2026 is becoming a policy watershed for the US cryptocurrency industry. Based on current information, this year not only consolidates several key legislative agendas but also serves as a critical window for administrative policy adjustments. The entire industry’s focus is on a core shift: from a past "enforcement-led" approach gradually evolving into a "legislation-led" regulatory model.

What does this mean? Simply put, the US aims to establish a comprehensive federal regulatory framework, rather than relying on agencies to negotiate and enforce on a case-by-case basis as in the past. The boundary between the SEC and CFTC’s responsibilities will also become clearer during this process, which is crucial for market stability expectations.

But there is a time pressure. If legislative breakthroughs are achieved in the first quarter, the likelihood of passing comprehensive bills throughout the year will significantly increase. Conversely, if caught in the vortex of election cycles, progress is likely to be delayed.

Even if legislation stalls temporarily, don’t be too pessimistic. The current administrative regulatory tone has already undergone a qualitative change — for example, the SEC has already adjusted its focus away from crypto assets in its annual review. More importantly, traditional financial institutions are continuously entering this space, creating a momentum that amplifies market calls for clear rules. In other words, regulatory clarification has become an irreversible trend.

So whether 2026 can be a turning point depends critically on whether legislative and political rhythms can be balanced.