Has the policy direction changed? Negotiations between the government and the crypto industry seem to have reached a new turning point.

It is reported that the U.S. government is reevaluating its stance on legislation related to the structure of the cryptocurrency market. The key turning point was when a major compliant platform suddenly changed its position without sufficient communication—this move triggered a strong response from the government. The government considers this a "backstab" in the negotiation process; more importantly, the government has explicitly stated that a single enterprise cannot represent the entire crypto ecosystem.

Here is an interesting issue of power division. The government emphasizes that it is promoting a systematic market framework, rather than the private agenda of a single exchange. Especially on topics like bank yield protocols involving multiple stakeholders, industry consensus is necessary rather than unilateral decisions.

From a market perspective, this reflects the subtle game between the crypto industry and traditional financial regulators—aiming to promote innovation-friendly policies while balancing the interests of the banking system. Policy-making authority always resides with the government, but how it is implemented depends on whether all parties can return to the negotiation table to find a balance.

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