<p>作者：Daniel Li</p>
<p>2026 年年初，美国加密行业迎来了一个关键的转折点——数字资产市场的清晰法案在参议院审查阶段被延迟。这本应是一个旨在 “结束监管混乱” 的系统性项目，但意外地引发了行业内部最尖锐的分歧。2026 年，美国股市中两个最具代表性的加密货币交易所——Coinbase 和 Robinhood——异常地站在了对立面：前者公开反对该法案的当前版本，而后者则呼吁尽快通过立法。从表面上看，这似乎是对监管态度的辩论；但从更深层次来看，它代表了两种商业模式、两条增长路径和两种对加密未来的愿景之间的直接冲突。对于普通的加密投资者来说，这不仅关乎政策方向，还关乎你将在哪里交易、如何赚钱、承受什么风险，以及加密资产是否会成为 “下一代金融基础设施” 或仅仅是 “普通投资类别”。第一部分：为什么一项法案会影响整个加密市场的神经？十多年来，美国的加密投资者生活在一种特殊的制度环境中：他们可以购买币、交易和套利，但从未能确认自己所处的市场是否 “属于合法金融体系”。同一种代币可能被美国证券交易委员会（SEC）视为证券，但被商品期货交易委员会（CFTC）视为商品。不同州有不同的许可要求；同一业务可以在纽约运营，但可能在加利福尼亚被关闭。公司往往在收到调查信、律师函或甚至罚款后才意识到自己已经越界。市场不是由规则管理的，而是由诉讼驱动的。对于普通投资者来说，这种监管框架的模糊性并不是一个抽象的问题，而是日常风险的一部分：某个代币会被退市吗？某个平台会突然冻结其功能吗？稳定币收益会被暂停吗？这些不是市场波动，而是政策不确定性直接带来的 “监管风险”。在这种背景下，CLARITY 法案应运而生。它的初衷并不复杂，也不仅仅是 “加强监管”，而是试图解决一个长期未解的问题：谁应该监管加密资产，以及以什么逻辑？该法案计划在联邦层面将数字资产分为三类：证券、商品和实用工具。它还将重新定义 SEC 和 CFTC 之间的权力边界，建立统一的国家合规框架，并为稳定币、去中心化金融（DeFi）和代币化资产等新形式提供明确的法律定义。换句话说，它希望结束 “先发展、再起诉、再补充规则” 的灰色秩序。</p>
<p>2025 年年底，该法案在众议院通过了初步版本；2026 年文本=&#34;&#34; �3e21Robinhood 文本=&#34;&#34; �3e 资金账户的规模已达到约 2600-2700 万，而那些希望尽快获得统一、明确和可复制的国家规则的人，将把加密交易转变为一种标准化和可扩展的基本功能，就像股票交易一样。</p>
<p>因此，CLARITY 法案不仅仅是一项监管法案，更是决定商业模式成败的 “制度杠杆”。</p>
<p>如果监管收紧，稳定币收益将受到限制，去中心化金融（DeFi）将收缩，代币将完全证券化，从而显著压缩 Coinbase 的长期战略空间。相反，如果监管集中在明确边界、降低跨州合规成本和鼓励采用标准化金融产品上，Robinhood 的用户扩展速度和业务复制能力将显著增强。然而，需要注意的是，尽管 Coinbase 和 Robinhood 在具体条款上存在显著差异，但在更高层面上，它们的目标并不矛盾：它们都希望通过立法结束长期存在的监管灰色地带，使加密资产的法律属性、业务边界和合规责任变得清晰可预测。对于 Coinbase 而言，这意味着机构客户和长期资本可以更安心地进入市场；对于 Robinhood 而言，这意味着加密交易可以标准化并扩大到更广泛的零售受众，就像股票一样。正是因为它们的不同路径和利益结构，这两家公司在同一法案上形成了公开对抗——它们争夺的不是短期股价波动，而是未来美国加密市场中最核心的资产：数千万普通投资者的资金入场点，以及围绕这一入场点构建的金融服务生态系统。这场竞争的最终结果不仅将决定平台的胜负，还将深刻改变普通投资者在加密市场中的角色和生活方式。