1. In the past, we relied on lawsuits; now we are starting to establish rules
It’s not just a feeling; the regulatory approach has really changed
Factual basis:
The SEC's main tool from 2020 to 2023 has been enforcement
Cases involving Coinbase, Binance, Ripple, Kraken, etc. are all
“First sue, then explain the rules”
In multiple cases, the courts have clearly pointed out:
The SEC has not provided clear pre-established rules
The new leadership of the SEC publicly acknowledges problems with the old ways
The new SEC leadership has acknowledged in public remarks:
Crypto innovation is being 'suppressed'
Unclear rules lead to excessively high compliance costs
Clearly stated:
Regulatory approach needs to shift from enforcement-first to rule-based
The conclusion is not a guess, but rather that the regulatory tone has changed
2. Why has the United States changed its attitude? Because 'real money assets' need to be on-chain
Not for the crypto circle, but for the upgrade of the financial system
Factual basis:
1. Real World Assets (RWA) have entered the pilot stage
U.S. Treasury bonds, funds, and ETFs have been tokenized and are being pilot-tested by multiple institutions
Blackstone, Fidelity, JPMorgan, etc. all have on-chain asset products or experiments
2. The core is not speculation, but settlement efficiency
On-chain settlement can be: T+0 or near real-time clearing, reducing intermediary costs and increasing collateral liquidity, which is an upgrade at the financial infrastructure level
3. It's not about overthrowing Wall Street, but about giving Wall Street 'blockchain capabilities'
Factual basis:
1. Nasdaq promotes 'tokenized stocks', but does not change the essence of stocks
Stock codes remain unchanged, shareholder rights remain unchanged
If the U.S. really wants to 'take down traditional finance'
Will not let DTCC and Nasdaq dominate this matter
4. The law is finally beginning to 'positively address classification issues'
Factual basis:
1. (Cryptocurrency Market Structure Bill) has entered the legislative process
Clear distinction:
Digital securities (SEC)
Digital commodities (CFTC)
End the ambiguous state of 'everything could be a security'
2. Major assets like Bitcoin and Ethereum are gaining clearer positioning
Blockchain systems that meet decentralization standards
Could be exempt from securities registration requirements
Provide a long-term compliance path for mainstream assets
This is a change at the legislative level, not a verbal commitment from regulators
5. Institutional funds are not just support in words; they are truly in action
Factual basis:
1. Bitcoin spot ETF has been approved and is operational
Multiple traditional asset management giants are participating
Funds come from pensions, insurance, and wealth management accounts
2. Banks are beginning to recommend allocating crypto assets
Large U.S. banks have suggested for the first time:
1%-4% of crypto assets can be allocated in the investment portfolio
This is a compliance channel, not gray funds
If the regulatory environment doesn't change,
These institutions are fundamentally impossible to participate openly
6. The U.S. vs. China is not about who is right or wrong, but about different paths
Factual basis:
1. The choice in it is simple: the risks are too high, and direct prohibition is the way to go
2. The choice in the U.S. carries risks, but we need to set the rules here to allow innovation to happen here
This is not a matter of values, but of who wants to grasp the future financial rules#美国讨论BTC战略储备 $BTC
