#美国加密立法 U.S. cryptocurrency legislation will reshape the industry ecosystem. In the short term, it may trigger market fluctuations, and increased compliance costs could force small and medium-sized institutions to exit, accelerating industry consolidation. A clear regulatory framework will enhance mainstream capital confidence, attract traditional financial institutions, and promote the compliance process of crypto assets. Strengthened anti-money laundering and tax provisions will increase transparency but may undermine DeFi privacy features. Unified federal rules 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 the Web3 competition, but caution is needed to avoid excessive regulation stifling innovative vitality.