One sentence: Regulation hasn't gone away; it's just shifted from a stick to a rulebook. Whether it can be understood depends on the project team.

The SEC has adopted a more lenient stance on crypto regulation, allowing some interfaces to operate without broker-dealer registration, but has not given blanket approval for the industry. Recent guidance clarifies how crypto assets are categorized, emphasizing that federal securities laws apply mainly to digital securities. Enforcement activity has decreased as the agency focuses on fraud and market integrity.