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On August 22, Alex Thorn, head of Galaxy Research, stated that the U.S. Securities and Exchange Commission (SEC) proposed the Regulation Crypto Assets (Reg Crypto) on August 18. This is the first set of securities rules in the U.S. specifically designed for the issuance and sale of crypto assets, rather than simply applying traditional stock regulatory frameworks. Thorn pointed out that the proposal could bring two significant changes to the U.S. crypto industry: first, it allows eligible token projects to issue legally to the public, including non-accredited investors; second, it establishes a clear mechanism for the formal termination of investment contracts related to tokens once conditions are met, thereby addressing the long-standing uncertainty regarding the securities status of many historical tokens. According to the proposal, Reg Crypto will apply to crypto assets that 'do not constitute securities themselves but were issued or sold as part of an investment contract.' The framework mainly includes four phases: financing phase, information disclosure phase, construction phase, and exit phase. Thorn believes that the significance of Reg Crypto lies in the establishment of a regulatory framework for the 'token lifecycle' for the first time, where tokens may initially constitute investment contracts due to project commitments but can have their securities status formally concluded as the project matures. The SEC anticipates that approximately 475 issuers may utilize the investment contract safe harbor mechanism annually, while around 130 projects are expected to genuinely take advantage of the new financing exemption. This suggests that the short-term impact of the rule may be more focused on resolving regulatory uncertainties for existing tokens rather than immediately spurring a new wave of token issuances. Thorn noted that the SEC's proposal reflects the recognition that there are essential differences between token issuance and traditional stock issuance, with crypto asset investors requiring different key information, such as token supply, smart contract permissions, and ecosystem development progress, rather than traditional financial metrics of companies. However, he also pointed out that the rule is still in the proposal stage and faces challenges from regulatory changes, state regulatory bodies, and Congressional legislative impacts before it can be finalized. If ultimately passed, Reg Crypto could usher in a 'legal version of ICO 2.0' in the U.S., establishing a new regulatory foundation for project financing, token circulation, and investor protection.

On August 22, Alex Thorn, the head of Galaxy Research, stated that the U.S. Securities and Exchange Commission (SEC) proposed the Regulation Crypto Assets (Reg Crypto) on August 18. This is the first set of securities rules in the U.S. specifically designed for the issuance and sale of crypto assets, rather than simply applying traditional stock regulatory frameworks. Alex Thorn pointed out that the proposal could bring two significant changes to the U.S. crypto industry: first, it would allow eligible token projects to issue tokens legally to the public, including non-accredited investors; second, it would establish a clear mechanism for formally terminating investment contracts related to tokens once certain conditions are met, thereby addressing the long-standing uncertainty regarding the securities attributes of many historical tokens. According to the proposal, Reg Crypto will apply to crypto assets that 'are not securities themselves but have been issued or sold as part of an investment contract.' The framework mainly consists of four phases: financing phase, information disclosure phase, construction phase, and exit phase. Alex Thorn believes that the significance of Reg Crypto lies in its establishment of a regulatory framework for the 'token lifecycle.' This means that a token may initially constitute an investment contract due to project commitments, but as the project matures, its securities attributes can be formally concluded through a clear process. The SEC anticipates that approximately 475 issuers may use the investment contract safe harbor mechanism each year, while around 130 projects are expected to actually utilize the new financing exemption. This suggests that the short-term impact of the rule may be more focused on resolving regulatory uncertainties for existing tokens rather than immediately driving a new wave of token issuance. Alex Thorn stated that the SEC's proposal reflects a recognition by regulators of the essential differences between token issuance and traditional stock issuance. The information needs of crypto asset investors also differ, focusing on aspects such as token supply, smart contract permissions, and ecosystem development progress, rather than traditional financial metrics of companies. However, he also noted that the rule is still in the proposal stage and faces challenges from regulatory changes, state regulatory agencies, and Congressional legislation before it can be finalized. If ultimately approved, Reg Crypto could usher in a 'legal version of ICO 2.0' in the U.S., establishing a new regulatory foundation for project financing, token circulation, and investor protection.

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