Regulatory disagreements have caused market fluctuations. The US Senate's CLARITY Act regarding cryptocurrencies has faced obstacles, and a major exchange announced its withdrawal of support for the bill due to concerns over stablecoin competition risks, leading to industry polarization. Simultaneously, Securitize, backed by investment institutions, saw its SPAC-related stock price soar nearly 10%, while the exchange's stock price was pressured and fell 4%. The behind-the-scenes withdrawal reflects the利益冲突 between traditional exchanges and new financial infrastructure platforms in the stablecoin ecosystem—one side attempting to maintain market position through policy influence, the other seeking compliance breakthroughs. The Senate Banking Committee subsequently decided to postpone the review, and market opinions on subsequent policy directions remain divided. This round of game theory essentially represents a reallocation of power between on-chain finance and traditional financial systems within the regulatory framework.