Families, recently there has been a lot of noise regarding cryptocurrency legislation in the United States! It feels like the entire crypto space is waiting for the other shoe to drop.

First, let's talk about the background of this legislation. The cryptocurrency market is growing larger, and as a financial powerhouse, the U.S. cannot sit idle. On one hand, the innovative potential of cryptocurrencies is enormous, attracting substantial funds and talent; on the other hand, the lack of regulation has led to numerous issues such as fraud and money laundering. If legislation is not enacted soon, investors' wallets could be at risk.

Currently, the legislative progress in the U.S. can be described as 'taking multiple paths.' Both the House of Representatives and the Senate have established working groups specifically to study and formulate regulatory frameworks for digital assets and stablecoins. The Senate has already been advancing regulatory work on stablecoins, with legislation proposed by Senator Bill Hagerty aimed at creating a regulatory framework. French Hill, the chairman of the House Financial Services Committee, also mentioned that the future stablecoin legislation will be similar to the Senate's proposal and has bipartisan support, which suggests a significant possibility for the bill to pass.

Moreover, David Sacks, the White House official responsible for artificial intelligence and cryptocurrency affairs, stated that regulation is meant to keep innovation in the crypto space in the U.S. while also mitigating risks posed by offshore companies. This clearly indicates that the U.S. wants to firmly control the development of cryptocurrency.

From an industry impact perspective, once the legislation is enacted, leading cryptocurrency exchanges and compliant projects are sure to thrive. For instance, Coinbase has actively embraced regulation and may expand its business further in the future. However, those non-compliant small exchanges and dubious projects are likely to face challenges. For ordinary investors like us, clearer regulations can relatively reduce investment risks, and we won't have to worry all the time about projects disappearing. However, legislation is not a cure-all; the cryptocurrency market is highly volatile, so everyone should still invest cautiously and avoid blind following!