The recent actions by U.S. regulators are deeply reshaping short-term expectations in the crypto space.

Looking at the market, Bitcoin surged to $90,900 today, and Ethereum increased by over 5%. Behind this rally is a clear catalyst—the upcoming Senate vote on the crypto legislation. If passed, this bill could fundamentally resolve the long-standing regulatory fragmentation issues facing the industry. Specifically, the regulatory authority over mainstream tokens would be assigned to a major Commodity Futures Trading Commission (CFTC)-like body managing commodity-type assets, while tokens with securities attributes would fall under securities regulators. Additionally, the bill would include audit requirements for stablecoin reserves and compliance standards for DeFi platforms, marking their first inclusion into legal frameworks. For the entire industry, this represents a transition from a regulatory vacuum to a stage with clear rules.

Historical comparison makes this even clearer. Last year, Bitcoin reached a high of $126,000, but due to regulatory uncertainty, it retraced nearly 30%. During that period, institutional investors adopted a wait-and-see attitude. Now, that’s different— the Senate has set an 11-day voting window, and the market sees a glimmer of "certainty." This shift from uncertainty to relative certainty is the core driver behind this rebound.

If the bill passes smoothly, exchanges and stablecoin issuers will need to adjust their compliance processes in the short term, which may cause some market volatility. But in the long run, having rules is always better than having none—institutions will feel more confident to enter, and the competitive advantages of compliant exchanges and platforms will become more apparent. This is a substantial positive for the valuation and market depth of mainstream cryptocurrencies.