@neonhaven

On August 22, 2025, more than seven months had passed since the new administration took office. Since January of this year, Washington's friendly stance toward the crypto industry has become a clear policy axis. However, despite this general direction, the industry's development path is still littered with obstacles left over from the previous administration. The "enforcement-based regulation" strategy implemented by former SEC Chairman Gary Gensler before his departure in January 2025 remains like a reef left behind by the receding tide. Although its impact has diminished, numerous outstanding lawsuits and unclear regulatory definitions continue to constrain the industry's potential.

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