第三部分：普通加密投资者在监管转折点后将面临什么？围绕 CLARITY 法案的权力斗争，虽然表面上是国会与公司高管之间的较量，但最终受益的是普通投资者。一旦监管框架实施，它不仅会改变平台的业务边界，还会重塑个人的投资方式、回报结构和风险特征。最明显的变化是市场将从 “自由增长” 转向 “规则导向选择”。在过去十年左右，加密市场的核心特征是低门槛、项目众多和快速发展：任何团队都可以发行代币，任何平台都可以上市交易。投资者面临的是一个高度开放但同样混乱的市场。CLARITY 法案要求资产明确界定其属性，并接受相应的信息披露和注册规定。这意味着许多中小型项目将逐渐退出主流平台，减少可供投资者选择的资产数量，但整体透明度和可验证性将提高。其实际结果是庞氏骗局和 “空气币” 生存的空间被压缩，但 “100 倍币” 和 “1000 倍币” 的概率也在下降。市场将变得更加可预测，不太可能提供巨额利润的机会。第二个变化是加密账户性质的根本转变。在过去，许多投资者将加密账户视为传统金融体系之外的 “第二账户”：自由转账、税务含糊和最低的记录保存。然而，随着监管的明确，加密账户将越来越像证券账户：交易记录将自动生成，税务申报将同步，资金流动将可追溯，账户将随时接受合规审查。Coinbase 已与多个司法管辖区的税务系统整合，Robinhood 也将加密账户纳入其证券账户系统。对于投资者而言，这意味着心态的必要转变：加密资产不再被视为 “监管框架外的灰色资产”，而是正式纳入监管网络。第三个变化发生在收益结构本身。在过去，大多数零售投资者的盈利逻辑归结为一句话：低买高卖。然而，在更明确的监管环境中，加密市场的金融属性将继续增强，稳定币利息、质押收益、平台财富管理和结构化产品将逐渐成为重要组成部分。Coinbase 正在增加对 USDC 的投资，并测试收益账户。这意味着加密投资将从 “押注方向” 转向 “资产管理”。收益曲线将更加平滑，波动性将降低，但快速致富的回报将越来越稀缺。同时，风险不会消失，只会改变形式。项目崩溃和交易所挪用资金的情况可能会减少，但监管风险将成为新的变量：代币可能会突然被归类为证券并暂停交易，某些产品可能因合规问题被下架，账户可能在审查中被冻结，跨平台转账可能受到限制。这些风险不再源于项目本身，而是源于规则的调整和执行。投资者需要关注的不仅仅是股票图表和叙述；他们还需要考虑政策趋势、监管声明和平台公告。最终，一个不可避免的趋势是，加密投资正变得越来越像传统金融，越来越 “无聊”。它将逐渐成为资产配置中的标准选项，而不是创造神话的机器。Robinhood 希望成为一种通用投资工具，而 Coinbase 希望成为下一代金融基础设施的核心组成部分。然而，这两条路径最终会汇聚——加密资产最终将融入主流系统。</p>

<p>美国加密货币行业正面临一个关键时刻，因为数字资产市场的《明确法案》被推迟，导致主要交易所 Coinbase 和 Robinhood 之间出现分歧。Coinbase 反对该法案，而 Robinhood 则倡导其迅速通过。这一冲突反映了更深层次的商业模式差异和影响普通投资者的监管担忧。《明确法案》旨在澄清加密资产的监管框架，可能将交易转变为类似于股票交易的标准化功能。其结果将影响美国加密市场的未来以及零售投资者的进入点</p>

<p>Author: Daniel Li</p>
<div class="lb-trans"><p>作者：Daniel Li</p>
</div><p>2026At 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;.</p>
