In 2025, the U.S. Securities and Exchange Commission's attitude towards crypto asset regulation has undergone a significant shift, evolving from previous vague suppression to a structured, innovation-oriented policy. This change has brought new growth opportunities to the market, but also introduced numerous uncertainties and challenges.

**Capital Repatriation and Influx of New Funds**
Simplified approval processes for spot ETFs and the introduction of 12-24 month innovation exemption periods have greatly reduced compliance costs for crypto projects. Capital and projects that previously exited due to regulatory uncertainty are now refocusing on the U.S. market, including traditional financial institutions like JPMorgan beginning to enter the crypto space.

**Intensified Asset Segregation**
Not all tokens benefit from the new policies. When regulators classify certain assets as securities, related tokens often decline by more than 12% within a week; in contrast, tokens with existing futures contracts and those meeting the quick-launch criteria for spot ETFs, such as LTC and SOL, have shown relatively stable performance. Small-cap and non-compliant projects continue to face market rejection.

**Reshaping Global Regulatory Landscape**
The flexible regulatory approach in the U.S. contrasts sharply with the EU's pre-emptive MiCA regulations, forcing multinational crypto companies to adopt "tailored" compliance strategies. Regions like Singapore and Dubai are also strengthening policies to attract innovation, ultimately leading to a "U.S.-Europe leading, regional differentiated competition" pattern.

**Industry Accelerating Towards Regulation**
The SEC's clear token classification system and decentralized testing standards provide projects with definitive compliance directions. Platforms and DeFi protocols are beginning to implement KYC verification and risk disclosures, with standards like ERC-3643 potentially becoming new industry benchmarks.

**Challenges to Decentralization Principles**
Innovation exemptions require projects to introduce investor protection mechanisms and specific compliance standards, meaning some DeFi projects must incorporate intermediary review processes. This mandatory compliance directly conflicts with the core decentralization ethos of cryptocurrencies, raising industry concerns about "overregulation."