The SEC has figured it out this time - it has created a "crypto innovation exemption channel", to put it bluntly, it is to change the rules.

You know the previous set of gameplay: If you look like a security, send a lawyer's letter first. What now? The attitude is directly 180 degrees: as long as it's not too much, you do it first, and let's talk about it when something happens.

How to do it? The three lines are drawn clearly:
First, the degree of decentralization is more than 90%? Okay, you can play by yourself, I'm too lazy to care."
Second, submit an operation report every quarter, don't pretend to be dead.
Third, raise more than $75 million in a year - small projects are casually tossed, and big players have to take it easy.

The DeFi project team was about to cry after hearing this, and finally they didn't have to worry about their lives. Traditional banks are even more excited, and some people have begun to think about how to bring up the FamilyMart stablecoin product line in 2026. Retail? Not to mention, you can finally boldly rush the new currency without worrying about being checked in the middle of the night.

In the final analysis, it is just one sentence: the United States has changed cryptocurrency from an "approval system" to a "filing system". No license? It's okay, run first, SEC just don't overturn.

At the end of 2025, the United States has officially announced: the Wild West will reopen, this time we will not block the road, but you have to watch the road yourself.

Bitcoin, Ripple, Solana, these old guns are probably the happiest - as soon as the new policy comes, the entire track is alive.