<div class="lb-trans"><p>2026 年年初，美国加密行业迎来了一个关键的转折点——数字资产市场的清晰法案在参议院审查阶段被延迟。这本应是一个旨在 “结束监管混乱” 的系统性项目，但意外地引发了行业内部最尖锐的分歧。2026 年，美国股市中两个最具代表性的加密货币交易所——Coinbase 和 Robinhood——异常地站在了对立面：前者公开反对该法案的当前版本，而后者则呼吁尽快通过立法。从表面上看，这似乎是对监管态度的辩论；但从更深层次来看，它代表了两种商业模式、两条增长路径和两种对加密未来的愿景之间的直接冲突。对于普通的加密投资者来说，这不仅关乎政策方向，还关乎你将在哪里交易、如何赚钱、承受什么风险，以及加密资产是否会成为 “下一代金融基础设施” 或仅仅是 “普通投资类别”。第一部分：为什么一项法案会影响整个加密市场的神经？十多年来，美国的加密投资者生活在一种特殊的制度环境中：他们可以购买币、交易和套利，但从未能确认自己所处的市场是否 “属于合法金融体系”。同一种代币可能被美国证券交易委员会（SEC）视为证券，但被商品期货交易委员会（CFTC）视为商品。不同州有不同的许可要求；同一业务可以在纽约运营，但可能在加利福尼亚被关闭。公司往往在收到调查信、律师函或甚至罚款后才意识到自己已经越界。市场不是由规则管理的，而是由诉讼驱动的。对于普通投资者来说，这种监管框架的模糊性并不是一个抽象的问题，而是日常风险的一部分：某个代币会被退市吗？某个平台会突然冻结其功能吗？稳定币收益会被暂停吗？这些不是市场波动，而是政策不确定性直接带来的 “监管风险”。在这种背景下，CLARITY 法案应运而生。它的初衷并不复杂，也不仅仅是 “加强监管”，而是试图解决一个长期未解的问题：谁应该监管加密资产，以及以什么逻辑？该法案计划在联邦层面将数字资产分为三类：证券、商品和实用工具。它还将重新定义 SEC 和 CFTC 之间的权力边界，建立统一的国家合规框架，并为稳定币、去中心化金融（DeFi）和代币化资产等新形式提供明确的法律定义。换句话说，它希望结束 “先发展、再起诉、再补充规则” 的灰色秩序。</p>
</div><p>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.</p>
<div class="lb-trans"><p>2025 年年底，该法案在众议院通过了初步版本；2026 年文本=&#34;&#34; �3e21Robinhood 文本=&#34;&#34; �3e 资金账户的规模已达到约 2600-2700 万，而那些希望尽快获得统一、明确和可复制的国家规则的人，将把加密交易转变为一种标准化和可扩展的基本功能，就像股票交易一样。</p>
</div><p>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.</p>
<div class="lb-trans"><p>因此，CLARITY 法案不仅仅是一项监管法案，更是决定商业模式成败的 “制度杠杆”。</p>
</div><p>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.</p>
<div class="lb-trans"><p>如果监管收紧，稳定币收益将受到限制，去中心化金融（DeFi）将收缩，代币将完全证券化，从而显著压缩 Coinbase 的长期战略空间。相反，如果监管集中在明确边界、降低跨州合规成本和鼓励采用标准化金融产品上，Robinhood 的用户扩展速度和业务复制能力将显著增强。然而，需要注意的是，尽管 Coinbase 和 Robinhood 在具体条款上存在显著差异，但在更高层面上，它们的目标并不矛盾：它们都希望通过立法结束长期存在的监管灰色地带，使加密资产的法律属性、业务边界和合规责任变得清晰可预测。对于 Coinbase 而言，这意味着机构客户和长期资本可以更安心地进入市场；对于 Robinhood 而言，这意味着加密交易可以标准化并扩大到更广泛的零售受众，就像股票一样。