The U.S. Senate Committee is scheduled to hold a critical vote on the CLARITY Cryptocurrency Bill on January 15th, and this resolution could become a watershed moment for the regulatory framework of the crypto industry.

The core content of the bill is straightforward—clarifying regulatory responsibilities for exchanges, stablecoins, NFTs, and other sectors. To put it simply, it’s like registering these originally wild-growing fields and establishing their identities. For leading exchanges that already prioritize compliance, this is a positive signal, indicating clear rules and fairer competition. However, smaller projects are less optimistic, as strict regulatory environments could directly hinder fundraising and liquidity.

The real challenge lies in the bill’s implementation, which must pass through the political process. Democrats and Republicans have different interests, and the provisions may be amended to the point of being unrecognizable. Even if the vote passes, the detailed implementation process often takes two years or more, during which market sentiment can fluctuate dramatically.

Mechanically speaking, strengthening regulation usually concentrates traffic and trust into the top players, with flagship cryptocurrencies like BTC and ETH likely to be the main beneficiaries, as institutions tend to allocate to relatively risk-controlled assets. Smaller coins lacking a solid compliance foundation may see their liquidity gradually shrink. Ordinary investors need to consider how to adjust their holdings during this transitional period to avoid being passively affected by policy shifts.