#稳定币与数字货币发展 Seeing the Senate negotiations on the Market Structure Act delayed again until January, my first reaction was to think back to 2017. Back then, regulatory uncertainty was also tormenting us in the same way—every policy shift could trigger intense market volatility.

This time, the negotiations are particularly intriguing around a few points—whether stablecoins can be linked to yields, the SEC's jurisdiction, and the regulatory boundaries of DeFi. Honestly, these are not new issues; it's just that this round, we finally put them on the table. Looking back at history, the role and positioning of stablecoins have always been an unresolved question. From the gray areas of USDT, to various attempts later, and now to defining them within a legal framework, this process itself reflects the industry's maturation trajectory.

What it reminds me of is that every regulatory clarification actually filters out truly resilient projects. The most frightening part of uncertainty is that it makes everyone gamble on policy directions rather than focusing on building products. But from another perspective, the difficulty in resolving these disagreements precisely shows that the crypto industry has grown to a point where it cannot be ignored—worthy of central authorities to repeatedly evaluate and negotiate.

The January 2025 negotiation should be compared to the regulatory restructuring period following the 2023 banking crisis. That event made us see what a real market test looks like. This one will be the same. The key is to stay calm during this waiting window. History tells us that establishing a regulatory framework often signifies the beginning of a new phase, not its end.