What platforms and assets are benefiting from the supply side reform of encryption - compliance with ICO2.0? The SEC's RegCA proposal recombines the previously mutually exclusive "benefits" of traditional securities exemptions into a new capital formation pathway that is particularly advantageous for cryptocurrency. It can be said that creating a capital formation method that is looser than RegCF, more flexible than RegA, and more open than RegD. Let's talk in more detail: 1. By comparing the previous centralized financing path rules, it is helpful to understand: 1) RegCF (Crowdfunding): Fundraising has a limit (5 million US dollars/12 months) and must be done through intermediary platforms; Individual investment cap for retail investors; 1-year resale period and poor liquidity. 2) RegA (Mini IPO) Up to 75 million US dollars per year, allowing retail and general solicitation; Must submit an issuance statement and accept SEC qualification certification; Financial reports are required (usually audited under Tier 2), and there is a heavy obligation for continuous disclosure; Poor liquidity; 3) More public than Reg D (private equity) Fundraising has almost no upper limit and there is almost no continuous disclosure; Highly privatized only for qualified investors, with a long holding period (after IPO); Retail investors are unable to participate, and the secondary liquidity is extremely poor. New Reg CA proposal: No intermediary platform is required (the issuer can start by directly submitting a notification and website disclosure); The Startup path has almost no personal investment limit for non qualified investors; Can trade freely immediately; The deep liquidity of tokens naturally integrated with the cryptocurrency market; Overall disclosure is more principled and in line with the characteristics of encryption (token economy, smart contracts, network development plans, etc.). Simply put, combining the "light burden" of private equity with the "broad coverage+liquidity" of the public market is a combination that no single exemption can achieve. This means that early projects can be launched with lower friction, wider retail coverage, and faster network effects, rather than being "tied" by platforms and holding periods. 2. How to understand this "creation" as a whole In the vertical field of encryption, the terms of capital formation have been redefined: self certification+principle disclosure+post enforcement have been exchanged for the combination of "public+liquidity" that was previously only available through full registration. 1) This is a significant benefit for projects that truly want to build a network (compliance return, accelerated network effects). 2) It may also generate regulatory arbitrage incentives (some people tokenize for better conditions). 3) There is a potential spillover to the overall fundraising logic in the United States (although real equity/debt is currently explicitly excluded). 4) Still subject to anti fraud provisions and currently only in the proposal stage, the final rules may tighten the gatekeeping process. The SEC is attempting to tailor a hybrid highway for encryption that is "light entry, public process, and high liquidity exit," which is more in line with the actual needs of the token economy than any existing single exemption. The result is: encryption projects, AI projects, Enterprises with external participants and digital resource coordination needs that have network effects can use this model to raise funds; 3. What assets are good for 1) Projects such as Coin and Hood, which have a massive user base, wallets and public chains, exchange platforms, and strong distribution capabilities, naturally benefit. Moreover, Coinbase itself has a Coinbase Token Sales platform (although RegCA does not require intermediary platforms). But intermediary platforms still have confidence on the investor side; 2）Circle Project fundraising and investor investment are now more likely to use USDC, and Circle has also launched its own public chain. Or in the future, compliant stablecoins may benefit 3) For the field of encryption The most mainstream public chain platforms that comply with ICO2.0 will benefit from ETH, Sol, Base, Robinwood Chain, Arc, Avax, etc; Platforms such as Hype and Uni that provide liquidity on the chain If enough good assets come up, the defi space will also be opened up. But it is still necessary to clarify that compliant ICO and tokenization are actually two directions: 1) Compliance ICO refers to direct tokens such as encryption projects, projects with network business forms (such as computing power, data markets, deposits, game platforms, etc.), and technology companies directly considering tokens (transforming into network forms). Technology companies also consider token economy when transforming their business into network forms. 2) The trend of tokenization is to migrate asset types that already exist in traditional finance, such as equity, stocks, bonds, forex/precious metals/commodities, etc., to the blockchain. Before tokenization, here is the link: https://(x.com)/qinbank/status/2080596296017322482? We have talked about s=46&t=k6rimWs Ebo2D2TXolYcM-A. Of course, both will ultimately bring more supply of high-quality assets on the chain, leading to the same goal Will there be a mix of good and bad? There is a high probability that offshore air coins will not disappear, and compliant garbage projects will still exist. But it increases the probability of good projects appearing on the face.