The shift in U.S. cryptocurrency policy over the past year is worth noting. Since the Trump administration took over, there has been a clear change in regulatory approach — no longer solely suppressing, but integrating cryptocurrencies into the existing financial system for management.

Specifically, the SEC's attitude has changed most noticeably. The previous "litigation first, regulation later" approach has been replaced, now moving toward proactively establishing clear regulatory rules. This means that project teams have guidelines to follow and are no longer vaguely accused of violations.

There has also been significant progress with the CFTC. The asset properties of mainstream cryptocurrencies like BTC and ETH have been officially recognized, resolving long-standing identity issues. When regulators acknowledge what you are, a management framework can truly be established afterward.

From the overall ecosystem perspective, this policy shift from confrontation to inclusion opens a new window for the U.S. crypto industry. Clear rules reduce concerns for institutional entry, and market participants can better plan their development paths. This does not mean there is no regulation at all, but rather that regulation is gradually becoming more scientific and predictable.