#美国政府停摆危机 Noticing that the SEC and CFTC are about to resume operations, this is undoubtedly an important signal for the crypto market. During the government shutdown, the approval of ETF applications was basically stagnant, and now there may be a wave of concentrated approvals. Special attention should be paid to the "Token classification system" mentioned by the SEC chairman, which may set the tone for future regulations. At the same time, the CFTC's attitude towards leveraged spot trading is also worth noting. From on-chain data, there has been no significant movement in institutional fund flows recently, but with regulatory clarity, a new round of funds is expected to get on board. It is recommended to closely track the SEC's approval progress for altcoin ETFs, as it may become the next market catalyst.