【Regulatory uncertainty is converging, and the beautiful country's crypto legislation has not stalled】
HSBC's latest viewpoint has provided the market with a very critical judgment:
Even if leading exchanges temporarily withdraw support for the crypto market structure bill, the legislative process itself has not been substantively interrupted.
The reasons are quite realistic 👇
First, what the industry truly wants is not a "perfect bill," but certainty.
Compared to the "enforcement-style regulation" that may change at any moment, institutions, project parties, and funding sources care more about:
👉 Clarity
👉 Predictability
👉 Long-term enforceable written rules
This is also why, even though Coinbase's CEO stated "I would rather have no bill than a bad bill," in the reality of the game, reasonable compromise remains the most likely outcome.
Second, capital is already paving the way for regulation.
The crypto political action committee Fairshake, supported by Ripple and Coinbase, is continuously investing funds into Congress, with a very clear goal:
👉 Promote the passage of clear and actionable regulatory texts
👉 Strive for a "legal identity" at the institutional level for the industry
This indicates one thing:
The industry has shifted from "confronting regulation" to "participating in rule-making."
Third, feasible paths are emerging.
HSBC believes that the related bill from the Senate Agriculture Committee is more likely to be implemented first—
Even if the relevant disputes with the SEC have not been fully resolved,
CFTC can still be granted regulatory authority over the spot commodity market,
Providing the most critical step for institutional capital to enter: legal certainty.
In summary:
Regulation is not a negative factor; vague regulation is.
When rules begin to be written down, real long-term funds will seriously consider entering the market.
Many people focus on short-term news,
While smart money focuses on—when the system allows it to make confident bets.
