial. The past problem was that rules formulated decades ago for the stock market were rigidly applied to on-chain projects, which, of course, was inappropriate. Now they finally realize that the crypto world is not a securities market 2.0 but a completely new market logic, and you need to tailor a set of rules for it.

✅ Support for super applications and on-chain software systems. This means you can manage buying coins, trading, lending, and staking all within one app, without having to obtain a bunch of licenses and go through countless approval processes for each service. If this can be realized, it would be a huge boon for innovation. Otherwise, many entrepreneurs are currently overwhelmed by various compliance issues.

✅ Loosen restrictions for developers. He made it clear: writing code does not equal issuing tokens and manipulating the market. This is a protective umbrella for real technical developers. If you want to create an on-chain application or a protocol, simply publish the code without operating a platform or issuing tokens, you should not be treated as an intermediary. This logic may have come late, but it is still quite clear.

Of course, we should also take a calm view; this is just a vision and has not yet been implemented, and the specific details have not been released, so it remains to be seen.

Overall, if the plans in this speech can be implemented, it could not only revive the U.S. market but also serve as a long-awaited shot in the arm for the entire crypto industry.