#链上资产管理 I see this shift in the U.S. regulatory framework with both relief and caution. The transition from litigation-driven approaches to structured regulation, from exclusion to integration into the financial system—these changes are indeed creating a clearer environment for on-chain asset management. The SEC's "Crypto Assets Plan," CFTC recognition of crypto assets as collateral, OCC approval of national trust charters, and the GENIUS Act's clarification of 100% reserve requirements for stablecoins—all point in the same direction: crypto assets are moving from the gray zone toward institutionalization.

But I want to emphasize that what regulatory standardization offers us as prudent investors is most valuable not in short-term price volatility—even if Bitcoin reached a new high near $125,800 in 2025. The key is that we can now allocate assets with greater long-term confidence. When institutional trust increases and market resilience strengthens, what we actually need to do is the opposite: not chase highs, but reassess our position structure.

Legal clarity for stablecoins is especially important. This means your on-chain assets can dock more safely in verified harbors. I recommend everyone re-examine their portfolio allocation—don't increase risk exposure just because of policy tailwinds. Rather, use this window of opportunity to institutionalize and transparentize your on-chain asset management. Improved regulation is the best foundation for a long-term mindset.