Tonight at 10:30 PM is the most critical milestone in the crypto world this year.

The U.S. Senate Banking Committee is reviewing the CLARITY Act, which is the final hurdle before submitting it to the full chamber. a16z crypto specifically issued a statement reminding everyone that institutional eyes are all focused here.

Currently, market expectations for the bill's passage are running high. Crypto funds have been experiencing net inflows for six consecutive weeks, with $858 million flowing in just last week. Large capital has long been positioning itself in advance, betting on regulatory approval. But Brother Hui must pour cold water on this—nothing is certain yet. The seven swing votes among Democrats haven't given a clear signal, and the ethical standards clauses inside could stall at any moment.

Tonight's result will directly determine the short-term trend. If it passes smoothly, the regulatory sword that has been hanging over us for years will finally be implemented, large funds will fully unleash, and a new wave of explosive growth will be ignited. If it unexpectedly stalls, market sentiment will collapse instantly, and the recent gains are likely to be completely wiped out, with a stampede of panic selling unstoppable.