On August 18, the SEC officially approved a new regulatory proposal called the 'Crypto Asset Regulation.' This marks a major turning point for the U.S. regulatory system, shifting from 'regulation through enforcement' to a clear compliance framework. The proposal establishes a financing exemption mechanism: compliant projects can receive a one-time financing exemption of up to $5 million within 4 years, while large-scale projects can receive an issuance exemption of up to $75 million every 12 months. The market sees this as a significant positive development for U.S. crypto regulation.