Recently, the regulatory landscape of the crypto market has been quietly changing. From the adjustments in the Fed's policy stance to the introduction of stablecoin application rules, and the establishment of the legal identification of digital assets in the UK, this series of actions reflects a fundamental shift in the global financial system's attitude towards digital assets.

The previously clear policy statements opposing cryptocurrency operations have been withdrawn. The Fed has instead signaled "support for innovation," and the actual thresholds for some banks to engage in related businesses are also decreasing. This is not a small-scale adjustment, but a systemic attitude shift.

From the perspective of stablecoins, the Federal Deposit Insurance Corporation (FDIC) has proposed draft rules for the licensing of payment stablecoin issuers for the first time. What does this mean? It means that stablecoins are beginning to be incorporated into the traditional financial regulatory framework, moving from underground to the sunlight. The UK government has gone further by officially classifying crypto assets as a new type of "personal property," laying the legal foundation for subsequent custody, bankruptcy disposal, and judicial precedents.

The current situation is very clear: global regulation is gradually moving from a "total lockdown" to a "framework governance". Rules are gradually taking shape, and the path to compliance is becoming clearer. For those institutions and large capital that want to connect with the traditional financial system, this direction is an inevitable long-term trend. However, in the short term, they still need to cope with rising compliance costs and pressures for information disclosure.

How will mainstream coins like BTC and ETH perform in this context? What kind of regulatory environment will community-based assets like DOGE and PEPE face? These questions are worth deep consideration. The interaction between the massive capital in the market and the increasingly clear regulatory framework will determine the development direction of digital assets moving forward.