The U.S. Senate Banking Committee is scheduled to review the "CLARITY Act" on January 15th, with market expectations of an 80% probability of its passage. Many people regard this bill as a watershed moment for crypto regulation because its intentions are straightforward—cutting through regulatory authority: CFTC will oversee digital commodities, while the SEC continues to monitor securities assets. In simple terms, it aims to fundamentally change the chaotic "enforce first, regulate later" situation.

There is a particularly interesting detail in the bill. It allows exchanges to distribute stablecoin rewards to active trading users but directly bans earnings from idle tokens. The logic behind this design is clear: on one hand, to encourage market liquidity; on the other hand, to prevent crypto products from becoming a disguised deposit channel to evade banking regulations. Once the bill is enacted, traditional capital sources with high compliance requirements—such as institutional investors and pension funds—will have the confidence to enter the market on a large scale.

The current market reaction remains quite calm. BTC fluctuates around $91,000, and ETF fund inflows have noticeably slowed, with overall sentiment leaning neutral. The reason is simple: investors are waiting. Waiting for this "constitutional-level" regulation to be truly finalized. Until then, no one wants to rush in.