US Crypto Regulation Takes a Sudden Turn: SEC's New Plan Sends Major Signals
A close reading of SEC Chairman's speech on Project Crypto reveals a clear sentiment: the US is poised to take substantial action in the realm of crypto regulation.
Over the past few years, whether it be token issuance, public chain development, DeFi applications, or NFT projects, industry participants have acutely felt the deterrent force of the US regulatory “Sword of Damocles.” Once the SEC defines a certain type of asset as a security, project teams either spend millions of dollars on litigation or are forced to relocate to more lenient regulatory areas like Singapore or the Cayman Islands.
However, judging by the content of this speech, there has been a noticeable shift in regulatory direction, with several key points particularly worthy of attention:
1. Attracting crypto businesses back to the US. This directly addresses a pain point in the industry. Currently, a large number of projects have moved overseas to avoid regulatory risks, with teams based in the US having to exclude US users from KYC processes.
2. Building a regulatory framework that fits blockchain. The core issue previously was that applying decades-old rules designed for the stock market to on-chain projects inevitably led to mismatches.
3. Supporting the development of comprehensive on-chain applications. In the future, it is hoped that a single application can complete the entire process of token trading, lending, staking, etc., without needing to apply for separate licenses and undergo repeated approvals for each function. If this policy is implemented, it will greatly lower the barriers to innovation and alleviate compliance pressure on entrepreneurs.
4. Clarifying boundaries for technology developers. The speech clearly distinguishes between code developers and token operators. Developers who only create on-chain protocols and publish code without participating in platform operations and token issuance should not be regulated as intermediaries. Although this definition comes years late, it clarifies the key logic.
Of course, it is essential to remain rational; currently, these are still in the vision stage, with specific details yet to be published and the actual effects awaiting observation.
Overall, if the plans outlined in this speech can be implemented, it is not only expected to revitalize the US crypto market but may also inject much-needed development momentum into the global crypto industry.
