Recently, the hot topic in the crypto community has been the 278-page "Digital Asset Market Clarity Act." Honestly, this is not just a regulatory move; it feels more like traditional finance is making a "proactive approach" toward the crypto market—although neither side has fully clarified their positions.

First, some background: for years, the SEC and CFTC in the United States have had disagreements over the regulation of digital assets, especially on the question of "who is a security and who isn't," making it difficult for project teams and investors alike. Many quality projects have been halted due to regulatory uncertainty. The core value of this bill lies in finally drawing clear boundaries.

There are two main points of community discussion. The first one: starting January 1, 2026, major altcoins like Ripple, SOL, and Litecoin may receive recognition similar to Bitcoin and Ethereum. As long as these tokens support compliant exchange-traded products (ETPs), they can be officially classified as "digital commodities," fundamentally reducing the risk of SEC freezes or lawsuits. For holders of these assets, this means the long-standing sword hanging over their heads may finally be lifted.

But here’s the question: is this really a benefit for retail investors? Upon closer inspection, it seems more like a red carpet for institutional investors. The threshold for exchange-traded products is already high, and compliance requirements will likely become even stricter. As a result, tokens that qualify for this treatment often see a surge of institutional capital, while retail investors remain relatively passive. From this perspective, the beneficiaries of policy implementation might be ranked as: Institutions > Major Exchanges > Retail Investors.

Another key change involves how stablecoins and DeFi products are classified. The bill takes a relatively conservative stance on defining these new financial instruments, meaning that unless they fully meet the "digital commodity" criteria, they are likely to still be managed within the securities or derivatives framework. This will have a bigger impact on small tokens and emerging sectors.

Overall, this bill represents an extension of the traditional financial framework into the crypto market, rather than a victory achieved by the crypto community. It will make the market more regulated and orderly, but at the cost of higher entry barriers and increased influence for large institutions.