正是因为它们的不同路径和利益结构，这两家公司在同一法案上形成了公开对抗——它们争夺的不是短期股价波动，而是未来美国加密市场中最核心的资产：数千万普通投资者的资金入场点，以及围绕这一入场点构建的金融服务生态系统。这场竞争的最终结果不仅将决定平台的胜负，还将深刻改变普通投资者在加密市场中的角色和生活方式。第三部分：普通加密投资者在监管转折点后将面临什么？围绕 CLARITY 法案的权力斗争，虽然表面上是国会与公司高管之间的较量，但最终受益的是普通投资者。一旦监管框架实施，它不仅会改变平台的业务边界，还会重塑个人的投资方式、回报结构和风险特征。最明显的变化是市场将从 “自由增长” 转向 “规则导向选择”。在过去十年左右，加密市场的核心特征是低门槛、项目众多和快速发展：任何团队都可以发行代币，任何平台都可以上市交易。投资者面临的是一个高度开放但同样混乱的市场。CLARITY 法案要求资产明确界定其属性，并接受相应的信息披露和注册规定。这意味着许多中小型项目将逐渐退出主流平台，减少可供投资者选择的资产数量，但整体透明度和可验证性将提高。其实际结果是庞氏骗局和 “空气币” 生存的空间被压缩，但 “100 倍币” 和 “1000 倍币” 的概率也在下降。市场将变得更加可预测，不太可能提供巨额利润的机会。第二个变化是加密账户性质的根本转变。在过去，许多投资者将加密账户视为传统金融体系之外的 “第二账户”：自由转账、税务含糊和最低的记录保存。然而，随着监管的明确，加密账户将越来越像证券账户：交易记录将自动生成，税务申报将同步，资金流动将可追溯，账户将随时接受合规审查。Coinbase 已与多个司法管辖区的税务系统整合，Robinhood 也将加密账户纳入其证券账户系统。对于投资者而言，这意味着心态的必要转变：加密资产不再被视为 “监管框架外的灰色资产”，而是正式纳入监管网络。第三个变化发生在收益结构本身。在过去，大多数零售投资者的盈利逻辑归结为一句话：低买高卖。然而，在更明确的监管环境中，加密市场的金融属性将继续增强，稳定币利息、质押收益、平台财富管理和结构化产品将逐渐成为重要组成部分。Coinbase 正在增加对 USDC 的投资，并测试收益账户。这意味着加密投资将从 “押注方向” 转向 “资产管理”。收益曲线将更加平滑，波动性将降低，但快速致富的回报将越来越稀缺。同时，风险不会消失，只会改变形式。项目崩溃和交易所挪用资金的情况可能会减少，但监管风险将成为新的变量：代币可能会突然被归类为证券并暂停交易，某些产品可能因合规问题被下架，账户可能在审查中被冻结，跨平台转账可能受到限制。这些风险不再源于项目本身，而是源于规则的调整和执行。投资者需要关注的不仅仅是股票图表和叙述；他们还需要考虑政策趋势、监管声明和平台公告。最终，一个不可避免的趋势是，加密投资正变得越来越像传统金融，越来越 “无聊”。它将逐渐成为资产配置中的标准选项，而不是创造神话的机器。Robinhood 希望成为一种通用投资工具，而 Coinbase 希望成为下一代金融基础设施的核心组成部分。然而，这两条路径最终会汇聚——加密资产最终将融入主流系统。</p>
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The Game at the Regulatory Crossroads: The Covert Battle Between Robinhood and Coinbase

- 美国加密行业面临监管转折点，Clarity 法案在参议院审查阶段延迟。  
- Coinbase 和 Robinhood 在立法态度上意见相左，反映出两种商业模式冲突。  
- 法案通过后，平台和投资者的交易方式、投资收益及风险状况将显著改变。

监管十字路口的博弈：Robinhood 与 Coinbase 之间的隐秘较量