The SEC crypto safe harbor could be implemented as early as this month, and the 2026 agenda lists crypto rule revisions as a priority. The U.S. regulatory framework is shifting from “enforcement-first” to “rules-first.” The safe harbor lowers compliance costs for startups and allows token registration exemptions under certain conditions. If it is adopted, domestic projects will have a clearer path forward, and existing token risks may be reevaluated. Chairman Paul Atkins’ more friendly route is being institutionalized. The agenda also covers rule revisions for broker-dealers and trading platforms, with conditions for institutional participation gradually becoming clearer. However, the details have not been disclosed. If the exemption conditions are stringent (such as being fully decentralized or having long lock-up periods), the effect will be reduced. Rule-making still requires review and voting, and the timeline remains uncertain. Regulatory certainty is a plus, but capital will keep a close eye on the specific provisions to determine the structural direction. #监管 # blockchain #加密市场 # crypto #web3