[Coinbase Head of Research: Regulatory Clarity Drives Crypto Industry Transformation] On December 31, Coinbase Head of Investment Research David Duong stated that although cryptocurrency prices have been relatively flat recently, the crypto ecosystem is undergoing a period of transformation. Accelerated institutional adoption and diversification of investor structures are reshaping demand, and the potential of the crypto industry has yet to be fully realized. The evolution of the regulatory environment is one of the key factors driving the crypto industry’s transition from a niche market to an emerging pillar of global financial infrastructure. Global regulatory frameworks are becoming increasingly clear, with the U.S. focusing on stablecoin regulation and market structure clarification, and Europe advancing MiCA regulations. Institutions are adapting in areas such as strategy development, risk management, and compliance. Clearer policies are creating conditions for product innovation, market maturity, and the integration of crypto into payment and settlement systems, laying the foundation for institutional adoption.