SEC Releases Long-Awaited ‘Innovation Exemption’ for Digital Assets

This is the SEC acting where Congress did not, and that procedural choice matters more than the substance, which remains undefined. The exemption's significance lies in the precedent: an agency filling a legislative vacuum on digital assets, with the scope and timing still unstated. The open question is whether this becomes the template for how U.S. crypto rules get made, or a placeholder overtaken by the next legislative attempt.