Recently, global capital markets have once again heightened their focus on the cryptocurrency industry, particularly regarding new developments in the regulation of Bitcoin, stablecoins, and virtual assets. This has sparked renewed investment enthusiasm for "crypto concept stocks." Whether it is the U.S. Senate advancing stablecoin legislation or the Hong Kong Securities and Futures Commission approving traditional brokerages to engage in virtual asset trading, multiple signals are collectively guiding the market to release a clear expectation: crypto finance may transition from the "gray area" to the "compliance runway."

Driven by this macro trend, the stock prices of related listed companies have strengthened, especially those with a background in blockchain technology, digital currency services, or trading platforms, such as Coinbase, MicroStrategy, and Marathon, which have attracted significant capital. In the Asian market, companies tagged with "Web3" and "virtual assets" in Hong Kong stocks have also shown periodic activity. This is not merely a short-term game of price fluctuations but a process where investors reassess risks and opportunities at the intersection of policy logic and industry logic.

First, from the perspective of the policy environment, the "ambiguous attitude" of the U.S. towards crypto regulation is gradually becoming clearer. Last week, the U.S. Senate unusually passed the "GENIUS Act" with bipartisan support, aimed at establishing a compliant issuance system for stablecoins and clarifying the division of responsibilities between federal and state regulatory agencies. Although the bill still requires review by the House of Representatives, its symbolic significance is substantial, signaling that the U.S. government is willing to accept stablecoins and incorporate them into the financial system. Meanwhile, the Federal Reserve's cancellation of the "reputational risk" assessment standard has also been interpreted by the market as a loosening of regulations on crypto banking. Following the Trump administration's political vision to "end Operation Chokepoint 2.0," cooperation between the crypto industry and financial institutions may be back on track.

Secondly, policy breakthroughs in the Asian market are also boosting confidence. Recently, Guotai Junan International was approved to provide full-chain services for virtual assets, becoming the first Chinese brokerage in Hong Kong to enter the virtual asset trading field. This news quickly gained traction in the capital market, interpreted as a clear signal that "the compliance channel has been opened," and the entry of traditional brokerages undoubtedly lowers the threshold for institutional participation in Web3 and digital assets. It is foreseeable that more financial institutions may follow suit in applying for licenses, driving the improvement of the entire ecological infrastructure.

Beyond favorable policies, the warming of market sentiment is also noteworthy. Although Bitcoin's current price has not reached a historical high, its volatility has significantly decreased, reflecting that more institutional investors are getting involved rather than being dominated by retail speculation. At the same time, the functions of crypto assets in global payments, clearing, and cross-border circulation are being reassessed. Some large tech companies have resumed support for digital currency payments, and some banks are exploring the feasibility of using stablecoins as internal settlement tools.

For crypto concept stocks, this means that their valuation logic is no longer entirely dependent on price trends but is more related to their technological capabilities, compliance pathways, and ecological influence. Taking Coinbase as an example, its diversified layout through the issuance cooperation of stablecoin USDC, NFT platforms, and compliant wallets has gradually evolved from a "trading platform" to "Web3 financial infrastructure." Similar companies are becoming important interfaces for the "integration of crypto and traditional finance," providing stronger fundamental support for their stock prices.

Of course, the current market sentiment is not without bubble components. Some companies have experienced significant fluctuations due to their association with "crypto" and "Web3," reflecting that some investors still hold a short-term speculative mindset. Meanwhile, although policies are actively advancing, the inconsistent regulatory pace and lack of unified legal frameworks across countries remain the biggest uncertainties facing the industry. For example, U.S. legislation has not yet officially become law, while mainland China still maintains a strong regulatory stance on virtual asset trading, and investors need to be wary of the risk of policy "reversal."

In the long term, as compliance infrastructure improves, financial technology integration deepens, and public awareness increases, crypto concept stocks may establish a new valuation system and growth logic between traditional and emerging industries. For investors, identifying companies with a solid technological foundation, clear compliance pathways, and close ties to real application scenarios is key to seizing this round of crypto recovery opportunities.

In summary, the current focus on crypto concept stocks is both a market response to policy signals and a renewed bet by investors on the long-term trend of digital finance. In the face of this wave of emotional and structural resonance in the market, rational participation and in-depth analysis will be more important than blindly chasing prices. The story of the crypto industry has just entered the second chapter of compliance and scaling.

Related: "The Wall Street Journal": The Trump administration considers issuing an "anti-banking" executive order

Original article: “The Heat of Crypto Concept Stocks Rises: Policy Benefits and Market Expectations Resonating, Investment Sentiment Warming”

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。