Compliance and differentiation run in parallel, with rationality returning as the main theme. In the cryptocurrency market of 2026, "survival" and "standardization" have become key words. For exchanges, compliance transformation and business focus are the only way out: leading platforms need to continuously enhance their compliance capabilities to meet regulatory requirements in different regions worldwide; small and medium platforms must either deepen their specialization in niche tracks or choose to exit the market. Industry consolidation will further accelerate. From the asset side, market differentiation will become more pronounced. Leading assets like Bitcoin and Ethereum, due to sufficient liquidity and high compliance recognition, will continue to attract institutional investment; while niche coins lacking practical application scenarios and compliance may face the fate of being phased out by the market. The tokenization of RWA (Real World Assets) has been listed as a key area for regulatory pilot programs and may become a new growth point for the industry.