Regarding the market implications of the government shutdown ending, aside from the liquidity replenishment from TGA spending, we also need to pay attention to the implementation of the Great America Act (probably many people have forgotten about the Great America Act): 1. The most direct impact of ending the shutdown is what we previously discussed—the Treasury can start spending again, and the TGA account, which has been like a dammed lake, can begin to release funds. This will significantly ease the liquidity crunch in the market. After all, the tight liquidity during this period has been directly driven by the government shutdown, which prevented fiscal funds from being spent. Back in mid-September, I was probably one of the first to discuss the logical relationship between the government shutdown, frozen fiscal spending, and liquidity issues: https://(((x.com)))/qinbafrank/status/1979006907244515578?s=46&t=k6rimWsEbo2D2tXolYcM-A 2. The second point is that many fiscal policies under the Great America Act (tax cuts, deregulation, etc.) from July are finally starting to be implemented. The government shutdown was merely a political game between the two parties over fiscal spending for the next year, but the Great America Act is the most important and central fiscal and industrial policy framework of Trump’s second term. It essentially covers most of Trump and Bannon’s domestic policy measures. October marks the beginning of the new fiscal year for the U.S. government, but this year’s shutdown at the start of October left many policies under the Great America Act hanging in the air, unable to be implemented. Here are the key points of the Great America Act: https://(((x.com)))/qinbafrank/status/1939210611478417782?s=46&t=k6rimWsEbo2D2tXolYcM-A. Various tax reduction measures (especially capital expenditure deductions), increased defense spending, AI regulatory rules, etc. These policies should gradually roll out once the government resumes normal operations. 3. Many policy advancements for the crypto industry are also starting to move forward again. As previously discussed: https://(((x.com)))/qinbafrank/status/1970344152983560405?s=46&t=k6rimWsEbo2D2tXolYcM-A, the most important policies for the digital asset market in Q4—such as the Digital Market Structure Act and the SEC’s spring agenda on crypto innovation exemptions—were stalled due to the government shutdown. Now that the government is back to normal, these policies can be pushed forward again. The most critical one here is the Digital Market Structure Act, which defines asset classifications, regulatory boundaries, and scopes, and even establishes a unified and coordinated crypto regulatory framework. Its importance to the industry is even greater than the Stablecoin Act. If the SEC’s innovation exemption rules can be introduced, it would essentially draw a clear line—anything outside the red line can be pursued, effectively encouraging innovation. This would be good news for asset tokenization, RWA, and other new business models.