#加密货币监管政策 Looking back at the past, I have witnessed the rise and fall of too many Crypto Assets. This time, Rex's application for a BNB stake-type ETF reminds me of the long journey of the Bitcoin ETF. Back in 2013, the Winklevoss brothers first submitted their Bitcoin ETF application but encountered numerous setbacks. It wasn't until 2021 that ProShares' Bitcoin futures ETF finally received SEC approval.

Now Rex has chosen to apply for a BNB stake ETF based on the 40 Act, which is undoubtedly a smart strategy. The 40 Act provides a regulatory framework for traditional financial products, incorporating crypto assets, which may make it easier to gain regulatory approval. This reminds me of Coinbase's attempt to launch a similar product in 2018, but it was shelved at that time due to an immature regulatory environment.

Historically, cryptocurrency regulation policies have often lagged behind market innovations. Each significant product breakthrough has pushed the boundaries of regulation. Rex's attempt this time may become an important step for BNB and other crypto assets to enter the mainstream financial market.

However, we must be wary of excessive optimism. Looking back at the painful lessons after the bull market in 2017, regulatory tightening often follows periods of prosperity. Although there are signs of a market recovery, the regulatory stance remains uncertain. We should remain cautious, pay attention to policy trends, and make various preparations. After all, in this industry, the only constant is change itself.