#美国核心物价涨幅不及市场预估 The US crypto market is once again at a critical juncture.

The latest news is that the Senate Banking Committee is preparing to vote on the Crypto Market Structure Bill. The current situation is a bit tight: Republicans hold 53 seats, Democrats 47 seats, but the bill requires 60 votes to pass—which means they need to secure 7 to 10 votes from the Democrats. It's indeed a challenging task.

**What exactly does this bill aim to do?**

The focus areas are:
- How DeFi is classified within anti-money laundering frameworks
- Reserve income issues for stablecoins
- Legal protections for non-custodial wallets and developers
- The boundaries of the SEC's authority over token issuance

**What if it passes?**
The benefits are obvious. Industry regulations will shift from vague to clear, and barriers for institutional entry will decrease. DeFi and stablecoins will finally be able to emerge from the "gray area," which is a genuine long-term positive.

**Conversely, if it doesn't pass?**
To be clear, this won't destroy the crypto industry—its fundamentals are limited in impact. But in the short term, it will be a different story. Sentiment may sink, the market could fall first and then reflect, volatility will increase, and those with less experience in bottom-fishing might get shaken out.

**My view on this:**

Rather than seeing this as a life-or-death vote, it's more like a magnifying glass on sentiment and expectations. If it passes, the market accelerates; if not, it's just a delay, not the end.

Frankly, the long-term trajectory of crypto won't be changed by a single vote, but short-term volatility often arises at such critical junctures. The key moving forward isn't about taking big risks, but about pacing and patience.