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The US is showing clearer signals about crypto regulations, but it's not yet time to celebrate. On July 29, the SEC added “Regulation Crypto” to its near-term agenda, focusing on custody, exchanges, data storage, and capital requirements for brokers. Notably, the approach is no longer just about tightening but creating specific compliance pathways for issuers and intermediaries. Previously, the SEC and CFTC tentatively classified 16 major assets as digital commodities, and payment stablecoins as qualified not to be considered securities. However, the CLARITY Act remains a bottleneck. The bill needs 60 votes in the Senate before the August 8 recess, while the estimated chance of passage is only about 30%. Ethical provisions and user protections are still divisive. $BTC and $ETH have slightly declined not because the market lost confidence. The market is pricing in the risk of waiting. Clear laws mean institutional money flows in faster. Hanging laws mean liquidity still prefers to stay out.