<p>作者：Charlie Liu，Generative Ventures 合夥人</p>
<p>在過去的一週， crypto 行業終於見證了一個理論上應該讓每個人都感到興奮的時刻。</p>
<p>美國參議院銀行委員會推進了 CLARITY 法案。這個市場結構法案是行業等待多年的，終於在無盡的爭論、聽證會、遊説、訴訟和執法的陰影中邁出了重要一步。根據過去幾年的敍事邏輯，這本應是 crypto 股票的集體慶祝。更清晰的監管、機構進入、估值重新評估，以及牛市的延續。這熟悉的四件套，就像每輪市場活動中總是被端上來的開胃菜。</p>

LTCN

MARA

BTDR

<p>美國參議院銀行委員會已推進《清晰法案》（CLARITY Act），這是一項針對加密行業的重要市場結構法案。儘管市場預期由於更明確的監管和潛在的機構進入將推動與加密相關的股票上漲，但預期的慶祝並未如期而至，這讓行業利益相關者對市場反應的缺乏感到困惑</p>

<p>Author: Charlie Liu, Partner, Generative Ventures</p>
<div class="lb-trans"><p>作者：Charlie Liu，Generative Ventures 合夥人</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>在過去的一週， crypto 行業終於見證了一個理論上應該讓每個人都感到興奮的時刻。</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>美國參議院銀行委員會推進了 CLARITY 法案。這個市場結構法案是行業等待多年的，終於在無盡的爭論、聽證會、遊説、訴訟和執法的陰影中邁出了重要一步。根據過去幾年的敍事邏輯，這本應是 crypto 股票的集體慶祝。更清晰的監管、機構進入、估值重新評估，以及牛市的延續。這熟悉的四件套，就像每輪市場活動中總是被端上來的開胃菜。</p>
</div>

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

- 美國參議院銀行委員會推進了 CLARITY 法案。  
- 此法案為加密行業期待已久的市場結構法案，標誌着進展。  
- 新法規有望清晰監管、促進機構投資和牛市延續。

CoinLive

Grayscale Litecoin Trust (LTC)

Marathon Digital

Bitdeer Tech

Terawulf

Hut 8 Mining

比特數字

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 倍做多比特幣期貨 ETF - ProShares

Bitwise Solana Staking ETF

CoinShares Bitcoin ETF

WisdomTree Bitcoin Fund

納斯達克 NexGen 經濟 ETF - Reality Shares

iShares Bitcoin Trust ETF

Invesco Alerian Galaxy Crypto Economy ETF

區塊鏈 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 倍做多加密貨幣行業 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 倍做空比特幣期貨 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

為什麼 CLARITY 法案沒有推動加密相關股票的上漲？