During a study visit to New York, Meng Yan observed that the U.S. economy is experiencing a "K-shaped" divergence driven by AI, with both interest rate cuts and inflation pressures present. Despite skepticism about an AI investment bubble, its long-term impact is still viewed positively. In the crypto sector, while Wall Street's stance hasn't fully shifted, there is a political consensus to avoid alienating younger generations, making a reversal in crypto policy unlikely. Stablecoins are seen as having real potential in institutional payments rather than retail scenarios. Wall Street is preparing to regain control of crypto finance in the "institutional era," with New York's onshore system expected to coexist and interact with offshore ecosystems in Dubai and Singapore.