#美联储降息25个基点 In terms of regulation, the U.S. Congress has made significant progress in the formulation of the GENIUS Act and clear rules related to stablecoins. The White House has established a Working Group on Digital Asset Markets, which has engaged with many industry participants and is committed to providing clear regulatory guidance for the industry. At the same time, the U.S. Securities and Exchange Commission (SEC) has announced Project Crypto, aimed at making the U.S. the cryptocurrency capital by exploring initiatives such as how to tokenize a broader range of assets in financial markets.

Builders in the encryption industry have also made significant progress. Currently, there are multiple large and liquid prediction markets, with more new markets set to launch. The supply and usage of stablecoins have reached historical highs, with holders of these assets covering more regions. Many on-chain protocols have achieved eight-figure to nine-figure revenues, and several of these protocols also serve as developer platforms, boasting active startup ecosystems—these startups are also generating revenue! It can be said that this is one of the best times for builders in the encryption industry.

My favorite saying is: "The market potential of digital assets (TAM, Total Addressable Market) is currently the largest, while also being the smallest in the future." This is particularly true at present.