4E: SEC's tone is slowing down, institutional financing is active, and cryptocurrency infrastructure is entering an acceleration period According to 4E's observation, the latest focus of the US SEC's 2026 fiscal year review did not specifically mention cryptocurrencies, which is in stark contrast to the "strong regulatory" orientation of the past few years. The newly appointed chairman Paul Atkins emphasized that the review should not become a "trap style" procedure, and the focus should shift to core areas such as trust obligations, custody, and customer protection. The market generally sees this as a signal of a more moderate regulatory attitude. At the market level, Kraken announced the completion of a $800 million financing, with a valuation of $20 billion, and received a $200 million strategic investment from Citadel Securities to provide capital and market structure support for its 2026 IPO. Kraken has recently expanded its derivatives business through mergers and acquisitions, maintaining growth in trading volume and revenue, and significantly enhancing institutional confidence. In terms of technological development, the Ethereum Foundation has proposed the "Ethereum Interop Layer (EIL)" aimed at achieving a unified user experience across L2, making all second layer networks as smooth as a single chain. The solution based on ERC-4337 allows users to complete cross chain operations with a single signature, without the need for bridging or intermediaries, directly addressing the current pain point of L2 fragmentation, which may become a key infrastructure direction for the Ethereum ecosystem in the coming years. Traditional finance is also accelerating its on chain transformation. HSBC announced that it will open up tokenized deposit services to customers in the United States and the United Arab Emirates, enabling instant settlement of cross-border funds and 24/7 availability, providing more efficient liquidity management tools for large enterprises. Tether is strategically investing in Ledn, a Bitcoin collateralized lending platform, which is expected to experience rapid growth in loan volume by 2025 and become a leader in the cryptocurrency lending market. 4E Comment: There is a mild signal from the regulatory side, and institutions continue to increase their efforts. Technological breakthroughs in infrastructure accelerate the process of traditional financial chain integration, and the cryptocurrency industry still shows structural resilience in short-term market fluctuations. The current construction efforts may lay a solid foundation for the next cycle.