In early November 2025, the U.S. Securities and Exchange Commission (SEC) officially solicited public comments on updates to the cryptocurrency regulatory framework, focusing on compliance pathways for asset distribution mechanisms such as airdrops. Crypto venture capital firm Dragonfly promptly submitted a policy recommendation report, proposing that airdrops meeting five conditions—network tokens, full functionality, broad distribution, limited consideration, and transfer restrictions—should be exempt from securities law regulation. This policy discussion will directly impact the decentralization process of blockchain projects, with currently 37% of domestic U.S. projects being forced to relocate overseas due to regulatory uncertainty.