The implementation of the stablecoin regulation bill is just the beginning of the compliance process for encryption.

Recently, the United States introduced its first regulatory bill specifically targeting encryption currencies, marking a substantial breakthrough in cryptocurrency legislation in the world's largest financial market. However, industry experts generally believe that this is just the beginning of the compliance process, and a more complex regulatory framework is still being constructed.

The new regulations will allow the use of Ethereum or Bitcoin for everyday consumption and are expected to incorporate them into the investment scope of pension and retirement accounts. This milestone legislation will bring about two fundamental shifts: first, the deep integration of encryption currency with financial technology, restructuring financial infrastructure such as custody, lending, and payment; second, the traditional payment system will undergo structural changes.

Experts have differing opinions on the market impact of the bill. Some believe that despite the simultaneous passage of the bill and favorable news, the market's reaction has been tepid, indicating a strong speculative atmosphere. Other experts hold an optimistic view, believing that the improvement of market structure and regulatory framework is the fundamental change.

It is noteworthy that several large banks have indicated they will launch their own stablecoins or tokenized deposits, showing that the transformation process may accelerate beyond expectations. These banks have formed digital asset teams of hundreds of people and invested heavily in research and development.

In terms of benefits, traditional financial institutions may become the main beneficiaries. Infrastructure banks can earn significant channel fees when connecting traditional finance with on-chain activities. Tokenized money market funds may also become winners, achieving "smart asset management." The DeFi sector is expected to be the biggest beneficiary, with substantial funds anticipated to flow into various DeFi protocols.

However, regional banks may face challenges. They lack technological capabilities and can only rely on generic stablecoin solutions, which in fact reinforces the advantages of large banks. Infrastructure providers that offer technological solutions for trading platforms may have more growth potential than issuers.

The recent sharp rise in Ethereum reflects a significant shift in market expectations. The large-scale buying by digital asset custody institutions has become a major driving force, with the core logic being that Ethereum will serve as the infrastructure layer for the stablecoin ecosystem. Experts point out that Ethereum is undergoing organizational cultural innovation and regulatory environment improvement, and these changes constitute substantial fundamental improvements.

In the cryptocurrency asset management industry, a large number of emerging companies have recently appeared. Experts suggest paying attention to innovative projects, but also point out that the industry is undergoing a process of commoditization, with the key to success lying in economies of scale. Execution capability is viewed as a decisive factor, and the team needs to possess both encryption-native marketing skills and the ability to utilize traditional financial tools.

In terms of macroeconomics, current data basically meets expectations, and there is insufficient reason for a rate cut. Trump's threat to fire the Federal Reserve Chairman has raised concerns, which may significantly undermine the independence of the Federal Reserve. Experts warn that damage to the Federal Reserve's independence will lead to a long-term deterioration of inflation.

Overall, the passage of the stablecoin bill marks a new phase for the encryption industry, but this is just the beginning of the regulatory process. How the market landscape will evolve in the future still requires continuous observation.