Regulatory enforcement is not being implemented, and the market is instead leaning more towards "self-pricing"

After the delay of the CLARITY bill, the crypto market has shown a short-term divergence: some compliant narrative coins have pulled back, while high-volatility assets are more active. This reflects a reality: when clear regulation is absent, the market often reverts to a phase driven by emotions and capital self-pricing.
For project teams, this is not easy. Without a clear regulatory framework, institutional funds are more cautious, and long-term planning becomes more difficult; but for short-term traders, uncertainty actually means volatility opportunities. Historical experience shows that periods of regulatory gaps are often accompanied by accelerated thematic rotations.
Therefore, the delay of the bill does not necessarily suppress the market trend, but rather changes the participation structure—long-term funds wait on the sidelines, while short-term funds remain active. Understanding this is essential to avoid using long-term logic to trade short-term fluctuations. #CLARITY法案审议推迟