According to CoinMeta, Meng Yan pointed out in the article that the proposal regulation crypto assets includes two exemptions and a safe harbor: startup exemption allows projects to raise up to 5 million US dollars within 4 years; fundraising exemption is divided into tier 1 and tier 2, with a fundraising cap of 20 million US dollars and 75 million US dollars respectively within 12 months. After a project completes or permanently abandons the core managerial efforts promised in its white paper and does not make any new commitments, it can submit form tr, after which SEC will determine that the investment contract has been terminated, and the tokens themselves will no longer be considered securities. This proposal, together with the clarity legislation, may re-establish the incubation and trading channels for crypto native assets, but whether the clarity legislation will pass remains uncertain.