In the past few years, the crypto circle lived like a guerrilla, hiding wherever the regulation was. Now, the U.S. has finally stopped being guerrilla and has directly established laws: (Digital Asset Market Structure Bill)—it sounds 'gentle', but in essence, this is a knife that regulators have sharpened for five years, finally prepared to strike at the neck of the crypto world.
This seems like an 'open welcome to compliance', but in reality, it is a precise incorporation.
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One, this is not reform, this is incorporation
The bill appears to be favorable:
• It clarifies who manages what, with BTC/ETH listed as 'digital commodities';
• Project parties can issue tokens compliantly;
• CEXs have a legal licensing channel;
• DeFi can 'apply' for regulatory exemptions...
But upon closer inspection, you will understand:
This allows you to survive, but you must wear the uniform they provide.
Everything requires KYC, everything requires disclosure of investment structure, everything must have a 'compliance plan'—
The crypto world is no longer a paradise for anonymous users, but a new colony of financial capital.
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Two, don’t get excited too early, this is a precise strike against DeFi
On the surface, it gives CEXs a pass, but in essence, it is a siege against DEXs:
• Are you Uniswap? To be a market maker, you must use your real name;
• Are you a Mixer? No way;
• You don't connect to on-chain identity protocols? Your token belongs to 'illegal securities';
• You run off-chain? The CFTC directly contacts cloud service providers to shut down your nodes.
Under this bill, all uncontrolled liquidity will be branded as 'illegal'.
"Not your KYC, not your token."
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Three, this is the true opening of the capital deep water zone
Don't get me wrong, the U.S. does not hate Crypto, it just does not like it being disobedient. And now, they are ready to open the floodgates—but only welcoming the obedient ones in.
Circle (USDC), BlackRock (BTC ETF), a16z (Web3 fund) are all ready. This bill is a ticket for entry, inviting the real giants in, while keeping 'wild projects' outside the door.
The real bear market is not how badly the coin price falls, but that even the attempt at freedom is canceled.
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Four, the next battle in the crypto circle is not in technology, but in identity
If you are still immersed in the fantasy of 'the next bull market relying on AI narratives' and 'Bitcoin halving leading to everything taking off', then you might not have seen the bigger trend:
• The core competitiveness of the crypto industry in the future will no longer be fast chain speeds and cheap GAS;
• But who can walk the tightrope between compliance and freedom?
Identity systems, on-chain trust models, selective disclosure, gray protocols for off-chain interfaces—these are the real 'infrastructure' for the next round.
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Five, finally: this is not destruction, but taming
(Digital Asset Bill) is essentially a signal:
The world no longer rejects crypto, it just does not allow you to be 'disobediently free'.
From now on, the crypto circle will enter the 'deep water regulatory era':
• The strong don armor, hold shields, and walk the compliance path with lawyers;
• The weak can only return to anonymity, go underground, or be completely washed out.
This is the end, and also a restart.
This is incorporation, and also reshuffling.
This is the first alarm bell struck down by the regulatory iron fist, in the future, it will only get louder.
