The attitude of US regulators towards the crypto market is undergoing a noticeable shift. The SEC has continuously approved various crypto ETF products, and the CFTC is also accelerating efforts to clarify regulations. These signals indicate that the previously conflicting and ambiguous regulatory landscape is evolving into a structured and institutionalized dual-track system.

The SEC's strategy is clear: to incorporate mainstream crypto assets into the system through compliant tools like ETFs. Meanwhile, the CFTC is busy establishing clear rules for the entire commodity-type crypto market. It is rare to see both agencies move in such unison, which is uncommon in the history of US crypto regulation.

Why is 2026 so critical? Simply put, it is likely the dividing line between the "debate period" and the "implementation period" of US crypto regulation. Before this, there were many uncertainties about the regulatory direction; after 2026, the game rules will be basically set. Participants will gain higher legal certainty, but at the cost of operating within a stricter and more complex regulatory framework.

The impact of this shift will be profound. The global crypto market's center of gravity, trading methods, and even asset flows could undergo significant adjustments. For market participants, the period before 2026 is both an opportunity and a preparation phase.