SEC rolled out its first-ever rule proposal for crypto assets this week, called Regulation Crypto Assets. It allows certain projects to raise up to $5 million within four years or up to $75 million annually without full registration. The proposal was released just days after a scheduled vote cancellation and includes a conditional safe harbor: assets can be exempted once the issuer's key managerial efforts conclude, taking precedence over some state securities registration requirements. Trump met with crypto industry executives at the White House, urging Congress to pass a 'fair version' of the Clarity Act. CFTC Chairman Mike Selig launched the Innovation Advisory Committee, stating that if the bill faces obstacles, he will use existing authority to establish a crypto regulatory framework independently. Staff have already been directed to study the rules. The Clarity Act aims to replace the 'regulation by enforcement' approach from the Gensler era, during which the SEC initiated 125 crypto enforcement actions. Ethical provisions proposed by Tillis and Gallego remain the main bipartisan sticking point. a16z Managing Partner Chris Dixon publicly thanked Trump and Selig for their leadership, and the industry sentiment is optimistic.