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Prior administration's SEC (both under Biden and under Trump before) destroyed tens (arguably hundreds) of billions of dollars in value, punishing consenting adults for making their own financial decisions, in what is allegedly a free country that allegedly permits and encourages entrepreneurship, risk taking, and individual responsibility. The consequence of Gensler's SEC was, most obviously, a substantial reduction in entrepreneurs' willingness to attempt token designs of authentic utility. The flourishing of utility tokens post EVM (2016-2018) came to an end under fear of persecution. In its place, an era of memecoins and even greater scams that went entirely unprosecuted until post-collapse, like FTX. "If you try to build something of utility, we will ruin your life. If you make dog meme, no prob. If you steal $10b in customer money outright, we'll ask you for input on upcoming bills in DC so long as you donate some of it to our campaigns." The current SEC is materially better. Today's guidance is good, not because it is "clear" (ambiguous liberty is superior to clearly defined oppression), but because it recognizes limits on its own power; because the scope of tyranny over an allegedly free people is lessened. Importantly, what's new here is correct exclusions from security-definition of both "Digital Collectibles" and "Digital Tools". The latter aka utility tokens, so often persecuted under Gensler's regime. Digital Collectibles and Digital Tools are each massive categories. Huge, open territory for innovators to once again explore. To the current SEC, thank you for improving toward the ideals of what makes America good. I encourage anyone who was persecuted by the prior agency to post anything you feel comfortable sharing in the comments.

My sister says his memes are everywhere on tik tok so im pinning the original photos here. My cat. I took these.