#加密货币监管框架 Analyzing the ICO case conducted by Coinbase for the first time, it can be seen that the encryption currency regulatory framework is gradually improving. The detailed legal structure, financing details, and market-making plan disclosed by the Monad project reflect a focus on investor protection. This marks the ICO market entering a new era of greater compliance. Compared to the past's wild growth, the current ICOs have significantly improved in transparency and compliance. This change is conducive to attracting more institutional investors, which will promote the healthy development of the entire industry in the long run. However, we also need to closely monitor the further evolution of regulatory policies and their impact on project financing and token issuance.