A new cycle in the cryptocurrency market has already begun! A significant turning point is quietly arriving - the U.S. SEC has officially given the green light for the physical redemption of Bitcoin and Ethereum spot ETFs, and has launched "Project Crypto" as a top-level plan. This move clearly signals a shift in regulatory logic: from a past of defensive containment to building a constructive industry framework.

At the same time, Coinbase has also made a bold move, announcing the upcoming launch of on-chain stock and other innovative businesses, aiming for the compliance-oriented goal of an "all-in-one exchange." This series of developments is clearly outlining a new path for crypto assets: the industry is accelerating into a new phase of systematization and institutionalization, and the once-clear boundary between traditional finance and the on-chain world is gradually dissolving. #美国加征关税 #加密市场回调