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

As someone who has been hustling in this space for years, seeing US regulators shift from "unclear and ambiguous" to "targeted and precise measures" is hugely significant. Finally, someone is willing to treat innovation with common sense and fairness, instead of indiscriminately cracking down. The message is clear: the US wants to regain leadership in the digital financial revolution.

What's the key breakthrough here? It's the direct response to the soul-searching question that has plagued the industry for a decade—will tokens always be treated as securities? Atkins used a Florida orange grove as an analogy to explain it thoroughly: an investment contract is not a permanent label. Once the network is mature enough and control is sufficiently decentralized, the nature of the asset changes. This approach—judging based on "economic substance" rather than rigid definitions—essentially opens a door for truly decentralized, mature projects to "shed their security status."

The classification list for "non-security" tokens is also very practical—digital commodities, collectibles, utilities; each category is clearly defined. This is a real confidence booster for the industry. That said, Atkins emphasized that "fraud is always fraud, regardless of asset type"—this bottom line must be upheld. Protecting investors and encouraging innovation should always go hand in hand.

Now, what I'm most looking forward to is the "innovation exemption" mechanism that could be implemented by the end of the year. If the US can truly become that ideal testing ground, maybe it can win back those friends who were scared off by various unexpected events in recent months. After all, everyone shares the same goal: to find their own opportunity in this market.