The SEC proposes the biggest overhaul of the public listing rules in over 20 years, allowing newly listed companies to raise funds immediately. This is not just an ordinary regulatory news — it directly changes the pathway for crypto companies entering Wall Street.

Currently, the costs for crypto companies to go public are high, and the process is lengthy, but the shelf registration reform allows companies to register securities once and issue them in batches, significantly lowering the threshold.
This means more crypto-native companies may bypass the cumbersome traditional IPO process and access public market funds more quickly.
But there are also risks: if the reform is implemented, it could divert some funds that would have flowed into the crypto primary market in the short term, while increasing supply pressure in the secondary market.
In the long term, this is a structural signal of the accelerated integration of crypto assets with traditional financial channels.
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