Let's take a look at the recent macroeconomic impact on the cryptocurrency market, mainly driven by actions in the United States. The US has delayed the market structure plan, which in the short term is indeed a bearish signal for altcoins, at least in terms of sentiment. Coinbase has been preparing for this for not just a year or two, but several years. They are actively promoting a market structure plan with a single core goal: to bring altcoins and stablecoins into compliance. Once the structure plan is approved, the impact will be profound. According to the current direction, most spot trading will be regulated by the CFTC rather than being uniformly treated as securities. More importantly, the plan also includes a property conversion mechanism. When a small crypto asset gradually grows and meets criteria such as decentralization and governance decentralization, its classification can shift from a security to a commodity. This is historic. It means that the growth path of "early securities, mature into commodities" is being officially recognized for the first time. Many will ask, why do giants like Google, Meta, Microsoft, and Tesla never issue their own tokens? It's not because they don't want to make money, but because the law simply doesn't allow it. Under the current framework, crypto assets are almost automatically treated as securities, and once they cross into the gray area of securities issuance and trading, the risks are unmanageable for any publicly listed company. So the issue has never been about technology or business models, but about—unclear rules. Once the rules are clarified: what kind of tokens are securities, what tokens can be recognized as commodities, who is responsible for regulation, and where the boundaries of responsibility are—then all major companies will be able to enter the market legally and properly. This is the true significance of the market structure plan. Short-term delays may suppress sentiment; but once implemented in the long run, the ceiling of the entire crypto market will be re-opened. #我的2026第一条帖