#美国加密市场法案延迟 #Max

The US cryptocurrency bill "stalls": Hundreds of billions in funds hold their breath, market turning point delayed

The bill is in a "vacuum period", with regulatory uncertainty becoming the biggest risk

The highly anticipated US 'CLARITY Act' and other key cryptocurrency legislative processes have encountered significant delays. This is not just a simple schedule adjustment, but means that a clearly defined policy window has been postponed, forcing the market to operate in a longer "regulatory vacuum". For institutional funds, clear rules are a prerequisite for entry, and the delay directly undermines their determination and speed for large-scale allocations, potentially leading to tens of billions or even hundreds of billions of traditional capital continuing to wait and see.

Market impact: short-term pain and long-term expectation divergence

In the short term, the delay is undoubtedly a cold shower. It extinguishes the market's optimistic expectation that the "policy green light" is about to be lit, weakening the recent upward momentum driven by ETF capital inflows and institutional narratives. The market may need a longer time to consolidate at the current position to digest policy uncertainty.

However, from a long-term perspective, a delay does not equal a rejection. There is a bipartisan consensus on the necessity of regulating digital assets, while the divergence lies in the specific path. This “stall” is essentially a more cautious game to achieve a more mature and sustainable regulatory framework. A former Goldman Sachs executive pointed out that a well-considered bill that balances innovation and stability is far more conducive to the long-term development of the industry than a hastily passed bill full of loopholes.

Industry insight: return to fundamental construction

While waiting for the "external rules" to land, the importance of "self-construction" within the industry is highlighted. This reminds project parties and investors that they should not pin all their hopes on a single policy node, but should continuously delve into technology, products, and real application scenarios.

This persistence in long-term construction amid uncertainty aligns with the philosophy of the @Max Charity community: true value comes from solid actions that continuously create social impact, unaffected by external policy cycles.