#链上资产管理 Seeing this shift in US crypto policy, I have a strange feeling in my heart. From the ICO boom in 2017, the regulatory crackdown in 2018, the influx of institutions in 2021, to now systemic integration—after over twenty years of on-chain investment experience, I’ve seen many cycles repeat, but this time the logic is unusually clear.

What touches me most is not the price increase of Bitcoin from $26,000 to $125,000, but the fundamental shift in regulatory thinking. I remember the Gensler era’s "regulation by enforcement first, rules later," when we were waiting daily to see which project would be sued next. Now, the SEC has launched Project Crypto, clearly defining securities standards; the CFTC has accepted BTC and ETH as collateral; the OCC has approved banking licenses for Circle and Ripple—this is not compromise, but a systemic overhaul of the framework.

The logic of on-chain asset management is becoming increasingly clear in this transition. Stablecoins have moved from regulatory gray areas to legal recognition of digital dollars under the GENIUS Act, meaning cross-chain asset flow and cross-border settlement are no longer underground activities but formal operations. I’ve seen too many failed cases—projects relying on regulatory ambiguity and betting that policies wouldn’t truly intervene, only to vanish when policies are implemented. Successful ones are those infrastructure that can survive even in the worst-case scenarios.

The current trend is actually quite old-fashioned—using traditional financial rules to support the liquidity of crypto assets. This is not a revolution, but an evolution. The US is not replacing the financial system with crypto but integrating crypto into the system. For those managing on-chain assets, this means risk is shifting from policy-related to operational, and the demand for professionalism is actually higher.

History has never repeated peacefully, but it often reaches a consensus in rhythm.