The U.S. is showing clearer signs of a regulatory framework for crypto, but it’s not yet time to celebrate. On July 29, the SEC added “Regulation Crypto” to its upcoming agenda, focusing on custody, exchanges, data retention, and capital requirements for brokers. Notably, the approach is no longer solely about tightening restrictions—it’s shifting toward establishing clear compliance pathways for issuers and intermediaries. Previously, the SEC and CFTC tentatively classified 16 major assets as digital commodities, determining that qualifying payment stablecoins are not considered securities. However, the CLARITY Act remains the sticking point. The bill requires 60 votes in the Senate before the August 8 recess, yet its estimated passage probability is only around 30%. Provisions on ethics and user protection continue to divide lawmakers. The slight decline in BTC and ETH is not due to a loss of market confidence—rather, the market is pricing in regulatory uncertainty. Clear laws will accelerate institutional capital inflows. Regulatory ambiguity will keep liquidity on the sidelines.