2026 will be a turning point for the crypto industry. The United States will gradually advance several key legislations, each potentially reshaping the market landscape.

**January: Regulatory Authority Restored**
The Senate initiates review of the "Crypto Market Structure Act," signaling that the long-standing division of authority among regulatory agencies will finally be clarified. Meanwhile, the SEC's "Innovation Exemption" framework is expected to be released, which is a positive signal for early project teams.

**May: Federal Reserve Changes Leadership**
Jerome Powell's term expires, and the Trump administration will appoint a new Federal Reserve Chair. If a candidate supportive of crypto takes office, it could alter liquidity dynamics, and the interaction between crypto assets and traditional financial markets may also adjust.

**July-August: Legal Details Are Coming**
California's regulations related to digital financial assets and the implementation details of the "GENIUS Act" for stablecoins will be rolled out simultaneously. Notably, the tax exemption policy for small-value transactions involving stablecoins is worth paying attention to, as it could open the door for crypto payments in everyday consumption in the U.S.

**November: Midterm Elections Decide the Future**
The results of the midterm elections will directly influence whether this wave of "friendly policies" can continue. Ultimately, policy stability depends on the attitude of Congress.

Overall, from unregulated growth to institutionalized operation, 2026 marks a dividing line. Once regulatory boundaries are established, the competitive logic of projects will shift, and technology and mechanisms will become more important than narrative storytelling. For many on-chain projects, compliance costs will directly impact how far they can go.