According to CoinMeta, Bitwise's Chief Investment Officer Matt Hougan has revised his previous pessimistic forecast that if the "Clarity Act" was not passed, it would lead to a six-week adjustment period for the crypto market. In a letter to clients, he pointed out that Bitcoin has rebounded from its July lows and broke through $80,000 at the beginning of September. Robinhood has launched its own blockchain, Morgan Stanley has applied for Solana ETF, and DTCC has settled the first batch of tokenized stocks. Wall Street institutions are continuously advancing their crypto business layouts. Against the backdrop of SEC and CFTC holding positions pro-crypto until 2029, regulatory authorities can still drive the industry forward through their own administrative rules. Even though macroeconomic interest rates and concerns about oil have caused short-term fluctuations, the overall upward trend of the crypto market has not changed.