Fulfilling the promise of advanced nuclear will, particularly in the U.S., require addressing issues of cost competitiveness. A major part of this challenge is the development of a regulatory framework that allows certainty and clarity for advanced reactor vendors navigating the licensing process. Historically, the NRC has employed a prescriptive approach that has been adapted to the realities of conventional light water technology. Recent legislation and an emerging advanced nuclear industry in the U.S. has prompted the NRC, in close communication with stakeholders, to begin formulating a risk-informed, performance-based, and technology-inclusive framework that should improve the efficiency of regulatory reviews of advanced reactor designs. The ultimate objective of these efforts is facilitating the safe and secure commercialization of advanced nuclear technologies so that they can meaningfully contribute to broader goals (decarbonization, energy reliability, U.S. geopolitical interests) in a timely manner.