#加密货币监管 The advancement of the US Senate's Cryptocurrency Market Structure Act finally seems to be coming to fruition. After a decade of tug-of-war, from debates over "security or commodity" to the current classification and regulatory framework, I've pondered the underlying logic for a long time.

Honestly, regulation is a double-edged sword for retail investors. On one hand, clear rules mean fewer cuts—project teams won't dare to be too reckless, and trading profits will be regulated, reducing the chances of being arbitrarily exploited by market manipulators. On the other hand, tighter regulation means many previously wild-growing entities will be cleared out, and risk sources like small coins and gold-farming projects will be suppressed.

I've noticed that banking giants are now stepping in to participate in legislative discussions, which is very important. They are concerned that stablecoin issuers can't just offer interest freely, to prevent these assets from competing with bank products. In other words, this is about protecting vested interests. For us, this means the operation space for stablecoins will be regulated, liquidity may be limited, but risks will also be reduced.

Having experienced the big crypto drama of 2017 and now seeing this regulatory framework, I feel a sense of relief. Although opportunities may decrease, the chances of lasting longer increase. Projects that relied on regulatory gaps to escape legal constraints should now be nervous. Conversely, those who want to do solid work are actually seeing opportunities.

The key is not to expect regulation to directly make you rich overnight—that era is over. What we need now is to find truly valuable things within the rules and framework.