The impact of the Clarity Act has been underestimated. Its passage signifies: BTC and ETH could potentially be recognized as digital commodities at the legal level, shedding their securities attributes in the long term. Banks and institutions will be able to officially hold these assets and directly participate in staking, payments, and DeFi, without relying on intermediaries or ETFs. ETFs create relatively static holding demand, while directly holding tokens could generate a demand for a more dynamic and reusable balance sheet. Take ETH as an example: Spot ETFs allow institutions to invest in Ethereum, while CLARITY enables U.S. financial institutions to conduct business around Ethereum. The potential demand for ETH will expand from "allocation demand" to "operational demand." Banks, brokerages, payment institutions, funds, and enterprises may continuously hold ETH to conduct business, not just buy ETH because they are bullish on its price. Of course, this also applies to other competitive public chains. This impact is likely to be long-term. It doesn’t necessarily mean a market reversal, but it’s definitely a powerful engine and catalyst, with an influence comparable to the approval of BTC and ETH spot ETFs.