Stop just watching the ups and downs of the K-line. The implementation of the US fiscal year 2026 defense budget has actually paved the way for the crypto market. What’s most worth paying attention to is not the numbers themselves, but two core policies hidden within the budget details—they are quietly rewriting the future of this industry.

Let's start with the first key term: Anti-CBDC clauses. The US National Defense Authorization Act explicitly prohibits the Federal Reserve from developing and testing central bank digital currencies. Some might think this is just a technical policy and has little to do with Bitcoin. But a closer look reveals the underlying logic—when official digital currencies are frozen, decentralized assets naturally become winners. Bitcoin’s inherent privacy features and borderless nature perfectly fill this gap. While the US is shutting down the CBDC pathway, it is simultaneously promoting Bitcoin reserve schemes. What does this combination of actions indicate? It shows that policymakers are actively steering crypto assets toward the "digital gold" positioning. This shift will have a longer-term impact on the market that is more worth pondering than short-term price fluctuations.

The second key point is chip export controls. The legislation imposes strict restrictions on US chip manufacturers exporting high-performance AI and computing chips overseas, which directly impacts the mining industry. The reality is that China-based manufacturers dominate the global supply chain of mining hardware. In the short term, this will drive up the cost of mining equipment, squeeze the survival space of small and medium-sized mining farms, and cause adjustments in the network’s hash rate distribution. But from a long-term perspective, this move is shifting the focus of the mining industry toward the US. The US is already the world’s largest mining country, and these new restrictions will only accelerate this concentration. Moreover, from another angle, this actually strengthens the geographic diversity and decentralization of the Bitcoin network—distributing hash power within the US is beneficial for network stability and security.

Connecting these two policies, the picture becomes clear. Regulators are using the guise of national defense and technological security to build a broader framework that is more friendly to crypto assets. CBDC is put on hold, further solidifying Bitcoin’s asset attributes; chip controls promote local mining, making the network more decentralized. This is not accidental but an inevitable result of policy logic.

For market participants, what do these signals mean? It indicates that the crypto industry is transitioning from a "wild growth" phase to a "policy framework" phase. Bitcoin’s status as a "digital commodity" is being gradually reinforced, mining industry relocation is accelerating, and ecosystem decentralization is deepening. These changes may not be reflected in prices overnight, but for those with a long-term outlook, now is a good time to understand the market direction.