Recently, there are a few regulatory developments in the crypto market worth noting.

First, let's talk about the legislative trends in the United States. The "Crypto Market Structure Act" is not progressing smoothly. TD Cowen's analysis indicates that political negotiations in Congress will significantly extend this process. At the current pace, the bill might not pass until 2027, and actual implementation could be delayed until 2029. Of course, there is still a possibility of progress this year, mainly depending on whether both parties can reach a consensus.

What has sparked more controversy is the disposal of assets seized by Samourai Wallet. Under instructions from the Department of Justice, the US Marshals recently sold approximately 57.55 BTC through a major exchange's custody service, worth over $6.3 million. This operation has raised many questions—an executive order from the current government explicitly states that BTC confiscated should go into the "US Strategic Bitcoin Reserve," rather than being sold off directly. This detail has touched a nerve for some people.

Meanwhile, Democratic Congressman Ritchie Torres has proposed a new bill to restrict government officials from participating in prediction markets. This is a response to previous insider trading controversies related to the "Maduro event betting"—some officials allegedly used their authority to engage in market speculation, raising concerns about abuse of power. The proposal seems aimed at establishing some form of checks and balances.

From these developments, it appears that the regulatory framework for the crypto market is still evolving, and the boundaries of authority are being redefined.