Historically, the SEC has faced criticism for "lacking clear rules and substituting enforcement for regulation" in the crypto space, leaving project teams and trading platforms in a gray area regarding securities law. The "Regulation Crypto Assets" explanation and multi-layer exemption concept proposed by Atkins aim to provide an operational classification and pathway for the market without waiting for complete legislation, forming a complementary structure with the CLARITY Act through an "administrative + legislative dual track."

In terms of capital pathways, if the SEC implements "startup exemptions," "fundraising exemptions," and "investment contract safe harbors" as per Atkins' vision, project teams will be able to raise funds under clear amounts, timeframes, and disclosure conditions, achieving the endpoint of "de-securitization": funds will initially enter the project during the investment contract phase, and once the development team fulfills key commitments, tokens will transition from "security status" to "non-security status" under safe harbor rules. This provides clearer risk delineation for venture capital, institutions, and compliant trading platforms while reducing the risk exposure that has long been viewed by the SEC as unregistered securities issuance.

In terms of analogy and industry positioning, this approach of "using rule explanations in conjunction with market structure legislation" is highly similar to the path of regulatory evolution in the U.S. for ETFs, ABS, and private funds: first, Congress sets the framework, and then the SEC refines execution through rules and exemptions. In the crypto asset field, the CLARITY Act and the SEC's new explanations together form the core of the "next-generation market structure," determining whether the U.S. can provide the same or even higher certainty in regulatory competition with the EU's MiCA, Singapore, and UAE licensing systems, thereby maintaining its home-field advantage in global financial innovation.

Structurally, Atkins' statement essentially represents a "regulatory change + pricing power rewrite": regulation shifts from ambiguous enforcement to rule-based classification and safe harbors, allowing project teams and capital to assess "compliance costs and exit paths" in advance; pricing power gradually shifts from "regulatory uncertainty discount" to "rule transparency premium": those who can design compliant and innovative products within a clear framework will find it easier to attract institutional funds and long-term capital, while the SEC and CFTC, through unified classification and collaborative enforcement, will also effectively hold the core pricing power over the structure and risk levels of the U.S. crypto asset market.

ABAB News · Cognitive Law

In the crypto market, regulatory ambiguity itself is a form of discount, while clear rules will be treated as premium assets by capital.
If safe harbors and exemptions are well-designed, the path for tokens from securities to non-securities can be scripted as an executable playbook.
Whoever holds the interpretation of "when is it a security" indirectly controls the valuation and liquidity of U.S. crypto assets.