Recently, there is a phenomenon worth following: when asked about "when will key positions be filled" and "the specific implementation timeline," the responses from the regulatory authorities have become increasingly vague—those who should come have not yet arrived, and there is no timetable for the projects that should be launched. This seems like just a personnel issue, but in reality, it has far-reaching implications.

In the next few months or even years, the compliance framework of the cryptocurrency market, the conditions for institutional entry, and the liquidity environment will all depend on these factors. With no captain determined and the journey yet to begin, any slight change can completely reverse expectations. The market is like a fleet with blindfolds on—it knows the direction but cannot see how to get there.

Historically, the ambiguous period of policies and regulations is often when issues arise most easily. Institutional investors tend to hold their assets and wait, while retail investors begin to feel anxious, and players with informational advantages take the opportunity to create chaos. The most direct consequence is: the next steps for ETFs, clear rules for stablecoins, and compliant pathways for cross-border payments—these are all things the market eagerly awaits, and nine times out of ten, they will be postponed again, leading to unmet expectations and a reversal of sentiment.

But this uncertainty also hides opportunities. When the top-level design is still unclear, those projects that do not rely on policy dividends and instead build their own trustworthy infrastructure appear particularly resilient. This is the true test of a project's strength.