Once the pardon news broke, the market started to move. The logic behind it is far more complex than it appears on the surface.

The "pardon trading" phenomenon exposed by The Wall Street Journal—where lobbying fees often range from hundreds of thousands to millions of dollars—shows us that the competition in the crypto industry has shifted from trading floors to the political decision-making level. This is nothing new, but when it actually happens, the market reaction is particularly direct.

In the short term, sentiment has indeed been ignited. After the pardon news was announced, mainstream coins collectively rose, with BNB surging by 8% in one go, as traders cast a clear vote with their trading volume. This kind of reaction is normal—policy risk easing leads to improved expectations.

But the real point of interest lies deeper. Some observers have pointed out that this pardon event opens a window for a major exchange to return to the US market. Reports indicate that the exchange is planning to revive its US business segment and has even been in contact with large Wall Street asset management firms. If this materializes, the entire competitive landscape and regulatory framework of the US crypto market will undergo a reshaping.

So, what does this mean for individual investors? My advice is straightforward—three keywords.

**First: Don’t chase highs.** Buying in immediately upon hearing good news is a typical move of retail investors. Especially for coins that have already surged once, caution is even more necessary. The market is still in a correction phase; controlling your desires is more important than chasing profits. True opportunities are not created by chasing but by waiting.

**Second: Think long-term.** What does reduced policy uncertainty mean? It means the development expectations for the entire industry are becoming clearer. The biggest cloud over a major exchange has lifted halfway. In the long run, this is positive for ecosystem development and compliance. Don’t obsess over daily K-line charts; occasionally look up to see the industry trend, and you’ll often gain more.

**Third: Maintain discipline.** This is the easiest to overlook but the most critical. Proper position management, stop-loss settings, and capital allocation—without these fundamentals, even the best market conditions can trap you. And stay away from those scam coins that are obviously controlled by insiders and are just harvesting. Staying alive is the top priority; making money comes second. Survive first, then you’ll see the next opportunity.

The crypto market is never short of hot topics and stories. What’s missing is the ability to find the truth within the stories and then execute strategies calmly. CZ’s story has turned a new page, and your investment story should also have a new chapter.