The deepening and refinement of industry regulatory policies warrants significant attention, as they should be the primary driving force behind the cryptocurrency market. Last night, the SEC announced its regulatory agenda for the coming months: 1. Proposed rules for the issuance and sale of cryptocurrencies, potentially including exemptions and safe harbors; 2. Considering allowing crypto assets to be traded on national securities exchanges and alternative trading systems; 3. Simplifying Wall Street's disclosure requirements to reduce the industry's compliance burden. I personally believe that the most important aspects for the industry are the innovation exemptions and safe harbors, which should set clear red lines for various businesses such as asset on-chain transactions, RWAs, and token issuance. Then there's the issue of national securities exchanges and alternative exchanges directly listing crypto assets. If this is allowed, we can expect at least a few major cryptocurrencies to be directly listed on the NYSE and Nasdaq. That's a fantastic prospect (though traditional exchanges will likely be very cautious about listing cryptocurrencies). In early August, we discussed the deepening of US crypto policy: from the Bitcoin strategic reserve during Trump's campaign, to the stablecoin bill, to the Digital Asset Market Structure Act, and finally to "Project Crypto" proposed in late July, the overall policy framework is quite clear. Now is the time to fill in the gaps and finalize the policy details. Only with these details can the industry take bold steps forward; otherwise, it's all just testing the waters. As mentioned earlier, Robinhood's launch of a US stock tokenized contract for difference product is clearly a market-positioning exercise, not a final product. x.com/SECPaulSAtkins/status/19...…