The U.S. Securities regulatory stance is shifting from “first pass legislation, then regulate” to “first put the rules onto the chain.”
Although the related bills have not passed, SEC Chairman Paul Atkins has still signaled that on-chain regulatory rules will be introduced. At the same time, the SEC and CFTC are accelerating crypto rulemaking, and have already taken 9 actions.
There are two key points: first, the compliance boundaries for fundraising and token issuance may be redrawn; second, regulation will no longer only focus on trading platforms, but will extend to on-chain activity itself.
For $ETH , this is not a simple positive or negative. Ethereum is the most concentrated place for on-chain financing, smart contracts, and large-scale token issuance. Once the rules are clear, project teams won’t have to keep guessing “whether it counts as a security,” and compliance costs and uncertainty should decrease. But clarity also means the hurdles for disclosure, registration, and investor protection may rise, and the space for the kind of casual token launches seen years ago will be squeezed.
Next, watch: how the final rule text is written, which tokens will be classified within the scope of securities, how the SEC and CFTC will divide responsibilities, and how many of those 9 actions will actually be implemented.
The clearer the rules, the more likely on-chain fundraising will move from the gray area to the open. But the pace and the scope will still depend on the subsequent implementing details.
#SEC将明确链上募资规则
Although the related bills have not passed, SEC Chairman Paul Atkins has still signaled that on-chain regulatory rules will be introduced. At the same time, the SEC and CFTC are accelerating crypto rulemaking, and have already taken 9 actions.
There are two key points: first, the compliance boundaries for fundraising and token issuance may be redrawn; second, regulation will no longer only focus on trading platforms, but will extend to on-chain activity itself.
For $ETH , this is not a simple positive or negative. Ethereum is the most concentrated place for on-chain financing, smart contracts, and large-scale token issuance. Once the rules are clear, project teams won’t have to keep guessing “whether it counts as a security,” and compliance costs and uncertainty should decrease. But clarity also means the hurdles for disclosure, registration, and investor protection may rise, and the space for the kind of casual token launches seen years ago will be squeezed.
Next, watch: how the final rule text is written, which tokens will be classified within the scope of securities, how the SEC and CFTC will divide responsibilities, and how many of those 9 actions will actually be implemented.
The clearer the rules, the more likely on-chain fundraising will move from the gray area to the open. But the pace and the scope will still depend on the subsequent implementing details.
#SEC将明确链上募资规则
