Many people are still confused about the SEC's newly launched Regulation Crypto Assets (Compliance ICO Exemption Channel). What kind of projects will it breed? Will it bring a wave of prosperity expectations to the cryptocurrency industry? Come on, let's talk: First of all, let me clarify that the core of this proposal is to open two customized fundraising channels for "covered investment contracts involving non securities encrypted assets": one is a starting exemption, with a maximum of $5 million within four years and relatively light disclosure requirements; Another option is financing exemption, modeled after Reg A, which can reach up to $75 million within 12 months (divided into tiers), with large amounts requiring audited financial reports and ongoing reporting. In addition, there is a safe harbor: after the team completes or permanently abandons the core management efforts of the commitment, it can be officially recognized that the token is no longer bound by the investment contract and thus exits the securities attribute. Compliance ICOs are actually not new, for example, Blockstack (now STX/@ Stacks) in 2019 was one of the earliest adopters. It took almost 10 months and nearly $3 million to complete the Reg A+process, becoming the first qualified cryptocurrency public offering in SEC history, allowing US retail investors to participate and raising approximately $23 million. Afterwards, the network became decentralized and the company submitted an exit report. Although it was investigated by the SEC for more than three years, it was ultimately closed without any enforcement action in 2024. It should be said that the compliance ICO path of STX is still subject to great market resistance, but it is definitely a preview of the SEC's compliance ICO. The difference is that the new SEC team, the encryption friendly policy environment of Project Crypto, the policy regulatory shift led by the Trump government, and the separation of regulatory responsibilities of the Clarity Act have been implemented. At that time, after STX was issued as a "security", secondary trading for American investors was restricted, and there was a heavy burden of continuous reporting. Decentralization proposals were investigated for three years, and the market did not buy into the "compliance premium". Prices and narratives followed the Bitcoin cycle more, rather than relying on SEC stamps to take off. The current proposal raises the quota, standardizes disclosure principles, and establishes a safe harbor, coupled with the Atkins led tone of "bringing innovators back to the United States", which is equivalent to standardizing STX's path of crossing the river by feeling the stones, reducing costs, and significantly increasing certainty. So, this is not an unfounded government incentive proposal, it has experimental basis and complete closed-loop cases to refer to. STX has proven through real experience that compliant issuance can open the doors to retail and institutional markets in the United States, and decentralization can ultimately complete regulatory processes. The current rules only solidify these experiences, allowing newcomers to avoid detours. You ask me if there will be many similar projects emerging, and the answer is definitely yes. This is bound to bring a wave of main upward expectations to the cryptocurrency industry's future market. However, it should be noted that the SEC only focuses on policy guidance and financing supervision, providing survival guarantees for some projects. Whether they can "grow" depends on the PMF implementation of the project itself. In fact, as the first project to have the honor of compliant ICO, STX has also suffered from the cruel reality of a 90% drop. So the Dongfeng of compliant ICO can send a batch of high-quality projects with foundation, expectations, and strength. The specific who can come out still needs to be combined with the overall narrative and landing situation of the crypto industry. In short, compliance is a ticket to survival, not a gold medal to avoid death. The ones who can really run out are still the teams that can borrow the wind and create PMFs themselves.