After reading Chairman Paul Atkins' complete plan for "Project Crypto", to be honest, I feel a bit excited.

As someone who has been in the cryptocurrency space for several years, I am finally seeing the U.S. regulatory environment shift from a vague state of "you don't know, I don't know" to clear guidance on "classify it as it should be classified." The key aspect of this change is that the regulators are finally willing to view innovation with fairness and common sense, rather than treating all tokens as a threat. The U.S. really wants to take a leadership role in the digital finance revolution.

What concerns me the most is that they finally gave a straightforward answer to the soul-searching question that has troubled the entire industry for a decade: Once a token is defined as a security, is it forever a security? Atkins used a Florida orange grove as a metaphor—an investment contract is not a permanent label. When a network is mature enough and control is sufficiently decentralized, this asset should no longer bear the shackles of "security." This judgment logic based on economic reality rather than fixating on labels essentially opens a "de-securitization" green channel for those already decentralized mature projects.

There is also a clear classification of "non-securities" tokens—whether digital goods, collectibles, or utility tokens—which finally provides the industry with the long-awaited certainty. Of course, Atkins also reiterated the bottom line: "Fraud is fraud, regardless of asset type." I fully agree with this attitude; while encouraging innovation, the principle of protecting investors' rights must not be overlooked.

I sincerely hope that the "Innovation Exemption" mechanism, which is expected to be implemented before the end of the year, can be smoothly advanced, allowing the United States to truly become a testing ground for cryptocurrencies. Perhaps it can also attract back investors who have been scared away by various black swan events over the past few months, so that we can all grow stronger in this field together.