The biggest benefit of this round of growth? Draft Regulation Crypto Assets: A list of opinions from industry leaders
Comparing news, bulls in the crypto market regained control. BTC remained near $69,000 after a strong rise, and ETH reported around $2240. The market generally believes that in addition to being boosted by liquidity expectations brought about by the US Treasury's expansion of the scale of long-term treasury bond repurchases, it is also related to the SEC's latest draft Regulation Crypto Assets.
The core benefit of this draft is that US public token financing has once again seen a path of compliance. According to the SEC disclosure, Reg Crypto will establish a special issuance framework for some investment contracts involving crypto assets, including two registration exemptions: projects can raise up to US$5 million in 4 years, or up to US$75 million within 12 months, subject to corresponding disclosure. More importantly, the draft also proposes a conditional safe haven: when the issuer completes or permanently stops the key management efforts promised in the investment contract, the relevant crypto assets are expected to be removed from the investment contract category.
SEC Chairman Paul Atkins said the proposal is aimed at providing a clear path for crypto entrepreneurs and market participants to finance under federal securities laws and reduce incentives for projects to operate offshore.
The industry's reaction quickly turned positive. Coinbase CEO Brian Armstrong believes that the SEC's advance in token classification is a long-awaited step in modernizing the US financial system, and that clear rules will help keep innovation in the US.
Coinbase Chief Policy Officer Faryar Shirzad is more straightforward: in the past, crypto builders have always been asked to sign up, but there isn't a single door that fits the way the crypto network develops, and Reg Crypto is starting to build this door.
Crypto attorney Jake Chervinsky also sees this as a key development. He believes that Reg Crypto will create exemptions for public token sales and provide a safe haven away from investment contract classification, which is an important step for the industry towards regulatory clarity.
A16z Crypto General Counsel Miles Jennings said that this provides blockchain builders with a new funding and transparent operating path, while urging Congress to advance the CLARITY Act.
The interpretation of traders and market KOLs is more emotional. According to Solana Legend, if news similar to the US legal ICO safe harbor appears in 2021, BTC and SOL may see increases of 10% to 15%; the reaction is now relatively restrained, which indicates that the market is still in the mood stage of clear time.
Blockworks co-founder Jason Yanowitz said it's encouraging to see the SEC advance Reg Crypto, and transparency itself helps protect investors.
However, there are also opinions that remind that this does not mean that the ICO will return without a threshold. Reg Crypto is still in the public comment phase, project financing needs to be disclosed, and the safe harbor depends on the issuer's commitment to complete or permanently cease. As far as the market is concerned, the short-term focus remains on whether BTC can stabilize the $69,000-$70,000 range and whether the rotation of ETH and altcoins can continue; in the medium term, it depends on whether Reg Crypto and the CLARITY Act can jointly reprice the regulatory gap as a compliance entry.
