#链上资产管理 Seeing this shift in the US regulatory framework, my feelings are both relief and caution. Moving from litigation-driven approaches to structured regulation, from exclusion to integration into the financial system—these changes indeed create a clearer environment for on-chain asset management. The SEC's "Cryptocurrency Plan," CFTC's recognition of crypto assets as collateral, OCC's approval of national trust charters, and the GENUIS Act's clear 100% reserve requirement for stablecoins—all point in the same direction: crypto assets are transitioning from the gray area toward institutionalization.

But I want to emphasize that for us prudent investors, the greatest value of regulatory normalization is not in short-term price fluctuations—even if Bitcoin hits a new high of nearly $125,800 in 2025. The key is that we can now allocate assets more confidently for the long term. As institutional trust increases and market resilience strengthens, what we need to do is exactly the opposite: not chase highs, but review our position structures.

Legal clarity for stablecoins is especially important. This means your on-chain assets can rest more securely in verified safe harbors. I recommend everyone revisit their portfolio allocations—don't increase risk exposure just because of favorable policies, but use this window to institutionalize and make transparent your on-chain asset management. Improved regulation is the best foundation for a long-term mindset.