The US cryptocurrency market is entering a critical window for policy shifts. As the regulatory environment gradually clarifies, expanding from simple trading to broader financial application scenarios, the motivation for institutional capital to enter is accumulating.

Market analysis suggests that if relevant legislation can be completed in the first half of 2026, it will establish a clearer policy framework for the industry, which is crucial for setting policy tone before the midterm elections. Conversely, if legislative delays occur due to political uncertainty, it could pose short-term risks for the industry.

The most direct change is the shift in enforcement approach. After Trump returned to the White House, the US attitude towards the crypto industry has adjusted, no longer following the previous "enforce first, then regulate" model. SEC Chairman Paul Atkins has publicly stated multiple times that clarifying crypto regulation is a top priority, and this signal is unprecedented for the entire industry.

In parallel, the US Congress is advancing several crypto-related bills, involving regulatory frameworks for tokenized assets, decentralized finance, and other key areas. These actions collectively indicate a fundamental change in the industry's institutional soil. From exchanges to application ecosystems, the participation depth of institutional investors is expected to further increase.