#美国证券交易委员会推进数字资产监管框架创新 The Federal Reserve's latest round of rate cuts may seem like just a policy adjustment. But upon closer inspection, two key changes have already taken place in the shadows of the market, and these changes could quietly rewrite the entire underlying logic of the financial system.

The first change comes from the regulatory side. The SEC's easing stance combined with actual actions by DTCC mean that stocks and bonds are officially gaining a pass to enter the blockchain. This is not hype — it’s the core US settlement system beginning to make room for on-chain assets.

The second change involves traditional financial institutions. The US banking system has started to include Bitcoin as collateral and has launched related credit products. The assets involved amount to approximately $1.7 trillion. Once the banking system recognizes the liquidity and risk characteristics of a certain type of asset, how large could the subsequent chain reaction be?

Looking at these two developments together, the issue becomes clear: asset forms are undergoing a fundamental transformation. Stocks and bonds are being moved onto the chain and gaining a "digital identity," and assets like $BTC, once considered "alternative," are now incorporated into the traditional financial credit framework. The underlying gears of financial operations—settlement, custody, credit allocation—are adapting to this new rhythm.

When custodians and large banks make such choices simultaneously, it’s no longer a vague signal — it’s a clear direction. The future question is no longer "Will there be a market," but rather "How big will it get?" Regulators are pushing for on-chain transformation, and trillion-dollar capital channels are gradually opening. Systematic market opportunities will become more frequent.

History is always teaching us the same thing: seeing the right position early often means being able to seize the next magnitude of opportunity. True winners have never just watched the waves from the shore; they are already standing in deep water before the waves arrive.