The recent developments in U.S. Congress regarding cryptocurrency regulation have attracted widespread attention. According to the latest confirmation, the CLARITY Act is scheduled for a vote in the Senate next week (January 16). If approved, this bill will implement a systematic overhaul of the regulatory framework for the entire U.S. crypto ecosystem.

The core areas affected by the bill include exchange operation standards, stablecoin issuance regulation, and compliance requirements for DeFi projects. From the perspective of exchanges, compliance standards may be further elevated; the stablecoin sector is expected to face stricter access and risk management mechanisms; the DeFi ecosystem will need to reassess the compatibility of existing models with new policies.

Market observers generally believe that policy implementation in the short term may cause volatility. However, in the long run, a clear regulatory framework could promote institutional capital inflow. Platforms and projects that have already completed compliance upgrades may gain a competitive advantage, while participants operating in gray areas will face adjustment pressures.

It is important to note that the Senate vote is only the first stage. The subsequent stance of the House of Representatives, the final formulation of implementation details, and the specific enforcement of policies across different states remain uncertain. Market participants should closely follow the developments to avoid over-interpreting the results of any single stage.