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Recently, a few seemingly independent news stories, when connected and examined closely, are quite interesting.

First, the SEC suddenly changed its stance. The new chair publicly announced plans to promote "on-chain transformation" and is considering granting exemptions for innovative projects. As soon as the statement was made, DTCC — the central hub of the US financial system — immediately received approval for a tokenization pilot program. What does this mean? In the future, Apple stocks, Tesla shares, and other traditional assets might circulate directly on the blockchain like cryptocurrencies. This is not a joke; it’s about creating "on-chain accounts" for traditional assets.

But having an account alone is not enough; you need money to play.

Following that, the Federal Reserve hinted at considering monthly purchases of $40 billion in short-term government bonds. On the surface, it sounds like a technical move, but in reality, it’s a massive injection of liquidity into the market. Think about it — on one side, there are US stock assets with "on-chain access," and on the other side, a continuous flow of hot money — what will happen when these two forces collide?

This wave of actions by traditional financial institutions is clearly not a temporary move. From policy easing to infrastructure building, and then to capital reserves, every step has been tightly controlled. The question is, when Wall Street fully enters the on-chain battlefield, will retail investors still be able to hold their chips?

Don’t just look at the K-line; lift your head and see who’s sitting at the table.