From SEC Chairman Paul Atkins' speech on Thursday night, we can see the driving forces for the industry in the next one to two years. The speech theme was "Building America as the World's Crypto Capital". The most important part of Atkins' talk was announcing the launch of Project Crypto, aimed at promoting the migration of all markets to the chain. Key points of the speech: 1. Clarification of Securities Definition: Develop crypto asset classification standards, clarify the scope of securities law, and allow compliant tokenized securities issuance. 2. Custody and Trading Liberalization: Guarantee user self-custody rights, relax custody rules, and increase market choices. 3. License System Innovation: Introduce a "Reg Super-App" license to reduce duplicate regulation. 4. Decentralized Inclusive Policy: Distinguish between intermediary and non-intermediary systems, protect DeFi developers' rights. 5. Innovation Exemption Mechanism: Establish an experimental channel to support compliant token standards. Actually, the SEC's attitude is not an immediate transformation. Atkins took office in mid-April, and in May at the tokenization crypto working group roundtable, he first mentioned that the SEC will develop a comprehensive regulatory framework for crypto assets, promoting securities migration from traditional databases to blockchain ledger systems. The "de-regulation" main measures will start from issuance, custody, and trading levels. Thursday night's speech was a further step based on the May speech, with clearer policy direction and rhythm. This means that US crypto policy is deepening: From Trump's Bitcoin strategic reserve to the Stablecoin Bill, the Digital Asset Market Structure Act, and this week's "Project Crypto". This should be the main driving force for the second half of the year and the next one to two years: The Stablecoin Bill will drive rapid stablecoin issuance growth; The Digital Asset Market Structure Act will clarify asset attributes and define regulatory boundaries; Project Crypto will truly promote traditional asset migration to the chain, accelerating integration trends. The subsequent crypto market recovery main theme should revolve around these lines, directly benefiting public chains (with ETH being the largest beneficiary, followed by SOL), as well as DeFi and RWA leaders worth focusing on.