Wu Shuo learned that U.S. SEC Chairman Paul S. Atkins stated at the DC Blockchain Summit that the SEC is advancing a framework for classifying crypto assets and interpreting investment contracts, dividing digital assets into non-securities categories (such as digital commodities, digital collectibles, digital utilities, and stablecoins compliant with the GENIUS Act) and digital securities, and clarifying that securities attributes can be terminated upon completion of relevant commitments; meanwhile, proposing a "crypto asset regulatory framework" that aims to provide financing pathways through a safe harbor mechanism, including a startup exemption of approximately 4 years maximum with a financing cap of approximately 5 million dollars, as well as a financing exemption of up to approximately 75 million dollars within 12 months, and upon meeting the conditions, the investment contract safe harbor will apply, with related rules expected to enter the public comment phase.