I recently finished reading Paul Atkins' plan on "Project Crypto" and to be honest, I was a bit moved.

He cited the citrus orchards in Florida as an example—investment contracts are not a permanent stamp. As the network matures, control gets dispersed; why should tokens have to bear the label of "securities" for their entire existence? This judgment logic based on "economic reality" finally opened a way out for those truly decentralized projects.

In short, what is the most critical aspect of this transition? The U.S. regulators have finally stopped playing word games. The most troublesome issue in the crypto space for the past decade—whether tokens are considered securities—now has a direct response. Digital commodities, collectibles, utility tokens, all clearly categorized for you. No longer the old approach of "vague regulation followed by consequences later."

Of course, Atkins also did not forget to draw the red line: fraud is fraud, regardless of what asset it is. This sounds nice, after all, protecting investors and encouraging innovation should go hand in hand.

The most anticipated is still the "innovation exemption" mechanism. If it can truly be implemented before the end of the year, this trading test bed in the U.S. may become lively again. Players who have been driven out by various unexpected events over the past few months might reconsider coming back to test the waters. Fair rules paired with clear guidance is how it should be.