According to CoinMeta, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are promoting regulated on-chain transactions and increasing institutional participation through their respective initiatives. Legal experts indicate that the regulatory framework is expected to be implemented gradually, but there are still gaps that need to be addressed by the US Congress. Executives in the crypto industry believe that the failure of the Clarity bill has created opportunities for DEFI, although mature exchanges may continue to maintain their competitive advantages.