The SEC's proposal for new encryption regulations does not wait for the passage of the Clarity Act, but provides a relatively clear channel for financing and innovation testing for cryptocurrency projects. Perhaps the cryptocurrency market may usher in a compliant "ICO" era. This has the potential to greatly promote the prosperity of encryption projects in the United States. Because encryption projects have relatively clear financing channels: Newly established projects can raise up to $5 million in financing within four years, with a low threshold and suitable for project initiation; Mature projects may be eligible for financing exemptions for larger scale fundraising (up to $75 million per 12 months). The safe harbor provides a clear path for the de securitization of tokens, which is very advantageous for the compliance status of the decentralized network (as long as the project team fulfills their initial commitment, they can apply to make the tokens no longer considered as "securities" and become easier to regulate after becoming commodities) For American investors, there is an opportunity to access more compliant investment opportunities (retaining core investor protections such as disclosure+anti fraud). Perhaps this is an important driving force for AI+crypto innovation. Specifically, The new cryptocurrency regulation "Regulation Crypto Assets" proposed by the SEC on August 18, 2026, is the first major formal rule proposal for cryptocurrency issuance under the chairmanship of Paul Atkins. There are two core contents: The first core content is the two major exemptions from Securities Act registration Exemption for project initiation: Within any four-year period, up to $5 million can be issued in a lump sum; Financing exemption: up to $75 million can be issued every 12 months. To use this exemption, financial statements must be provided and continuous reporting requirements must be followed. Both exemptions require issuers to provide principled and narrative disclosures (rather than the cumbersome documents of traditional full registration), but anti fraud and anti manipulation provisions still apply. The proposal also plans for federal priority and anticipates the registration requirements of some state securities laws. The second core content is: Conditional safe harbor. When the project team proves that they have completed or permanently stopped the key management efforts they promised and meet the relevant conditions, they can apply to have the token no longer considered a security This is in line with the explanatory framework jointly released by the SEC and CFTC in March 2026, which clarifies the path for tokens to transition from "securities" to "non securities". The proposal is currently in the public consultation stage (60 days after publication in the Federal Register), and the final rule still needs further review.