Retail investors thought the bull market was coming, but banks were building toll booths! The Crypto Rules War Behind JPMorgan, Coinbase, Circle #CLARITYAct #Stablecoins #Coinbase #Circle #JPMorgan

Original author：Dylan股票沉思录

Original source：https://www.youtube.com/embed/KaD0Ccu2kbA

In 2026, the most important battlefield in the crypto market may not be on the exchange or on the K-line chart, but in the text of the bill in Washington. The CLARITY Act has reignited market sentiment, with Bitcoin, Coinbase, Circle, Ethena and other related assets thrust into the spotlight. Many people’s first reaction is: Regulation is finally clear. Is the crypto bull market coming? But the real key question is not "up or not", but: who will write the rules of this round of market conditions? Who can distribute the profits? Who can charge the handling fee? Who can control the entrance of the next round of on-chain dollars? This video focuses on three questions: First, why can JPMorgan be bullish on the crypto market while supporting restrictions on stablecoin earnings? Second, why are Coinbase, Circle, and Ethena highly related to Section 404 of the CLARITY Act? Third, if the banking industry succeeds in writing stablecoin income limits into federal law, will the next crypto bull market be an opportunity for retail investors or a toll booth for banks? Stablecoins, tokenized deposits, JPMorgan Kinexys, Coinbase USDC revenue, Circle, Ethena, bank lobbying, Section 404, Section 604, these seemingly complex words actually point to the same core: the encryption industry is moving from "barbaric growth" to a stage of "rule rewriting". Retail investors are staring at the K-line, and institutions are staring at the text of the bill. If you only look at the currency price, you may only see that the market has started; but if you understand the rules, you may know in advance who will really control the next round of wealth distribution. The content in this issue is for news interpretation and industry analysis only and does not constitute any investment advice. Crypto-assets, related stocks and stablecoin products are subject to high volatility and regulatory uncertainty. Please verify the latest information yourself and make judgments based on your own risk tolerance. If this content helps you understand the logic behind the "CLARITY Act", stablecoin income and the banking regulatory game, please like, collect, subscribe, and tell me in the comment area: Do you think this encryption regulatory reform is a victory for the encryption industry or a victory for the banking system? #CLARITYAct #stablecoin #stablecoinyield #Coinbase #Circle #JPMorgan #Ethena #Bitcoin #cryptocurrency #cryptoregulation #bank lobbying #Section 404 #Section 604 #USDC #Tokenized deposits #Tokenization #JamieDimon #cryptobull #financialregulation #Dylan