$BTC U.S. cryptocurrency legislation will reshape the industry ecosystem. In the short term, it may trigger market volatility, and increased compliance costs may force small and medium-sized institutions to exit, accelerating industry consolidation. A clear regulatory framework will enhance mainstream capital confidence, attract traditional financial institutions to enter the market, and promote the compliance process of cryptocurrency assets. Strengthened anti-money laundering and tax provisions will enhance transparency but may weaken the privacy features of DeFi. Unified rules at the federal level are expected to end regulatory arbitrage and stabilize market expectations. In the long run, standardization may give the U.S. a first-mover advantage in Web3 competition, but there is a need to be wary of excessive regulation stifling innovation vitality.