Recently, the U.S. Securities and Exchange Commission (SEC) proposed a research plan for an "innovation exemption" mechanism at the "DeFi and the American Spirit" roundtable meeting, marking a shift that has excited the crypto community. Following the news, multiple DeFi tokens surged, reflecting strong market enthusiasm.

SEC Chairman Paul Atkins explicitly stated at the meeting that DeFi's core philosophy aligns closely with American values such as economic freedom and private property rights. He emphasized support for self-custody models and acknowledged the value of blockchain in enabling intermediary-free transactions. The so-called "innovation exemption" means that compliant DeFi projects could receive a "green channel," reducing cumbersome registration and disclosure processes and accelerating market entry. Shortly after, the SEC and CFTC issued a joint statement, indicating that the two regulatory bodies are moving from operating independently to collaborating, injecting confidence into the industry.

The significance of this signal should not be underestimated. First, it lowers the compliance threshold for entrepreneurs and may attract more institutional funds into the DeFi ecosystem. For Chinese developers, it also意味着 future opportunities for Sino-U.S. cooperation. Second, the high-quality regulation proposed by the SEC not only protects investors but also reduces the risk of "exit scams." Atkins specifically emphasized that code developers should not be held liable for user misconduct, a statement that clarifies responsibility boundaries and reflects the principle of technological neutrality.

Additionally, the SEC has clarified that PoW mining and PoS staking themselves do not constitute securities transactions. This clarification alleviates compliance concerns for miners and validators. The market responded positively, with related project tokens rising simultaneously.

It is worth noting that these policies are driven by both market forces and political dynamics. Republican commissioners have long advocated for more crypto-friendly regulations, and these efforts are now beginning to take effect. If the "innovation exemption" is implemented, U.S. DeFi will enter a clearer compliance framework, benefiting both domestic innovation and potentially attracting overseas builders to return.

This can be seen not only as a shift in regulatory attitude but also as a redefinition of innovation, responsibility, and freedom. DeFi, from its wild growth to seeking compliance, and now being gradually legitimized, is entering a new stage of genuine integration with traditional finance.