#美国加密货币监管动态# It seems that the SEC is redefining the boundaries of encryption regulation. Atkins's "Project Crypto" focuses on market structure reform, while Peirce's "Peanut Butter and Watermelon" pays attention to financial privacy rights. With both hands working together, the aim is to enhance the inclusiveness of the U.S. capital market towards crypto assets while protecting user privacy and developer freedom, clearly intending to re-attract talent and capital flow. Compared to other countries, the U.S. approach of addressing "rights and market structure" in tandem is indeed unique. However, whether this new regulatory idea can truly be implemented needs time to test. It is advisable to closely follow subsequent policy details, especially specific measures regarding stablecoin regulation and compliance with on-chain settlement. At the same time, one should also be wary of sudden shifts in regulatory direction, as U.S. policies have always been fickle. Overall, the SEC's recent movements are worth looking forward to, but caution should be maintained during copy trading.