Recent decisions by the Federal Reserve have sparked market attention—this time, regulators have officially relaxed restrictions on banks participating in crypto asset activities. The once strict pre-approval system has been broken down, and banks can now directly engage in crypto asset custody, collaborate with digital asset companies, and even launch related innovative products.

Three years ago, this was simply unimaginable. After the FTX collapse, regulators treated the crypto sector as a formidable threat. Banks wanting to enter? They had to prepare a huge pile of approval documents first. Now, the tide has completely turned.

However, this shift has not been smooth sailing. There are significant disagreements within the Federal Reserve. Bal, responsible for financial regulation, clearly voted against it. His concerns are straightforward: such easing could tempt banks to evade risk management, undermine fair market competition, and even pose hidden risks to the financial system. But Bal left his position earlier this year, and current decision-makers like Bowman hold a more open attitude.

This is not just a policy adjustment; ultimately, it is a strategic choice.

The background is quite interesting. Digital RMB, the EU’s MiCA regulatory framework, and global efforts to develop digital finance are all accelerating. At this critical moment, the US easing restrictions—what is the real intention? To bring crypto finance under the control of the dollar system. Look at the stablecoin market—over 95% are pegged to the dollar. This is essentially the prototype of "Dollar 2.0." Traditional USD remains the core, crypto USD is an extension—both strategies together upgrade the form of dollar hegemony.

What impact will this have on the market? First, traditional banks will be forced to accelerate their actions. Custody services, trading channels, product development—those who fall behind will be swallowed up. Crypto assets are gradually moving from the periphery to the center of the mainstream financial system, and this transformation is indeed speeding up.