The improvement of the U.S. regulatory environment can be broadly divided into four segments:

1. Securities attributes of the SEC's lawsuits

2. Asset tokenization RWA

3. Decentralized finance DeFi

4. Anonymity and privacy. Among these, the securities attributes represented by XRP (Ripple) have already shown strong performance, while the other segments have not yet performed, but the leading firms have relatively high certainty. Personally, I am optimistic about MKR, ONDO, POLYX, and ZEN.