#密码资产动态追踪 The U.S. Senate Banking Committee plans to review the CLARITY Act on January 15, with industry predictions of an approximately 80% chance of passage. This is seen as a significant turning point in the U.S. crypto regulatory framework, aiming to clarify the boundaries of authority: the CFTC will primarily oversee digital commodities, while the SEC continues to regulate securities assets, attempting to break the long-standing "enforcement ambiguity."

There are two points in the bill worth noting. First, exchanges may issue stablecoin incentives for active trading, but the profits from frozen tokens must be prohibited—aiming to promote market activity and prevent crypto products from being used as tools to circumvent traditional financial regulations. Second, if the bill is enacted, institutional capital with strict compliance requirements could enter the market on a large scale, as this segment of funds has previously been in a wait-and-see mode.

Currently, BTC fluctuates around $91,000, with net ETF inflows clearly slowing down, and market sentiment leaning conservative. Investors' logic is straightforward: before major policies are finalized, rather than blindly following the trend, it’s better to wait and see how the rules are set.

Interestingly, while the industry collectively waits for an "external regulatory constitution" to set the game rules, another path is quietly unfolding. It is not affected by policy cycles and does not need to wait for clear regulations but relies on on-chain verifiable mechanisms and community consensus to directly turn value into tangible output. For example, establishing trust systems through auditable, transaction-by-transaction actions, leaving traces of every contribution and generating real effects. The rules of this approach are not set by legislation but are gradually written through traceable behaviors and genuine results.