There has recently been a piece of news on Wall Street that is easy for everyone to overlook but actually carries significant weight.

The US Congress is planning to officially introduce a regulatory framework for the cryptocurrency market structure in January next year.

When people hear the word "regulation," their first reaction is often that it’s troublesome. But think about it differently — this is essentially the industry’s way of getting an ID card.

Looking back over the past few years, why have large institutional funds always hesitated to fully jump in? Is it due to immature technology? Insufficient returns? Neither. The core issue is four words: unclear identity.

Imagine a business that has already grown quite large, but its business license has yet to be approved. How could the major shareholders not feel conflicted? This is the long-standing situation faced by the crypto market.

Now, looking at the current market situation, it’s understandable why the market has been so volatile recently. To put it simply, the market is waiting for the starting gun.

What everyone is betting on is how quickly new funds will flow in after the policy implementation in January this year.

Once the gates open, the first to benefit will not be those small coins sustained by stories. The true winners will definitely be the leading exchanges and underlying infrastructure that have already secured compliant channels.

Think carefully — all major market movements are essentially driven by breakthroughs in compliance. Once the game rules become transparent, it’s a contest of who has a more solid competitive barrier.

Understanding this logic, you’ll know where the driving force for the next cycle lies.