Speaking of the upcoming Crypto Market Structure Act (CLARITY Act) that the U.S. Senate is set to push in 2026, it's actually not that complicated—simply put, it’s about giving the entire industry a "clear identity" and "defined boundaries," transforming regulation from "multiple agencies managing separately" to "each doing their own part."

Let's look at the core changes. First, the division of regulatory responsibilities is finally clarified. The SEC will oversee security tokens, while the CFTC will handle Bitcoin, Ethereum, and other digital commodities spot trading. This way, the "regulatory conflicts" can be resolved, and companies' compliance costs can be significantly reduced. At the same time, a licensing system will be implemented—digital commodity exchanges and brokers will need to register and operate legally, and stablecoins will also be brought under federal regulation (similar to the GENIUS Act’s requirement for 100% reserves). The industry will shift from "disorderly growth" to "licensed operation."

There’s also a particularly friendly aspect: the bill explicitly allows banks to provide crypto custody, staking, and payment services. For example, institutions like Fidelity and Circle have already obtained federal trust bank licenses, which helps bridge traditional finance and the crypto world. In terms of timeline, the Senate plans to start review in the second week of January. The House version was passed in July 2025, and the overall probability of approval is estimated at 50%-60%.

Why is this considered the "starting gun" for institutional funds? The reason is quite straightforward. In the past, institutions hesitated to enter on a large scale mainly because the "rules were unclear." Now, with the bill in place, there will be clear guidelines on how to handle custody, regulate trading, and control risks. This means banks and asset management firms—the "mainstream players"—can finally confidently expand their involvement. As compliance concerns diminish, incremental capital will flow in continuously, which could very well become the biggest variable in the market in 2026.