CoinMeta data: According to a memorandum released by Matt Hougan, the Chief Investment Officer of Bitwise, after the Clarity bill failed to advance in the U.S. Senate, stablecoins, existing crypto exchanges, tokenization platforms, and tokens that use protocol revenue for repurchases have actually benefited. He believes that the obstruction of the bill has preserved the space for exchanges to offer stablecoin incentives and has also allowed existing platforms such as Coinbase and Kraken to continue to maintain their licensing and business structure advantages. Regulators have subsequently promoted pilot programs for tokenized stock trading and clarified issues related to token repurchases on functional networks, providing support for these two other types of businesses. However, Hougan pointed out that these benefits depend on regulatory actions, and future changes in government may still lead to policy changes.