Jack Ma's Yunfeng Group has entered the Ethereum (ETH) market, causing a stir in the crypto world. Many see this as an important signal for crypto assets moving towards the mainstream. However, this is just a turning point, not the end. The real challenges are just beginning.

Firstly, traditional brokers entering the crypto assets field will face severe challenges in taxation and compliance. Once a broker connects to crypto assets, it means they need to conduct tax traceability and compliance audits. This may deter some traders who are used to operating freely in the gray area. So, who will remain to use these services? Primarily those institutions and heavy users who need unified reporting and tax tools, as well as traders eager to use advanced tools such as options, margin, and securities lending. This indicates that in the short term, we may not see a "mass migration", but rather a long-term coexistence of compliant capital pools with existing centralized exchanges (CEX) and decentralized exchanges (DEX).

Secondly, while ETFs in the United States have become the mainstream entry point, offering advantages of safety, simplicity, and tax clarity, they also have obvious limitations: they can only provide price exposure and cannot perform on-chain operations. In contrast, the unique advantage of brokers lies in their ability to offer unified account operations for options, futures, and margin, incorporating retirement accounts and investment advisory systems into the crypto world, and providing credit expansion services (such as portfolio net value credit and financing repurchase). In short, ETFs are an entry point, while brokers are a comprehensive toolbox.

Finally, regarding the question of whether decentralized exchanges (DEX) can trade stocks, the answer is difficult but not impossible. Bringing traditional stocks (such as Apple Inc. stock) on-chain is essentially still a securities transaction, which requires the appropriate licenses (such as alternative trading systems, transfer agents, custodians) as well as strict KYC (Know Your Customer) and AML (Anti-Money Laundering) processes.

Overall, crypto assets are gradually integrating into the mainstream financial system, but this process is full of challenges and opportunities. Traditional financial institutions, native crypto platforms, and regulatory bodies all need to continuously adjust and innovate to adapt to this rapidly evolving field.