The SEC deserves praise for its groundbreaking token taxonomy and refined investment contract interpretation. This forward-thinking framework—rooted in economic reality and the timeless Howey test—deftly categorizes most digital assets (like decentralized network tokens, collectibles, functional tools, and payment stablecoins) as non-securities, while clearly delineating only tokenized traditional securities as falling under SEC oversight. By recognizing that investment contracts can end as networks mature and issuer reliance fades, the SEC has eliminated outdated uncertainty, unleashed innovation, and positioned the U.S. as a leader in digital finance. This balanced, principled approach fosters fair markets, protects investors, and drives responsible growth. Kudos to Chair Atkins and the entire Commission for delivering clarity, common sense, and a true regulatory reset!