<div id="readability-page-1"><div><div>Author: Daniel Li2026At the beginning of the year, the US crypto industry ushered in a key turning point—the Clarity Act for Digital Asset Markets was delayed during the Senate review stage. This was supposed to be a systemic project to &#34;end regulatory chaos,&#34; but unexpectedly it ignited the sharpest divisions within the industry.2026 Two of the most representative cryptocurrency exchanges in the US stock market—Coinbase and Robinhood—have unusually taken opposing sides: the former publicly opposes the current version of the bill, while the latter calls for the legislation to be passed as soon as possible. On the surface, this appears to be a debate over regulatory attitudes; but at a deeper level, it represents a direct clash between two business models, two growth paths, and two visions of the future of crypto. For ordinary crypto investors, this is not only about policy direction, but also about where you will trade, how you will make money, what risks you will bear, and whether crypto assets will become the &#34;next-generation financial infrastructure&#34; or just an &#34;ordinary investment category.&#34; Part One: Why Does a Bill Affect the Nerves of the Entire Crypto Market? For over a decade, US crypto investors have lived in a peculiar institutional situation: they can buy coins, trade, and arbitrage, but they have never been able to confirm whether the market they are in is &#34;part of the legitimate financial system.&#34; The same token might be considered a security by the U.S. Securities and Exchange Commission (SEC), but a commodity by the Commodity Futures Trading Commission (CFTC). Different states have different licensing requirements; the same business can operate in New York but might be shut down in California. Companies often only realize they've crossed a line after receiving investigation letters, lawyer's letters, or even fines. The market isn't governed by rules, but driven by litigation. For ordinary investors, this ambiguity in the regulatory framework is not an abstract issue, but rather part of everyday risks: Will a certain token be delisted? Will a certain platform suddenly freeze its functions? Will stablecoin yields be suspended? These are not market fluctuations, but rather &#34;regulatory risks&#34; directly brought about by policy uncertainty. The CLARITY Act was proposed against this backdrop. Its initial intention is not complicated, nor is it simply to &#34;strengthen regulation,&#34; but rather to attempt to solve a long-standing unresolved issue: who should regulate crypto assets, and by what logic? The bill plans to classify digital assets into three categories at the federal level: security, commodity, and utility. It will also redefine the authority boundaries between the SEC and the CFTC, establish a unified national compliance framework for trading platforms, and provide clear legal definitions for new forms such as stablecoins, DeFi, and tokenized assets. In other words, it wants to end the gray order of &#34;develop first, then sue, then supplement the rules&#34;. 2025At the end of the year, the bill has passed a preliminary version in the House of Representatives; 2026 text=&#34;&#34;&gt;21Robinhood text=&#34;&#34;&gt;The size of funded accounts has reached approximately2600–2700Ten thousand, andthose who prefer to obtain unified, clear, and replicable national rules as soon as possible will transform crypto trading into a standardized and scalable basic function, just like stock trading.Therefore,CLARITY Actis not just a regulatory act, but also an &#34;institutional lever&#34; that determines the success or failure of a business model. If regulations tighten, stablecoin yields will be limited, DeFi will contract, and tokens will be fully securitized, significantly compressing Coinbase's long-term strategic space. Conversely, if regulations focus on clarifying boundaries, reducing cross-state compliance costs, and encouraging the adoption of standardized financial products, Robinhood's user expansion speed and business replication capabilities will be significantly amplified. However, it should be noted that although Coinbase and Robinhood have significant differences in their specific terms, at a higher level, their goals are not contradictory: they both hope to end the long-standing regulatory gray area through legislation, making the legal attributes, business boundaries, and compliance responsibilities of crypto assets clear and predictable. For Coinbase, this means institutional clients and long-term capital can enter the market with greater peace of mind; for Robinhood, it means that crypto trading can be standardized and scaled up to a wider retail audience, just like stocks. It is precisely because of their different paths and benefit structures that the two companies have formed a public confrontation over the same bill—they are not vying for short-term stock price fluctuations, but for the most core asset in the future US crypto market: the entry point for funds from tens of millions of ordinary investors, and the financial service ecosystem built around this entry point. The final outcome of this competition will not only determine the winner and loser of the platforms, but will also profoundly change the role and way of life of ordinary investors in the crypto market. Part Three: What Will Ordinary Crypto Investors Face After the Regulatory Turning Point? The power struggle surrounding the CLARITY bill, while seemingly between Congress and company executives, ultimately benefits ordinary investors. Once the regulatory framework is implemented, it will not only change the business boundaries of platforms but also reshape individual investment methods, return structures, and risk profiles. The most obvious change is that the market will shift from &#34;free growth&#34; to &#34;rule-based selection.