#加密市场结构法案出现转机 The US cryptocurrency bill's smooth passage remains uncertain. Recently, Wall Street brokerage Benchmark and several media outlets analyzed that although the "Market Structure Bill" has made progress in the House of Representatives, negotiations in the Senate are slow and highly divided. Industry estimates suggest there is only a 50%–60% chance of passing by 2026.

Why is it difficult to pass smoothly?
1. The bill is complex, involving whether digital assets are classified as commodities or securities, and also concerning the division of regulatory authority between the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission). This directly impacts who will oversee the industry, how they will regulate, and what compliance thresholds will be established in the crypto ecosystem.
2. Although the House has pushed forward relatively quickly, internal disagreements within the Senate have persisted for a long time, with issues involving stablecoins, DeFi, and user protection. Recently, large US companies like Cb have also expressed dissatisfaction with some provisions, fearing that the new bill could increase uncertainty.
3. Industry players seek clear regulations, but "structural constraints"—such as risk premiums and compliance burdens—are expected to persist in the short term. Major banks are trying to influence regulatory details to protect their vested interests.
4. On the market side, the bill's delay has hindered valuation expansion for US crypto platforms and related companies. Investors are also more inclined toward mainstream stable assets like Bitcoin rather than altcoins and DeFi projects that are more affected by regulatory uncertainties.

The current stall in the bill's progress is more of a "delay rather than a complete failure." The US crypto industry is unlikely to see a major easing of regulations in the near term. Mainstream assets remain favored, but structural risks still exist. While optimistic about long-term potential, it is important to watch for short-term market sentiment fluctuations, as legislative timelines could be delayed again at any time.