The U.S. Securities and Exchange Commission( SEC)'s recent enforcement strategy has attracted attention. It is reported that since early last year, the agency has withdrawn or suspended at least 12 major cases, including cases involving leading exchanges such as Binance and Coinbase. More notably, these cases, which were originally expected to be won, were suddenly halted, causing market participants to worry that this could disrupt existing regulatory expectations. The shift in policy direction directly relates to how the compliance framework of the entire crypto ecosystem will evolve.