#链上资产管理 After observing this shift in US policy, I need to calmly analyze the situation. From Gensler's "enforcement first" approach to the current structured framework, this is indeed a significant change—but don’t let this big news distract you.

Having navigated the on-chain space for many years, the most important lesson I’ve learned is: favorable policies do not equal project safety. Clarifications on securities definitions by the SEC, OCC approval of banking licenses, and legal backing for stablecoins are real progress. But here’s the problem—now that the regulatory framework is clearer, what happens to projects that rely on ambiguity? Ponzi schemes, gold-farming traps, and Layer 2 private placements that harvest retail investors will only die faster under the new framework.

Thinking back to the 2017 bull market, when regulatory news was everywhere, how many people went all-in on projects with "government backing"? And what was the result? Projects still ran away, tokens still went to zero. So now, with stablecoins required to hold 100% reserves and restrictions on re-collateralization, I’m even more cautious—this signals that the era of wild growth is truly over.

The secret to surviving long-term on-chain is not chasing hot trends, but understanding the logic behind the policy framework. Institutional entry and clear rules will actually squeeze out retail investors’ survival space. Instead of getting excited about "cryptocurrency being integrated into the financial system," ask yourself three questions: Does your asset holdings comply with the new framework? Does your strategy rely on loopholes that are about to disappear? Are you prepared to compete in a compliant environment?

The biggest beneficiaries of this policy dividend will only be those institutions and projects that have already laid out compliance plans. Retail investors still clinging to old tactics are just waiting to be reshuffled by the new order.