The development of the Crypto Assets market has been full of Fluctuation, but the current market environment is undergoing an unprecedented transformation. Unlike the cyclical Fluctuation of the past, we are witnessing a profound institutional change.

Looking back, significant downturns in the crypto market often stem from the collapse of the trust system rather than mere price adjustments. The burst of the ICO bubble in 2018, the chain reaction triggered by the Terra/UST incident in 2022, and the regulatory storm faced by exchanges and stablecoins at the end of 2023 all confirm this point. The core of these events is the erosion of market foundations, not just simple price fluctuations.

However, the current market environment is undergoing a qualitative change. July 2025 marks a milestone, as the implementation of several important bills in the United States signifies that the Crypto Assets market has entered a new stage of institutionalization. The implementation of the GENIUS Act brings a clear regulatory framework to the stablecoin market, requiring issuers to strictly adhere to a 1:1 reserve ratio and a regular disclosure system. At the same time, the passage of the CLARITY Act provides regulatory guidance for the entire Crypto Assets market structure, while the introduction of the Anti-CBDC Act clarifies the United States' stance on central bank digital currencies.

The implementation of these bills not only brings greater transparency and security to the market but also provides more protection for investors. Together, they create a more robust and trustworthy market environment, which is expected to attract more participation from institutional investors.

Although there are still fluctuations in the market, this institutional reform is laying the foundation for the long-term healthy development of the Crypto Assets market. We look forward to seeing how the Crypto Assets market will evolve under this new institutional framework and how it will impact the future of the global financial system.