&#34; For the past decade or so, the core characteristics of the crypto market have been low barriers to entry, numerous projects, and rapid pace: any team could issue a token, and any platform could list it for trading. Investors faced a highly open, but equally chaotic, market. The CLARITY bill requires assets to clearly define their attributes and accept corresponding information disclosure and registration regulations. This means that many small and medium-sized projects will gradually exit mainstream platforms, reducing the number of assets available to investors, but increasing overall transparency and verifiability. The practical result of this is that the space for Ponzi schemes and &#34;air coins&#34; to survive is being compressed, but the probability of &#34;100x coins&#34; and &#34;1000x coins&#34; is also decreasing. The market will become more predictable and less likely to offer opportunities for huge profits. The second change is a fundamental shift in the nature of crypto accounts. In the past, many investors viewed crypto accounts as a &#34;second account&#34; outside the traditional financial system: free transfers, ambiguous tax implications, and minimal record-keeping. However, with clearer regulations, crypto accounts will increasingly resemble securities accounts: transaction records will be automatically generated, tax declarations will be synchronized, fund flows will be traceable, and accounts will be subject to compliance reviews at any time. Coinbase has integrated with tax systems in multiple jurisdictions, and Robinhood is also incorporating crypto accounts into its securities account system. For investors, this means a necessary shift in mindset: crypto assets are no longer considered &#34;gray assets outside the regulatory framework,&#34; but are now formally incorporated into the regulatory network. The third change occurs in the revenue structure itself. In the past, most retail investors' profit logic boiled down to one sentence: buy low and sell high. However, in a more clearly defined regulatory environment, the financial attributes of the crypto market will continue to strengthen, and stablecoin interest, staking yields, platform wealth management, and structured products will gradually become important components. Coinbase is increasing its stake in USDC and USDC, and is also testing yield accounts. This means that crypto investment will shift from &#34;betting on direction&#34; to &#34;managing assets.&#34; Yield curves will be smoother, volatility will decrease, but get-rich-quick returns will become increasingly scarce. Meanwhile, risks will not disappear, only change form. Project collapses and exchange misappropriation of funds may decrease, but regulatory risks will become new variables: tokens may be suddenly classified as securities and trading suspended, certain products may be delisted due to compliance issues, accounts may be frozen under scrutiny, and cross-platform transfers may be restricted. These risks no longer stem from the projects themselves, but from the adjustment and enforcement of rules. Investors need to pay attention to more than just stock charts and narratives; they also need to consider policy trends, regulatory statements, and platform announcements. Ultimately, an unavoidable trend is that crypto investing is becoming increasingly like traditional finance, and increasingly &#34;boring.&#34; It will gradually become a standard option in asset allocation, rather than a machine for creating myths. Robinhood hopes to become a universal investment tool, while Coinbase hopes it will become a core component of the next generation of financial infrastructure. However, both paths ultimately converge—crypto assets will eventually be integrated into the mainstream system.</div></div></div>

The US crypto industry faces a pivotal moment as the Clarity Act for Digital Asset Markets is delayed, leading to a divide between major exchanges Coinbase and Robinhood. Coinbase opposes the bill, while Robinhood advocates for its swift passage. This conflict reflects deeper business model differences and regulatory concerns affecting ordinary investors. The Clarity Act aims to clarify the regulatory framework for crypto assets, potentially transforming trading into a standardized function akin to stock trading. The outcome will shape the future of the US crypto market and the entry point for retail investors.

- The U.S. crypto industry faces a pivotal moment as the Clarity Act for Digital Asset Markets is delayed, causing a rift between major exchanges Coinbase and Robinhood.  
- The Act aims to clarify regulatory frameworks for cryptocurrencies, impacting business models and investor experiences by potentially reducing risks associated with a chaotic regulatory environment.  
- Ultimately, it signifies a shift toward a more structured investment system, integrating crypto assets into mainstream finance while changing how investors engage with the market.

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