Today we’ll only talk about $ETH . In this new round of regulatory signals coming out of Washington, in my view, things have truly changed: Trump has repeatedly called on Congress to pass a “fair version” of the Clarity Act, so the rules are clearly laid out. The SEC and CFTC are also no longer throwing blame back and forth; they’re now competing to provide classifications for crypto assets and compliance frameworks. This isn’t short-term emotion-driven hype—it’s pulling the industry from a gray zone into a more predictable range. For ETH, many people have underestimated the significance of this. Ethereum carries DeFi, NFTs, on-chain derivatives, and institutional-grade infrastructure. Once regulation becomes clear, capital will truly feel safe enough to enter at large scale. In the past, the biggest uncertainty was compliance risk—and now that risk is being dismantled step by step. My take is that ETH’s fundamentals aren’t bad at all: on-chain activity is recovering, the developer ecosystem hasn’t been replaced, and large institutions continue to test and deploy. It’s just that market attention has been scattered by short-term narratives; when the tide goes out, people will still look back at the leading smart-contract platform. I won’t call for a surge just because of one policy, but if regulatory certainty keeps strengthening, the re-pricing of ETH is only a matter of time. On-chain data also doesn’t lie: active addresses and the number of transactions haven’t inflated wildly—they’ve stayed within a healthy range. Meanwhile, the layer-2 networks are still expanding, which indicates that real demand hasn’t disappeared. My core judgment is simple: regulatory tailwinds for ETH are not a “theme”—they’re underlying de-risking.