#加密市场观察 Today's Web3 circle is simply like a large-scale "ex-relationship reconciliation scene" combined with a "luxury entrance ceremony." The most significant news is that the two major US regulators—SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission)—are scheduled to hold a joint meeting next Tuesday. This was almost unimaginable before; these two agencies have been like two arguing parents over the past few years—one claiming cryptocurrencies are "securities" and belongs to their jurisdiction; the other saying they are "commodities" and should be under their control. As a result, companies in the industry have been kicked around like a ball, frequently receiving court subpoenas. Now, to fulfill Trump's promise to make the US the "cryptocurrency capital," these two agencies have finally decided to "cease fire" and work together. This marks a complete shift in regulatory logic from "catching people and imposing fines" to "building roads and issuing licenses." It's like city management and traffic police finally reaching an agreement—no longer arguing whether street vendors are illegal structures or illegal parking, but instead planning a pedestrian street where everyone can legally set up stalls. Regulation is no longer an "ankle bracelet" for the industry but is becoming a "protective charm" for compliant entry. If the regulatory reconciliation is "building roads," then personnel changes at the core of power are directly "blood transfusions."

Rumors suggest that the BlackRock executive who is very friendly to Bitcoin might become the next Federal Reserve Chair, which is like a shot of confidence for the crypto community. What is the Federal Reserve? It is the world's most powerful "money printer" head. If someone who understands Bitcoin or even supports Bitcoin sits in that position, then Bitcoin's status as "digital gold" will not just be a popular consensus but an official endorsement. Meanwhile, Kansas is also getting restless, proposing a state-level "strategic Bitcoin reserve." Previously, Bitcoin was like a poor street performer; now, not only does the village chief (state government) want to hire him as an accountant, but even the central bank governor (Federal Reserve Chair) might be an old acquaintance. This infiltration of power from local to central levels indicates that Bitcoin is officially upgrading from a "marginal speculative toy" to a "national strategic asset."
On the practical financial level, traditional giants are no longer satisfied with just "observing" but are beginning to directly "absorb" and "integrate." Nasdaq has proposed removing position limits on Bitcoin and Ethereum ETFs, which sounds very professional but is actually quite simple: previously, large institutions had a cap on playing this "betting on price movements" game; now, they want to remove the ceiling, allowing hedge funds worth billions or even trillions to enter and compete without barriers. Even more clever is Bitwise, which has launched an ETF that bundles Bitcoin and gold together. This move is very smart; it addresses conservative investors' psychological barriers—if you think Bitcoin is too aggressive, I’ll give you some gold to calm your nerves. This "gold and silver combination" approach has thoroughly dispelled the suspicion that Bitcoin is just an "air coin." Meanwhile, Capital One's acquisition of stablecoin payment provider Brex indicates that in the future, you might not even feel like you're using Web3 technology because it has already become embedded in traditional banks' veins. Stablecoins are transforming from a "chip" in the crypto circle to a "settlement pipeline" for global banks.
Of course, the road to wealth freedom has never been smooth, and today's news also carries a sense of "unequal sharing" in the game. Industry heavyweight CB suddenly withdrew support for a Senate bill, citing "fatal flaws," which actually means that the regulatory details are still under discussion; industry giants do not want to sacrifice core competitiveness for compliance. Trump’s lawsuit against JPMorgan Chase for $5 billion appears to be a personal grievance but is actually a warning to traditional banking: stop trying to use "de-banking" tactics to suppress crypto users. This open conflict between political power and traditional financial hegemony instead proves the necessity of "decentralization." The current situation is that the overall direction is set—no one can stop cryptocurrencies from entering the mainstream world—but in this process, who gets the biggest slice of the pie and who sets the final rules, all forces are still engaged in a final close combat. The industry now has the confidence to flip the table; it is no longer a fish at the mercy of others but an emerging new financial force on the rise.