The new cryptocurrency bill in the U.S. Congress is triggering widespread industry attention. According to reports, the core requirement of the bill is that all crypto exchanges must undergo formal registration; otherwise, they will face shutdown. Industry insiders describe this policy shift as a "key turning point for the legitimacy of cryptocurrencies."

From a market perspective, this shift is highly significant. Cryptocurrency transactions operating in the gray area for a long time are now being pushed into the spotlight—effectively issuing a final warning to unlicensed platforms. This enforced compliance presents an opportunity for traditional financial institutions. The massive liquidity pool in the crypto space has long been coveted by Wall Street, and now it appears to be a matter of leveraging policy to transfer power.

The immediate impact will be direct: compliance costs for some leading exchanges will increase significantly, which may lead to adjustments in user fees. Market makers operating deep within the market will also be forced to come under regulatory scrutiny, potentially curbing market manipulation. Meanwhile, DeFi ecosystems on public chains like Ethereum and Solana may find new opportunities—during times when compliant exchanges are limited, decentralized finance platforms could see growth.

It is important to note that this bill is still in the drafting stage, and there is room for further amendments. Traditional institutions may use this opportunity to raise entry barriers and fee standards. Smaller, lesser-known tokens are also unlikely to escape the ripple effects; industry cleanup is highly probable.

Market participants should closely monitor developments. Volatility in mainstream cryptocurrencies may intensify. Small investors can experiment cautiously, but large-scale funds should remain cautious and wait for clearer policy guidance before making major decisions.