[Maylea Ma and Michael Ho: US Crypto Regulation Will Be Led by Federal Agencies] Maylea Ma, Vice General Counsel at 1inch, stated that substantial progress in US digital asset regulation will primarily come from the SEC, CFTC, and Treasury Department, rather than Congress. Michael Ho, co-founder of Doma Protocol's D3 team, stated that the stagnation of market structure legislation has left US crypto policy reliant on institutional guidance that can be overturned by future governments, leading to continued institutional investor caution.