#美国加密立法 The U.S. crypto legislation will reshape the industry ecosystem. In the short term, it may trigger market volatility, 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 enhance transparency, but may weaken the privacy features of DeFi. Federal-level uniform rules are expected to end regulatory arbitrage.