According to CoinMeta, as reported by Galaxy Research, the U.S. Securities and Exchange Commission (SEC) proposed the Regulation Crypto Assets (Reg Crypto) rule on August 18th, aiming to establish a specialized regulatory pathway for the issuance and sale of certain crypto assets. Alex Thorn, the head of research at Galaxy Research, stated that this proposal reflects for the first time the SEC's recognition of the differences in form and function between token issuance and traditional equity issuance, and attempts to establish a disclosure framework for crypto assets. Alex Thorn believes that although Reg Crypto provides a theoretical basis for the compliant version of "Early Issuance 2.0," due to the high level of localization requirements and ongoing disclosure obligations in the United States, its short-term impact is more likely to help existing tokens resolve issues related to uncertain securities attributes, rather than immediately triggering a new wave of public offerings. Additionally, he pointed out that relying solely on adjustments to the SEC rules still lacks long-term stability, and ultimately, congressional legislation will be needed to consolidate the regulatory framework for crypto assets.