I think the CLARITY bill mentioned yesterday may need to be given more attention. After the bill is passed, the Nasdaq attribute of Bitcoin may decrease, while the commodity attribute will increase. That is to say, the reference benchmark for the future trend of the big cake may to some extent shift from the US stock market to follow the movements of crude oil, gold, copper, and soybeans in a larger proportion. For example, last night Trump threatened to lower WTI after 100% tax on Russia, and the pie fluctuated accordingly. And with the shift of regulatory authority from SEC to CFTC, there will inevitably be some changes in market form under the adjustment of the underlying logical framework. For example: 1. Existing currencies in the market, such as Bitcoin and Ethereum, may be clearly recognized as mature systems under CFTC regulation. 2. Other currencies may not meet the regulatory requirements of the CFTC, and the SEC retains oversight over certain "investment contract assets". The market is divided into categories that can be regulated or not by the CFTC. 3. Do encryption platforms need to re register with CFTC and comply again 4. The spot market will be standardized, similar to moving from "vague financial products" to "clear commodity futures" In the future, there may be a market trend where various currencies in the overall currency pool gradually meet the requirements and shift from the SEC pool to the CFTC pool, while CFTC regulation becomes more relaxed. CFTC-ization becomes one of the positive narratives in the market, which in turn triggers the acceleration of various currencies to switch sides