#狗狗币ETF最新动态# The U.S. encryption currency regulatory field is undergoing a profound transformation. Looking back at the past period, during Gary Gensler's leadership of the SEC, regulatory agencies launched large-scale law enforcement actions based on the "Howey Test" principle, initiating approximately 2,700 enforcement procedures over four years, with total fines exceeding $21 billion, impacting many industry giants including Coinbase, and plunging the entire encryption industry into what is known as the "regulatory winter."

With Paul Atkins now serving as the new chairman, there has been a significant shift in regulatory thinking. He is driving a genuine innovation in regulatory approaches, including the dismissal of lawsuits against certain trading platforms, the establishment of a dedicated cryptocurrency task force, and the proposal of the "Project Crypto" initiative. Particularly noteworthy is the newly proposed "innovation exemption" framework, which offers a degree of regulatory flexibility for qualifying projects, especially providing support in three key areas such as decentralized finance, provided that these projects can demonstrate their "true decentralization" characteristics.

Breakthroughs have also been made in regulatory coordination, as the SEC and CFTC released a joint statement clarifying that registered exchanges are allowed to list specific spot encryption products, and they will hold a joint meeting, marking a shift from previous power struggles to a more constructive collaborative model between the two agencies.

These positive changes in the regulatory environment are expected to enhance market transparency and certainty, creating more favorable conditions for institutional investors to enter the encryption market. Industry analysts believe this could accelerate the approval process for spot ETFs, fundamentally reshaping the market landscape. The transformation of the SEC's role—from a strict enforcer to an industry coordinator—could very well become a key factor in driving the next wave of cryptocurrency market prosperity.