20260318 Everyone knows the SEC released a major document today. After analyzing it, here are the key takeaways: $BTC benefits the most, now classified under the “digital commodity” framework. $ETH also clearly benefits, especially regarding staking-related language. Mainstream blockchain assets like $SOL benefit as well. The projects under the greatest pressure are those masquerading as blockchains but are essentially fundraising schemes. Those with actual network functionality are moving toward being treated as commodities or infrastructure. Those relying solely on fundraising narratives and yield promises will continue to be viewed under securities regulations. The SEC has now clearly recognized compliant stablecoins as payment instruments, and the native yield logic of PoS blockchains. U.S.-based institutions now have renewed confidence to re-allocate into crypto under compliance guidelines. Before the SEC changed chairs, the market’s biggest concern was that everything could be labeled a security. Now, the market is clearly entering a new phase: Who are the true network commodities, and who is just using blockchain as a fundraising facade? Mainstream assets will increasingly resemble “compliant digital commodities,” while speculative projects will find it harder to hide among them and benefit from inflated valuations. This is undoubtedly positive for long-term holders. Let’s patiently await the passage of the upcoming legislation. $BTC $ETH $SOL