#加密货币监管政策 Seeing Coinbase's recent remarks, my mind immediately flashed back to the 2017 cycle. Back then, everyone was shouting "blockchain revolution," but real institutional players were still on the sidelines watching. Now, looking back, it seems history is repeating itself in a different way—but this time, the key difference is that the regulatory framework is truly taking shape.

I remember during the depths of the 2018 bear market, how many people sighed and said "cryptocurrency will never become mainstream finance." At the time, I thought such claims fundamentally reflected anxiety rather than facts. The real turning point has never been driven by price but by the establishment of rules. The US GENIUS Act, Europe's MiCA framework—these may seem dull, but they are crucial in pulling crypto out of the gray area and into the sunlight.

Duong's mention of the "cumulative effect" resonated with me—ETFs, stablecoins, tokenization, plus clear regulation—these indeed form a flywheel. The step toward spot ETFs in 2025 has already been taken, enterprise-grade vaults are emerging, and by 2026, as these gears mesh together, institutional entry will no longer be risky but routine.

Unlike previous cycles driven purely by speculation, this time it is propelled by macroeconomic factors, technological development, and geopolitical influences working together. The nature of capital is also changing—long-term allocations are increasing, while short-term trading is decreasing. This is no small matter. Historically, each such qualitative change signifies an upgrade of the asset class from "risk asset" to "infrastructure."

We have moved beyond those blurry, uncertain years. The question is no longer "Will crypto become mainstream?" but rather "Within what time frame will this transformation be completed?"