#美国证券交易委员会推进数字资产监管框架创新 Regulatory attitude is turning around. The US SEC is no longer purely "law enforcement first," but is beginning to show sincerity in discussing innovation—this signal can be seen from the Project Crypto series of initiatives.

**Three Pillars of the Key Shift**

Led by SEC Chair Atkins, Project Crypto officially launched in January 2026, with a clear core logic: through token classification, innovation exemptions, and clear exit mechanisms, to pull compliant projects out of the quagmire of securities regulation.

Token classification is the first step. Not all tokens need to be regulated as securities. Digital commodities, functional tokens, and collectible tokens can completely detach from the securities framework—only tokens whose profits depend entirely on management by others follow the securities route. In other words, projects with sufficient decentralization have room to survive.

The innovation exemption sandbox is the second step. Compliant projects can enjoy simplified disclosure requirements for 12 to 24 months; if decentralization is solid (single address holdings ≤10%), this can be extended to 36 months. But the threshold is not low: governance must be decentralized, undergo double audits, have a non-custodial architecture, and a clean history. This is essentially saying—I'll give you a chance, but you need to prove yourself.

Asset tokenization is the third step and also a key move to connect TradFi and DeFi. On December 11, the SEC issued a no-objection letter to DTC, allowing tokenization of stocks, bonds, and even US Treasuries in a controlled environment, with a planned launch in the second half of 2026 and a three-year trial period. This means tokenized assets will have the same rights and protections as traditional assets. Imagine—future tokenized US Treasuries will be protected by law just like paper bonds.

**Infrastructure Progress in Sync**

Custody issues have always been a concern for institutional entry. On December 3, the SEC released guidelines on crypto asset custody, clarifying risks associated with self-custody and third-party custody. Furthermore, the September 30 recognition allows state-chartered trust companies to act as qualified custodians, opening a compliant channel for institutional fund custody.

Cross-institution coordination is also advancing. The SEC and CFTC are clarifying jurisdiction, coordinating legislative efforts under the CLARITY Act, defining their respective roles. On December 15, they held a privacy roundtable discussing the compliance feasibility of privacy technologies like zero-knowledge proofs and fully homomorphic encryption. This is to say—our path to compliance for new technologies is also being considered.

**Who Can Survive?**

To enjoy exemption benefits, projects must meet these criteria: pass decentralization indicators (dispersed governance, single address ≤10%, voting participation ≥30%, over 90% decentralization for maximum exemption), undergo dual technical audits, adopt a non-custodial architecture, and have no record of securities violations or money laundering. Anonymous projects and shell entities are outright excluded.

The underlying message of this logic is: we do not oppose innovation, but it must be orderly, transparent, and decentralized. For project teams, this is both an opportunity and a filter—compliant projects will enjoy a relatively relaxed environment, but the space for slackers is minimized.

The turning point has already appeared. 2026 will be a critical year.