The joint statement by the SEC and CFTC is a milestone event in the evolution of the regulatory framework for digital assets in the United States. This is not only an acknowledgment of the crypto industry but, more importantly, it sets the tone for the direction of financial innovation.

░░As @armaniferrante pointed out in his tweet, this shift in macro policy has transformed the vision of 'future finance on-chain' from an abstract slogan into a clear and actionable roadmap. The clarification of regulations has removed the biggest obstacles for teams dedicated to building truly trustworthy, transparent, and compliant on-chain financial products.

Traditional finance lacks transparency. On-chain systems, through cryptographic proof and consensus mechanisms, shift the foundation of trust from institutions to publicly verifiable code and ledgers. This represents a paradigm shift from 'human governance' to 'code governance.'

Furthermore, @Backpack is steadily advancing towards becoming the world's first regulated exchange product with minimal trust and fully operational on-chain.

☛ The path mentioned by @armaniferrante is quite representative:

Backpack's current practices include daily execution of reserve proofs, adoption of a distributed multi-validator architecture for unified management of trade execution and asset custody, and plans to transition to real-time state integrity verification to achieve end-to-end verifiability from the historical starting point to the present, with anchoring guarantees provided by a public chain.