A recent wave of policy changes has indeed attracted a lot of attention. Since December this year, regulatory authorities have shown a明显松动 attitude towards the crypto industry—over 60% of cases have been撤销或暂停, and multiple investigations have also been停止. Simultaneously, actions include Congress推进的首批重要的加密立法框架, and the监管规则 for stablecoins have also been落地. CFTC and OCC have also批准了一轮机构级的信托牌照申请, seemingly clearing obstacles for the融合 of traditional finance and crypto assets.

Logically, these news should be enough to利好市场. But the interesting part of reality is—despite this, prices in December still跌了不少. This reflects a问题：the market's预期 for监管改善可能早已消化得差不多了, or in other words, investors关心的不止是政策面, but also实际资金流向. However, in the long term, this kind of政策方向的明确性确实能稳定预期, and leave room for后续发展.