The latest White House digital asset report reveals significant changes facing the encryption industry. The report points out that the trend towards regulatory compliance will significantly raise the entry barriers for stablecoins and exchanges, potentially leading to the elimination of many small and medium-sized platforms. At the same time, Decentralized Finance (DeFi) projects may be forced to evolve towards a more tangible direction.

On the technical level, policies are driving the industry to evolve in specific directions. The Proof of Stake (PoS) consensus mechanism and Real World Asset (RWA) tokenization have become focal points, while certain privacy features may be eliminated, as projects like Zcash have made compromises.

Traditional financial giants are gradually dominating the market landscape. Large institutions such as BlackRock and JPMorgan are actively positioning themselves, expecting to reap substantial returns from this wave of innovation, which could lead to further centralization of the market structure.

Global regulatory coordination is also tightening. Measures such as long-arm jurisdiction and IP blocking may end cross-border arbitrage opportunities, and with the promotion of the Financial Action Task Force (FATF) rules, offshore havens will increasingly shrink.

In the face of this trend, industry insiders point out that the survival rules of the digital asset industry are changing. Establishing connections with traditional financial systems, anticipating legislative directions, and moderately adjusting the concept of Decentralization will become key to future development.

It is worth noting that a series of important events will occur in August 2025: the U.S. Securities and Exchange Commission (SEC) is about to issue a bill on token classification, and the Federal Reserve's wholesale central bank digital currency (CBDC) pilot project is about to launch. Industry predictions suggest that these measures may lead to a significant increase in compliance costs, thereby raising user transaction fees, which could rise by as much as 300%.

With the rapid changes in the regulatory environment, the cryptocurrency ecosystem is facing unprecedented challenges and opportunities. Industry participants need to actively respond and find a balance between compliance and innovation to adapt to the game rules of this new era.