A certain compliant platform has been touting the idea that "ancestral methods are immutable," which has delayed the progress of clear legislation for the digital asset market. This was originally one of the industry's biggest positive news this week.

What would happen if this legislation actually passes? Ethereum and Solana would be the first to laugh out loud. First, institutional funds finally have a legal channel to enter without hiding; second, the bill explicitly requires "everything to be on-chain," and only public chain infrastructures like Ethereum and Solana can support this vision.

This is strange—why would a bill that is generally favored by investors and compliance professionals face opposition from industry giants? Frankly, it’s not about token prices but about how power is distributed. Those platforms that are already big are now living very comfortably.

Imagine the previous operational space—if it can be blurred, then it’s blurred; where laws are unclear, that’s their territory. They profit immensely in the gray areas and shift all risks onto users. This tactic works particularly well in an uncertain regulatory environment.

Looking at Japan makes this very clear. Their rules are strict—clear standards for listing tokens, strict licensing systems, very few tokens can be listed, and leverage on contracts is limited to just two times, which hardly attracts investors and project teams. Plus, the government’s tax rates are extremely high, so platforms there don’t make much money. In contrast, platforms that mainly operate in gray areas have broad profit margins because no one really enforces anything on them.

This matter itself isn’t inherently good or bad. On one hand, some ordinary investors lose everything due to unclear regulations and have no way to defend their rights; on the other hand, many have achieved their dreams of a comeback through diverse investment tools and high leverage. It’s a zero-sum game with two sides.

But one thing is clear: chaos is risky for ordinary people but a moat for vested interests. Once the bill passes, exchanges within the US will have to take responsibility for listing tokens, and project teams will be responsible for information disclosure. Those giants who currently thrive in gray areas can no longer profit from ambiguity while blaming "unclear regulation." The game of power will be reshuffled, and no one wants their cake to shrink.