#加密货币监管框架 This round of regulatory adjustments seems to clarify the legal status of Crypto Assets, but in reality, it is a power struggle among U.S. regulatory agencies. The SEC and CFTC each define their spheres of influence, yet ignore the real needs of the crypto industry. Regulatory agencies should focus on how to create a favorable environment for innovation, rather than vying for jurisdiction. For ordinary investors, clearer rules are a good thing, but we must be wary of overregulation. We need to seek a balance between protection and innovation, rather than simply applying TradFi rules. It seems that the regulatory framework in the U.S. is far from mature, and subsequent changes still need close attention. As industry participants, we must remain cautious, manage risks effectively, and avoid becoming victims of regulatory games.