**BTC Market Observation**

The legislative battle in the US Congress over stablecoin reward clauses is heating up. A leading compliant platform is increasing pressure on Congress to protect its interests in the upcoming crypto-related legislation.

This seemingly technical discussion of regulatory details actually touches on the core competitive logic of the entire crypto trading ecosystem.

**Market Impact Analysis**

If the bill ultimately restricts stablecoin reward clauses, it will be a clear bearish signal for the industry. Simply put, this would directly impact the wallets of major exchanges—since stablecoin trading rewards are a key tool for attracting users and accumulating trading volume. Once this revenue stream is limited, operational costs are likely to rise, squeezing profit margins.

A deeper concern lies in the uncertainty of the regulatory framework. Frequent policy adjustments could cause the entire industry to remain in a wait-and-see mode, which is unfavorable for long-term planning by market participants. This kind of uncertainty often dampens market enthusiasm and significantly undermines confidence among institutional investors.

In the short term, such policy risks are indeed worth monitoring. But in the long run, standardized regulation could also bring a more stable development environment for the industry.