Regulation and Policy: Accelerating Global Compliance Process:

1. Countdown to US Legislation: Senate Banking Committee Chairman Tim Scott announced that the Cryptocurrency Market Structure Bill will be completed by September 30, earlier than the previously predicted year-end deadline, providing clear regulatory expectations for the industry. White House Digital Asset Advisor Bo Hines confirmed for the first time: The US is building strategic Bitcoin reserve infrastructure, and the government "tends to increase BTC holdings in a budget-neutral manner."

2. EU License Implementation: Kraken has obtained a MiCA license issued by the Central Bank of Ireland, becoming one of the first exchanges to operate compliantly in 30 EU countries, directly intensifying competition for SOL ecosystem ETFs.

3. Breaking the Barriers of Traditional Finance: Fannie Mae/Freddie Mac received directives from the Federal Housing Finance Agency to study the inclusion of BTC held by compliant exchanges in mortgage assessment assets. If implemented, this will reshape the linkage logic between the credit market and crypto assets.