#链上资产管理 Seeing this shift in U.S. crypto policy, I feel a peculiar sensation. From the 2017 ICO boom, the 2018 regulatory crackdown, the 2021 institutional influx, to the current systemic consolidation—across more than two decades of on-chain investment experience, I've witnessed numerous cycle reversals, but the logic this time is remarkably clear.

What strikes me most isn't Bitcoin's rally from 26,000 to 125,000, but the fundamental transformation in regulatory thinking. I remember the Gensler era's "sue first, regulate later" approach, when we'd wait daily to see which project would be sued next. Now the SEC launches Project Crypto to clarify securities standards, the CFTC accepts BTC and ETH as collateral, the OCC approves banking licenses for Circle and Ripple—this isn't compromise, it's systemic institutional restructuring.

The logic of on-chain asset management becomes increasingly clear in this transformation. Stablecoins shift from regulatory gray zones to legally recognized digital dollars under the GENIUS Act, meaning cross-chain asset flows and cross-border settlements are no longer underground operations but regular army deployments. I've seen too many failure cases—projects betting on regulatory ambiguity and wagering that policy wouldn't truly intervene, only to vanish when policy landed. Successful ones, conversely, are those that can survive even in worst-case scenarios. They're foundational infrastructure.

The current trend is actually quite conventional—applying traditional finance's regulatory framework to carry crypto asset liquidity. This isn't revolution, it's evolution. America isn't replacing its financial system with crypto; it's making crypto part of the system. For those managing on-chain assets, this means risk shifts from policy-driven to operational, and actually demands higher professional standards.

History never repeats quietly, but it often reaches consensus on rhythm.