#加密资产监管框架 Analyzing this ICO event of Monad on Coinbase, it can be seen that the regulatory framework for cryptocurrency assets in the United States is gradually maturing. The 18-page disclosure document provided by Monad details the legal structure, financing details, and market-making plans; such transparency has been rare in past ICOs. From the SEC's first release of ICO guidance in 2017 to now, a series of regulatory actions and legal disputes have been experienced, and the market has finally welcomed a more regulated financing environment. This marks significant progress for the cryptocurrency industry on the compliance road, and we may see more similar strictly compliant ICO cases in the future. This is a positive signal for investor protection and the long-term development of the industry.