There are new developments in US cryptocurrency policy. SEC Chairman Paul Atkins revealed in a recent interview that an "innovation exemption" policy framework for the cryptocurrency industry is upcoming. The background of this policy's emergence is worth noting—In recent years, US regulators have been contemplating how to protect investors while leaving room for crypto innovation.

Atkins' statement can be seen as a signal of regulatory attitude. The traditional approach is to regulate with a one-size-fits-all method, but the "exemption" mechanism means conditionally allowing certain innovative projects to pilot within a specific framework. What impact could this have on the entire ecosystem? From exchanges to DeFi projects, and emerging Web3 applications, all are paying attention to the specific details of this policy.

Once the exemption policy is implemented, it could change the operational models of many current crypto companies. On one hand, compliance pressures might decrease; on the other hand, it could raise the industry's entry barriers—after all, to obtain an exemption, certain conditions must be met. The subsequent specific content of this policy framework, and which project types can qualify for exemptions, will become the focus of the market.