This issue can be analyzed from several dimensions:

**First Layer: Changes in Policy Environment**

The policy trend in the United States is indeed shifting. The new government’s attitude towards cryptocurrencies is relatively friendly, which opens up possibilities for leading exchanges to re-enter the US market. Recently, a prominent exchange’s founder has been frequently voicing support for the new US policy direction, clearly signaling—he is telling the US market: we are ready.

**Second Layer: Restart Plan for US Branch**

These large exchanges have never truly abandoned the US market. Now, they aim to reactivate previously restricted US-specific platforms. But this is not simply pressing a start button; the key obstacle is twofold: compliance.

**Third Layer: Adjustment of Governance Structure**

How can they reassure US regulators? Previously, the model was absolute control by the founder, which naturally caused concern among regulators. The new approach is as follows:

Introduce new capital through equity restructuring to dilute the founder’s absolute control; have the parent company buy back the founder’s shares in the US branch, then appoint a new US team responsible for operations; leverage accumulated political and business connections in Washington to clear obstacles for the platform’s relaunch.

**Fourth Layer: Leveraging Financial Giants**

Target financial institutions like the world’s largest asset management firms for in-depth cooperation, with clear objectives:

Align with reputable big platforms to immediately gain credibility; jointly launch mainstream financial products such as spot ETFs and custody services, achieving a transformation from wild growth to a正规军 (formal/regulated army).

**Overall Strategy**

In short, leading exchanges are planning a "glamorous transformation." Riding the wave of favorable policies, they want to re-enter the largest crypto market. But this time, their approach is entirely different—dispersing authority, replacing the operational team with one that better meets regulatory expectations, and seeking endorsement from industry-recognized financial giants. Using methods acceptable to US regulators, they aim to rebuild their US operations. This strategic adjustment reflects industry maturity: no longer a binary confrontation, but seeking breakthroughs within the framework.