<p>作者：Charlie Liu，Generative Ventures 合伙人</p>
<p>在过去的一周， crypto 行业终于见证了一个理论上应该让每个人都感到兴奋的时刻。</p>
<p>美国参议院银行委员会推进了 CLARITY 法案。这个市场结构法案是行业等待多年的，终于在无尽的争论、听证会、游说、诉讼和执法的阴影中迈出了重要一步。根据过去几年的叙事逻辑，这本应是 crypto 股票的集体庆祝。更清晰的监管、机构进入、估值重新评估，以及牛市的延续。这熟悉的四件套，就像每轮市场活动中总是被端上来的开胃菜。</p>

LTCN

MARA

BTDR

<p>美国参议院银行委员会已推进《清晰法案》（CLARITY Act），这是一项针对加密行业的重要市场结构法案。尽管市场预期由于更明确的监管和潜在的机构进入将推动与加密相关的股票上涨，但预期的庆祝并未如期而至，这让行业利益相关者对市场反应的缺乏感到困惑</p>

<p>Author: Charlie Liu, Partner, Generative Ventures</p>
<div class="lb-trans"><p>作者：Charlie Liu，Generative Ventures 合伙人</p>
</div><p>Over the past week, the crypto industry finally witnessed a moment that should theoretically excite everyone.</p>
<div class="lb-trans"><p>在过去的一周， crypto 行业终于见证了一个理论上应该让每个人都感到兴奋的时刻。</p>
</div><p>The U.S. Senate Banking Committee advanced the CLARITY Act. This market structure bill, which the industry has been waiting for for many years, has finally taken a step forward from the shadow of endless arguments, hearings, lobbying, lawsuits, and enforcement. Following the narrative logic of the past few years, this should have been a collective celebration for crypto stocks. Clearer regulations, institutional entry, valuation reassessment, and a continuation of the bull market. The familiar four-piece set, like an appetizer that is always served up again in every round of market activity.</p>
<div class="lb-trans"><p>美国参议院银行委员会推进了 CLARITY 法案。这个市场结构法案是行业等待多年的，终于在无尽的争论、听证会、游说、诉讼和执法的阴影中迈出了重要一步。根据过去几年的叙事逻辑，这本应是 crypto 股票的集体庆祝。更清晰的监管、机构进入、估值重新评估，以及牛市的延续。这熟悉的四件套，就像每轮市场活动中总是被端上来的开胃菜。</p>
</div>

Why didn't the CLARITY Act trigger a rally in crypto-related stocks?

- 美国参议院银行委员会推进了 CLARITY 法案。  
- 此法案为加密行业期待已久的市场结构法案，标志着进展。  
- 新法规有望清晰监管、促进机构投资和牛市延续。

CoinLive

Grayscale Litecoin Trust (LTC)

Marathon Digital

Bitdeer Tech

Terawulf

Hut 8 Mining

比特数字

Galaxy Digital

Block

BTCS

Circle

嘉楠科技

Coinbase

Bitfarms Canada

HIVE Digital Tech

Grayscale Ethereum Staking ETF

Robinhood

Bakkt

Core Scientific, Inc.

CleanSpark

American Bitcoin

Valkyrie Bitcoin and Ether Strategy ETF

Grayscale Bitcoin Miners ETF

2 倍做多 Coinbase ETF - Leverage Shares

ProShares CoinDesk 20 Crypto ETF

VanEck Bitcoin ETF

Bitwise Ethereum ETF

Grayscale Ethereum Mini Staking ETF

Fidelity Wise Origin Bitcoin Fund - ETF

Franklin Ethereum ETF

2 倍做多 COIN ETF - GraniteShares

Schwab Crypto Thematic ETF

Fidelity Crypto Industry And Digital Payments ETF

YieldMax COIN Option Income Strategy ETF

Bitwise Bitcoin Std Corporations ETF

2 倍做多 Riot ETF - Defiance

Valkyrie Bitcoin Miners ETF

Franklin Bitcoin ETF

Bitwise Crypto Innovators ETF

2 倍做多 MARA ETF - GraniteShares

2 倍做多比特币期货 ETF - ProShares

Bitwise Solana Staking ETF

CoinShares Bitcoin ETF

WisdomTree Bitcoin Fund

纳斯达克 NexGen 经济 ETF - Reality Shares

iShares Bitcoin Trust ETF

Invesco Alerian Galaxy Crypto Economy ETF

区块链 ETF - Amplify

COIN 周收益 ETF - Roundhill

Global X Blockchain ETF

iShares Blockchain And Tech ETF

Proshares Bitcoin & Ether Strategy ETF

Fidelity Ethereum Fund

VanEck Ethereum ETF

21Shares Ethereum ETF

Invesco Galaxy Bitcoin ETF

2 倍做多加密货币行业 ETF - Direxion

Inv Alerian Galaxy Blockchain Users & Decentralized Com ETF

YieldMax Short COIN Option Income Strategy ETF

IShares Ethereum Trust ETF

Bitwise Bitcoin ETF

Roundhill MSTR WeeklyPay ETF

2 倍做空比特币期货 ETF - ProShares

Invesco Galaxy Ethereum ETF

2 倍做空 COIN ETF - GraniteShares

ARK 21Shares Bitcoin ETF

ProShares Bitcoin Strategy ETF

Grayscale Solana Staking ETF

为什么 CLARITY 法案没有推动加密相关股票的上涨？