The proposal by the SEC yesterday is a significant shift in US cryptocurrency regulation: if the new rules are implemented, they will provide a more direct route of "publicly marketing in the US - selling to retail investors and institutions - disclosing tokenomics and development commitments - allowing for more free circulation - exiting investment contracts when projects mature". A true 'compliant public token financing market' may emerge in the United States. In addition to benefiting the well-known native blockchain encryption projects, it may also bring a greater possibility and further drive true value innovation and creation in the field of encryption. Let's talk in detail about this possibility 1. A company can have both a corporate capital market and an online capital market in the future At the beginning of July 25, here is https://(x.com)/qinbafrank/status/1940333593550860614? S=46&t=k6rimWSEbo2D2TXolYcM-A discussed the new asset types under the integration of stocks and currencies: the perpetual contract of US stock tokens, which was highly recommended at the time, has now become a top priority in the contract business of cryptocurrency exchanges; The unlisted company equity token mentioned at that time, which is now known as pre IPO token, is also the focus of competition among various CEX. The currency stock linkage of small cap stocks in the US stock market has already begun to take shape and is expected to become the main form of capital market trading in the future; Today we will specifically talk about the fourth category: valuable companies issuing tokens directly on the chain, or crowdfunding models revitalizing under the trend of ICO and tokenization. This is the greater possibility mentioned earlier. If the SEC's proposal is implemented, it may indeed lead the United States into a new compliant ICO 2.0 cycle and spread token financing from blockchain native projects to enterprises with real business scenarios such as AI computing power, data, energy, communication, logistics, gaming, and content platforms. Simply put: IPO financing is for companies; Tokenized IPO is the process of transferring a company's securities issuance and registration onto the blockchain; The compliant ICO financing comes from the internet; The SEC itself has mentioned in official documents that a company may continue to use traditional financing tools to develop non crypto businesses in the future, while also using new crypto asset exemptions to raise funds for its crypto network from another group of investors. This actually implies: A company can have both a corporate capital market and an online capital market in the future. 2. What kind of real enterprises may also start issuing tokens? The determination of whether a company can use this framework is not related to whether it claims to be a "blockchain company", but rather depends on whether it truly exists: encrypted networks, smart contract applications, on chain participants, supply and demand relationships that can be coordinated by tokens, and the functionality that must rely on distributed ledgers. The "associated crypto application" proposed by the SEC includes smart contracts or similar programs deployed on encrypted networks, where tokens can be used for value transfer, storage, access, or participation; At the same time, the proposal requires that distributed ledgers must be a necessary feature of the asset, rather than simply giving traditional points a layer of blockchain shell. Therefore, enterprises with network-based business structures are most suitable. Because Figure 2 provides a detailed overview of network based business scenarios suitable for conducting compliant ICOs. 3. The SEC is already leaving room for the next steps for "equity tokens" It is worth noting that SEC Commissioner Hester Peirce specifically stated on the day of the proposal release that the current exemptions and safe harbor "will not be suitable for all models", and publicly solicited how to make cryptocurrency assets play a role similar to equity, allowing token holders to share the growth and value of building network enterprises This sentence is very important, as it means that the SEC has realized the existence of an unresolved intermediate form in reality: tokens are not traditional company stocks, but token holders do want to share in the growth of the internet economy; It is difficult to completely separate the value of the network from the enterprise value of building the network. What the regulatory authorities are considering may be some kind of future: network equity, protocol revenue rights, equity tokens, dual tier capital structure, and enterprise protocol value sharing mechanism. But this is only the next stage of regulatory issues, not the content that has been officially opened up in this proposal. 4. Future enterprises may form a 'dual capital structure' On the one hand, we need to pay attention to whether the enterprise will "issue coins instead of going public", and on the other hand, the most likely scenario is that the enterprise owns both stocks and network tokens. The capital structure of a company in the future may become: Level 1: Company Stocks Representing company ownership, corporate profits, assets and liquidation rights, board governance, dividends, and repurchases. Second layer: Network tokens Representing network usage rights, participation rights, user and supplier incentives, protocol technology governance, pledge and confiscation, and network resource pricing. Third layer: stablecoins or digital cash Undertake pricing of goods and services, transaction settlement, cross-border payments, and machine to machine payments. This will create a new logic for corporate financing: Stock financing company, token financing network, stablecoin settlement trading. The Circle+Arc public chain has already demonstrated the prototype of "listed company+network token". It should be emphasized that the most suitable companies for issuing coins are network-based enterprises, not ordinary linear management enterprises. Summary: The SEC's proposal this time is not simply to restore ICOs, but to establish a new 'online capital market' outside of the US corporate capital market. The most important change in the future is not 'all enterprises can issue coins', but rather: all enterprises with network effects, external participants, and digital resource coordination capabilities will reassess whether they need a layer of token economy. Ultimately, three parallel systems may be formed: Traditional IPO: Selling ownership of the company; Compliance ICO: Selling and distributing network participation assets; Tokenization IPO: Directly issuing and registering company ownership on the chain, and circulating and trading on the chain. So this proposal, which was discussed this morning with the SEC, will be the starting point for compliant ICOs, on chain capital formation, and the lifecycle system of digital asset securities in the United States.