The US SEC has recently promoted regulatory innovation in encryption, proposing to establish a "Regulatory Sandbox" that allows compliant projects to test and clarifies the boundaries of Security Token Offerings. This not only responds to the industry's demand for clear rules but also prevents fraud risks. The chairman emphasized "precise regulation" to distinguish between utility tokens and securities, guiding capital flow toward compliant platforms. This move may accelerate institutional entry, balancing innovative vitality with investor protection, and reshaping the rules of the encryption ecosystem.