The US crypto market faces further setbacks in its structural reform. The heavy legislation originally scheduled for voting in the Senate Banking Committee this week has been delayed, with the behind-the-scenes push coming from a major exchange that previously supported the bill suddenly switching sides.

The turning point lies in the new version's handling of tokenized securities. Exchanges believe that once the ban takes effect, it would essentially hand over this market to traditional financial institutions—equivalent to helping banks do business. If this contradiction becomes public, the legislative consensus could shatter instantly.

The market has directly responded to this uncertainty. Expectations of a regulator-friendly outcome have been dashed, and the upward momentum of crypto assets has noticeably weakened. Coupled with recent sharp gains, a large amount of follow-on capital is experiencing "missing out" anxiety, leading to short-term selling pressure. Signs of profit-taking orderly exiting have already appeared.

The good news is that the Senate has pushed the vote to the end of January. A new negotiation window has opened. If both sides can reach a compromise on tokenization issues, or even introduce a friendly plan for stablecoins, market reactions could be very intense—historically, similar regulatory positive news often triggers a valuation re-rating of the entire ecosystem. This wave of market activity might be worth watching.