Recently, the cryptocurrency sector has witnessed a series of significant developments. The U.S. Commodity Futures Trading Commission (CFTC) is advancing the compliance process for spot cryptocurrency trading, paving a clear regulatory path for non-securities tokens such as Bit, Ethereum, and others. This initiative is expected to attract more institutional investors into the market, but in the short term, market sentiment may be cautious due to the lack of finalized details.

At the same time, the White House working group proposed a tax reform suggestion for cryptocurrency miners, intending to tax only upon sale to avoid double taxation issues. If this proposal is implemented, it will significantly alleviate the cash flow pressure on miners and help improve the stability of the network. However, the legislative process may take several months.

The interest of enterprises in encryption assets continues to rise, with total holdings surpassing the hundred billion dollar mark. Bitcoin remains the primary allocation target, but other cryptocurrencies such as Solana and Ripple are also beginning to enter corporate asset portfolios. This trend reinforces the market's bottom support, although it may face selling pressure from sovereign funds in the short term.

In terms of regulation, the U.S. Securities and Exchange Commission (SEC) announced that liquid staking activities do not fall under the category of securities, providing regulatory certainty for related service providers, which is beneficial for the development of the Ethereum ecosystem. However, there are still discrepancies in regulatory attitudes globally, with countries like the Philippines taking warning measures against unauthorized exchanges.

At the same time, economic data is also affecting market sentiment. The Atlanta Fed raised its GDP growth forecast for the third quarter, but news of a potential interest rate hike in Japan has triggered concerns over risk assets in the market. These factors together create the current tug-of-war pattern in the cryptocurrency market.

Overall, despite the continuously evolving regulatory environment, the ongoing participation of institutional investors and potential favorable policy changes provide positive signals for the long-term development of the encryption currency market.