Today a friend asked me about the situation in the U.S. I said, based on my limited understanding from afar, the hottest topics right now are probably the innovation exemptions for ICOs (led by the SEC) and stock tokenization (pushed by Robinhood, Coinbase, etc.); next would be prediction markets (regulated by the CFTC with $2 billion investment from the NYSE) and the subsequent mass issuance of mainstream crypto ETFs. As for stablecoins, since the landscape is already quite stable and use cases are limited, the opportunities there are relatively fewer.