#加密货币监管框架 Looking back at the chaotic situation of encryption regulation over the past decade, and seeing today that U.S. regulatory agencies have finally begun to clarify boundaries, one can't help but feel a surge of emotions. The SEC and CFTC are focusing respectively on securities and digital commodities, which is a significant progress. The new framework will bring more certainty to the industry, favouring innovative development. However, regulatory agencies still need to further clarify token classification standards, especially how to determine when a token no longer falls under the category of securities. This requires close communication between regulatory agencies and the industry, continuously improving in practice. Overall, U.S. regulation is developing in a clearer and more reasonable direction, which is favourable information for the entire industry. In the future, we still need to closely follow the legislative process in Congress, as well as how the SEC and CFTC implement the new regulatory framework. It is believed that in an environment with increasingly clear regulations, the encryption industry will usher in a new round of healthy development.