#美SEC促进加密资产创新监管框架 The impact of policy stimulus on the market is indeed worth paying attention to. Direct cash handouts and indirect subsidies have completely different effects. The former allows funds to flow in quickly, while the latter is like a merchant’s discount promotion, full of restrictions. This difference is especially evident in the crypto market—when liquidity is ample, mainstream coins like $BTC, $ETH, and $SOL tend to attract capital more easily.

Effective policy implementation can change market expectations. When real money is in place, market participants’ confidence is different. In contrast, those superficial subsidy methods not only drag down efficiency but also make people lose enthusiasm. In the logic of crypto trading, cash flow is king. Policy transparency and execution efficiency will ultimately be reflected in asset prices.