The U.S. Congress launched the much-anticipated Cryptocurrency Market Structure Act in January. According to multiple lawmakers and industry insiders, the Senate plans to hold hearings on the crypto regulatory framework early on, creating synergy with the current administration's supportive stance, and being seen by the industry as the biggest policy catalyst of the year. Many market participants believe that this increased regulatory clarity will open up imagination for multiple sectors such as ETF approvals and stablecoin regulatory frameworks.

Let's take a look at some key policy milestones this year. In January, there will not only be hearings on the bill, but the SEC's new chairman may also introduce an "Innovation Exemption" system to lower regulatory barriers for startups entering the market. In mid-May, the Federal Reserve Chairman's term expires, and a new appointment could reshape monetary policy direction, which will have a substantial impact on the overall crypto market tone. In July, California's Digital Financial Assets Law officially takes effect, meaning that engaging in crypto business will require licensing — an important state-level regulation for the industry.

In August, two major events will happen simultaneously: Congress may introduce a crypto tax bill, covering details such as small transaction exemptions and non-taxable lending, while the Commodity Futures Trading Commission will finalize blockchain capital market rules. The November mid-term elections could change the political landscape for subsequent legislation.

From a macro perspective, this year marks the "real implementation period" for U.S. crypto regulation. If the bill passes, it will, together with other legislative frameworks, establish a relatively complete industry standard system. This long-term certainty is undoubtedly attractive to mainstream assets like Bitcoin.