According to CoinMeta, the U.S. Securities and Exchange Commission (SEC) recently proposed new regulations regarding crypto assets, which include a 402-page proposal that outlines two fundraising exemptions and a safe harbor clause. These regulations may lead to eligible tokens being removed from investment contract classifications. The significance of this framework, as well as its shortcomings, have drawn widespread attention. Over the past decade, the crypto industry has been seeking clear regulatory guidance from authorities.