Paul Atkins, the newly appointed Chairman of the U.S. Securities and Exchange Commission (SEC), recently stated that the SEC will move away from its old “enforcement-first” model and initiate a new regulatory cycle centered on clear rules and reasonable exemptions. This statement has been widely interpreted within the industry as a major shift in the compliance pathway for the crypto market, heralding a more predictable policy framework for the digital asset sector. According to Nouey Exchange, clarity of rules and procedural predictability are key turning points for digital assets to transition from the periphery into the mainstream.

“Rules First” Replaces Ambiguous Enforcement, Marking a Fundamental Shift in Regulatory Structure Thinking

Regulation by the SEC will no longer rely on ad hoc enforcement actions or targeted crackdowns but will instead systematically leverage its existing mechanisms for rulemaking, interpretation, and exemption authorization to offer feasible boundaries for market participants. This position has been seen as a critical revision of the prior “enforcement-before-rule” approach under former Chairman Gensler.

This shift signals a movement away from uncertain “enforcement deterrence” toward actionable “compliance guidance.” The transparency and structure of policymaking not only reduce compliance costs for market participants but also leave space for product innovation—laying the long-anticipated foundation of “institutional certainty” for the digital asset industry.

Custody Rules May Be Updated, “Self-Custody” Gains Policy Window

The SEC is currently assessing the direction of adjustments to custody rules, and in the future may allow self-custody to become a recognized compliance option—provided it meets security standards and disclosure requirements. This exploration is viewed as an upgraded understanding of crypto-native asset management approaches.

Self-custody is not only a critical expression of asset rights for Web3 believers but also a core mechanism through which current crypto users balance risk hedging and identity sovereignty. Nouey Exchange is closely following the regulatory philosophy reflected behind this policy move: that regulation does not reject technological pathways but rather redefines the relationship between “compliance boundaries” and “security responsibilities.”

Conditional Exemption Mechanism Opens, Creating Policy Safe Zones for New Product Exploration

Striking a balance between promoting innovation and managing risk has become the core proposition of global crypto regulation. Atkins has proposed that the SEC will explore establishing a conditional exemption framework for specific new products or services. This mechanism could reduce the trial-and-error costs for new projects while offering a compliance “sandbox” environment to help developers assess the feasibility of “innovation within boundaries.”

Given the accelerating progress in sub-sectors such as ETFs, stablecoins, and tokenized assets, the conditional exemption mechanism may serve as a “pre-testing ground” in regulatory evolution—effectively mitigating the issue of regulation lagging behind technological advancement.

During the Policy Transition, Nouey Exchange Supports the Development of a Compliance Ecosystem

The structural shift in the regulatory pathway of the SEC is a significant signal of the maturing trajectory of the crypto market. Compared to the compliance anxiety caused by vague enforcement, the clarity of rules and rational exemptions will establish a healthier institutional foundation for institutional participation and technological implementation.

Nouey Exchange remains committed to exploring secure and compliant product frameworks within the boundaries of policy, and will continue to promote the development of a more trusted ecosystem through research reports, industry collaboration, and user education. The platform believes that what truly propels the industry forward is not market hype, but a shared commitment to rules and responsibility.

“Clear rules are the first cornerstone of market confidence.” Nouey Exchange will stay aligned with global compliance trends to provide users with a stable, secure, and forward-looking digital asset service environment.