Why I’m Talking About Crypto Now

Over the past year, US digital asset regulation and market infrastructure have experienced several significant turning points: stablecoins have entered the federal framework for discussion and rulemaking, the Treasury Department has publicly solicited public opinion on illicit finance governance, common listing standards for crypto spot ETFs at the exchange level have gradually taken shape, and the issuance process has shifted from case-by-case approval to a more standardized process. I see these changes as three manifestations of the same coin: accelerating innovation within manageable boundaries.

My Perspective on Policy Flow

A Federalized Framework for Stablecoins, My focus isn’t on the “whether to release” debate, but rather on implementation: the composition of reserve assets, the frequency and format of information disclosure, KYC/AML for wallets and payment terminals, and how third-party custody and on-chain monitoring are compliantly integrated. Once these elements are clarified, compliant stablecoins will truly have payment-grade usability, and the cost of institutional adoption will be significantly reduced.

,The Ministry of Finance’s RegTech Preference, I’ve noticed that policy questionnaires and hearings increasingly emphasize the role of APIs, AI, digital identity, and on-chain analytics in combating illicit finance. This means that upstream identity verification, sanctions screening, on-chain anomaly detection, and traceable reporting will move from being “nice to have” to “must-haves.” To me, this represents a more certain infrastructure track.

.ETF “Regulated Channel” From Bitcoin and Ethereum spot ETFs to a broader “universal listing standard,” the core change is predictability: products no longer rely solely on case-by-case approvals; instead, they can be scheduled if they meet known thresholds. This lowers the barrier to entry for compliant investors and amplifies the two-way transmission of capital and volatility. I wouldn’t misinterpret “you can buy” as “everyone should buy.” Instead, I’d focus on the liquidity, transparency, and integrity of the underlying market.

What Does This Mean for Us?

Compliance is a moat, not a slowdown. Whoever first meets reserve, disclosure, risk control, and identity governance requirements will enjoy the dual advantages of “regulatory friendliness + institutional trust.” I’d rather internalize compliance as a cost early than “run fast” in a gray area.

Invest first in “definitely necessary conditions. In payment and custody scenarios, identity, risk control, and data are established and essential needs: KYC/AML, on-chain monitoring, fund flow visualization, and incident response. I would prioritize this type of infrastructure rather than placing excessive bets on unproven narratives.

Widening the channel doesn’t mean eliminating risk: Start with an “exposure-buffer-exit” strategy.

For passive exposure to crypto-themed assets (such as ETFs), I use a “core-satellite” approach:

• Core: Focus on assets with higher liquidity and transparency, such as BTC/ETH (with position limits and rebalancing discipline).
• Satellite: Explore new products or sectors within budget, but agree with yourself on maximum drawdown thresholds and stop-loss/margin reduction rules.

My Allocation and Risk Control Practices (Auditable and Retrievable)

Asset Side, Use ETFs or custodial products to manage primary exposures, reducing operational risks associated with custody and key management.

Write down the maximum position allowed for each exposure type and a contingency plan (for example: if a single asset is ≤ X%, and the portfolio drawdown reaches Y%, automatically reduce the position to the benchmark weight).

Record liquidity metrics (trading volume/spread/subscription/redemption efficiency)—only assets that can be bought and sold are considered assets.

Compliance and Data, All wallet/exchange connections undergo KYC; on-chain data uses third-party tools to monitor large fluctuations, risky addresses, and suspicious patterns.

Establish an incident response checklist: When a black swan event occurs, who will issue instructions, which funds will be withdrawn first, and who will be communicated with.

Hold a quarterly “stress test day”: Write down in black and white, “What will I do if the market drops 20%/30%/40% today?”

Communication and Governance, External narratives adhere to two key principles: legality, compliance, and risk transparency; internally, adhere to the principle of “risks first, then returns.”

All strategic changes must be documented: decision time, triggering factors, data basis, and review results.

What to Focus on in the Future

Stablecoin Details: Are the reserve asset ratio and disclosure frequency quantified? Is real-time monitoring of wallets and trading terminals mandatory?

ETF Product Pace: How will new products beyond BTC/ETH meet liquidity and market quality standards? Does “being able to issue” equate to “worth holding”?

Federal-State Law Integration: In particular, how will trust/compliance requirements in states like New York align with the federal framework? This will impact the choice and cost of custodianship and issuance locations.

Where I Stand

I interpret the current US policy signals as clearing the way for compliant innovation, not opening the floodgates for disorderly speculation.
My approach is simple: prioritize investment and energy on the “essentials”—compliance, risk management, data, and infrastructure. Accumulate compounding returns within a predictable regulatory framework.