The U.S. Senate Banking Committee will advance the "Responsible Financial Innovation Act" revision in the second week of January. This signal is worth noting.

Here's a summary of the core logic: expanding the scope of the CFTC's authority + establishing a cooperation framework with the SEC means regulators are building a more comprehensive classification system for digital assets. Lummis explicitly stated that large banks can provide custody, staking, and payment services within the regulatory framework, which directly reduces the legal costs for institutional entry.

From an on-chain perspective, there are three key points to observe: first, the scale of fund inflows after large banks' custody services go live, which will be directly reflected in exchange deposit and withdrawal data; second, the compliance of staking services aligned with traditional finance may increase the long-term holding ratio of mainstream assets; third, the timetable for the implementation of payment services, which determines the release cycle of the practicality of BTC/ETH.

In the short term, clarifying the regulatory framework usually suppresses speculative sentiment, but in the medium term, this is a prerequisite for institutional allocation. It is recommended to pay attention to the specific disclosures of subsequent revision meetings, especially the regulatory details of the CFTC on the derivatives market—this will directly affect the evolution of spot and futures price differentials.