#DeFi生态与应用 Goldman Sachs's recent analysis is still interesting. Regulatory clarity is truly the biggest hurdle for institutional entry; 35% of institutions see uncertainty as the greatest obstacle, and this data highlights the issue.

Now that the US SEC has changed leadership, their stance has clearly softened. The previous aggressive enforcement actions have mostly been withdrawn, which indeed marks a turning point. Plus, Trump has made developing cryptocurrency a core policy, and Congress is drafting regulatory frameworks for tokenization and DeFi. These signals, combined, are very different.

The key is the first half of 2026. If legislation can pass before the midterm elections, institutional capital might really see a significant influx. Looking at the DeFi ecosystem and various infrastructure projects now, those who focus on real work and are not dependent on market cycles may become more attractive.

But we still need to wait for the actual implementation. It's easy to say nice things now, but true judgment depends on execution. Clear regulation will definitely benefit the entire industry, but how it will be standardized and which projects will succeed still depends on subsequent actions.