The U.S. regulatory landscape is starting to move again. SEC Chair Paul Atkins has proposed a new regulatory framework for crypto assets, and this is a matter worth paying close attention to.

According to his remarks at the cryptocurrency summit held in D.C., Atkins isn’t just putting forward new guidelines—he’s also advancing a regulatory safe harbor concept for crypto asset projects. In other words, he’s trying to lay out a path for emerging projects to coexist with regulators.

Looking at the three proposed exemption routes, first there’s a framework for startups. It sets a buffer period of up to 4 years, during which up to $5 million in fundraising would be allowed. However, basic disclosure information would still need to be submitted. For projects in a growth stage, the idea is to take a phased approach rather than full regulation.

Next is the exemption during the fundraising phase. Within 12 months, there’s a condition that allows projects to raise up to $75 million. Here, disclosure requirements become stricter, and the SEC would require submissions regarding the financial situation and financial statements. In other words, as the scale increases, transparency requirements increase as well.

And the third is a safe harbor for investment contracts. If the issuer completes the key managerial efforts under the investment contract, or ceases operations permanently, that crypto asset is excluded from the definition of a security. This is essentially an exit strategy for projects in practical operational stages.

As Atkins himself has said, this framework draws on recent congressional developments such as the CLARITY Act. The policy, which was also discussed at the cryptocurrency summit, is reportedly expected to be published in the form of specific guidance rules within the next few weeks, and a public call for comments from the public is expected to begin as well.

Honestly, I think it’s not a bad move for the market that U.S. regulators are aiming not for a complete ban, but for a phased, realistic approach. The crypto industry is also deepening its dialogue with policymakers at events like the cryptocurrency summit, and it may be a natural progression for constructive frameworks like this to emerge. What matters now is how the detailed regulations will ultimately take shape.