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The SEC has finally drawn a path for crypto, but don't rush to call a bull market yet On August 18, the SEC proposed the "Crypto Asset Regulation" draft, a securities issuance framework specifically tailored for the crypto industry. Three core points: First, two fundraising exemptions: small projects can raise up to 5 million within 4 years without registration; large projects can raise up to 75 million within 12 months but must submit financial reports and continuous disclosures. Second, a "safe harbor"—if the project team completes all promised management tasks or permanently shuts down, the tokens will no longer be considered securities. Third, federal law takes precedence over state law, so no need to seek approval from each state individually. In plain terms: BTC, ETH, and SOL were jointly recognized as "digital commodities" by the SEC and CFTC in March this year, so their status is already stable; this safe harbor provides a "graduation" path for tokens still suspected of being securities. But don't rush in yet This is just a proposal, not law. There is a 60-day review period, followed by revisions and votes, with the earliest implementation expected in 2027. Also, this was pushed by SEC Chair Gensler himself after the CLARITY Act stalled in Congress (Senate vote postponed to September 15), essentially a "If Congress won't legislate, I'll act first" move. He himself admits legislation is more lasting, and SEC rules can flip with a new chair at any time. Regulatory certainty is positive, but before it materializes, BTC, ETH, and SOL will continue as before; the market will still depend on liquidity and macro conditions. Don't FOMO, just watch for now. $BTC, $ETH, $SOL #SEC提出《加密资产监管》草案