To be honest, the fact that SEC Chairman @ SECPaulSAtkins and CFTC Chairman @ ChairmanSelig were able to jump out and set the flag immediately after the Clarity Act was rejected is a huge boon. What problems do their regulatory frameworks need to address? Let's elaborate: 1) Firstly, Sec and CFTC have their own regulatory boundaries and no longer compete for cases. BTC, ETH, SOL, and other large currency assets such as spot ETFs, futures, and fund allocations are no longer concerned about being classified as securities by the SEC. Mining, staking, and airdrops are also classified as securities. This establishes rules for institutions to allocate encrypted assets and provides certainty; (Pulling funds) 2) The solicitation of opinions led to the SEC compliant ICO in October, which directly opened up various exemption channels for cryptocurrency companies to raise funds in the United States, including an early startup exemption of 5 million yuan accumulated over four years, a financing of 20 million yuan or more per year, and a legally disclosed investment contract safe harbor, among others. This provides a funding channel for the emergence of a new batch of projects, laying the foundation for the prosperity of encryption; (Pull Project) 3) Speaking of the super narrative of tokenized stocks in this round, is the number currently stuck in the brokerage app legally entitled to dividends, voting, and transfer rights. Because the traditional DTCC system used for clearing US stocks now has off chain registers, the on chain tokenized stocks and off chain register books do not match, which limits the expansion of tokenized stock scale. The transfer rules that the SEC is promoting allow on chain registers to be used as official shareholder register targets for this purpose. The significance of further scaling up the narrative of tokenized stocks is self-evident, right? (Strengthening Narrative) 4) Let's take a look at introducing excellent offshore perpetual contract platforms like Hyperliquid to the United States. According to the traditional management framework of CFTC, futures must be listed on registered exchanges and guaranteed through clearing houses, and clients must undergo KYC and fund segregation at brokers. However, products like Hyperliquid without licenses, KYC, and compliance clearing are difficult to introduce. What should I do? Deploying CFTC compliant registration entities within Hyperliuquid's permissionless framework, allowing whitelist addresses in the United States, indirectly achieves the integration of trading, clearing, and brokers? (Strengthening Innovation) The above. Are you clear now? Although the regulatory frameworks of the SEC and CFTC do not have the immediate and visible effects of the CLARITY Act and the stability of subsequent congressional changes and changes in chairman, they will not miss any major tasks that need to be done for the cryptocurrency industry, such as attracting institutional funds, attracting projects, smoothing narrative barriers for tokenized stocks, and introducing perpetual contract platforms.