With the implementation of regulations, the market faces short-term pressure, but in the long run, regulation is actually a filtering mechanism for projects. After the introduction of the Crypto Market Structure Act, the market's first reaction is often concern—rising compliance costs, limited room for innovation, and potential liquidity reduction. In an unregulated environment, bad coins tend to eliminate good coins, and short-term speculation becomes mixed with long-term development, leading to increased trust costs. The Structure Act raises the threshold, naturally eliminating some projects that rely on gray-area operations. While this is not friendly to speculators, it is crucial for the healthy development of the industry. Looking back at history, the maturity of financial markets almost always accompanies the establishment of regulatory frameworks, and the crypto industry is no exception. #加密市场结构法案