The delay in the review of the US cryptocurrency regulation bill, the "CLARITY Act," has recently sparked considerable reflection within the industry. Renowned blockchain analyst Michaël van de Poppe stated that this delay is actually a positive signal— the current version of the bill's regulatory provisions are too strict, and pushing them forward directly would inevitably harm the market. This delay provides the industry and lawmakers with an opportunity to renegotiate, avoiding unreasonable laws that suppress innovation.

Where exactly is the problem? Michaël pointed out that the restrictions on DeFi and the substantial ban on tokenized stocks are two core issues. These provisions clearly contradict the decentralized nature of blockchain, not only stifling the industry's innovative momentum but also potentially blocking the integration of traditional financial assets with the crypto ecosystem. If this happens, the US's competitiveness in the global crypto market will be severely weakened.

Some major exchanges and institutions have withdrawn their support for the bill, and this is not unfounded. Their CEO explicitly listed three major issues with the bill: infringement on user privacy rights, prohibition of stablecoin yield functions, and the weakening of the US Commodity Futures Trading Commission (CFTC)'s regulatory authority. He candidly stated that this version of the bill is "actually worse than the current situation."

This reflects ongoing disagreements between the two parties in the Senate over the division of authority between the SEC and CFTC. The crypto industry is actively demonstrating its stance: good regulation should protect the market and promote innovation, not suppress it under the guise of regulation. This game is far from over.