#创作者冲榜 Web3 Today’s Must-Read | March 27

Today’s Quick Overview
• Nasdaq pushes for stock tokenization, facing liquidity fragmentation.
• U.S. House questions Kk’s Federal Reserve account permissions.
• Privacy developers struggle to survive as DOJ tightens regulations.
• Circle freezes assets in 16 exchange-linked wallets.
• J.P. Morgan states Bitcoin liquidity outperforms gold amid geopolitical crises.
• Reserve Bank of Australia releases a blueprint for 24/7 asset tokenization trading.
• Distributed Capital’s Shen Bo offers a $40 million reward for recovery.
• Hong Kong plans to expand police access to encrypted devices, sparking concerns.
• White House crypto advisor Sachs resigns, adding uncertainty to legislation.
• CFTC Chair proposes using blockchain to verify AI content.

Today’s Analysis
The current Web3 landscape is experiencing an extremely strange “identity mismatch.” On one side, traditional finance giants like Nasdaq are desperately trying to move onto the chain, even risking market fragmentation to pursue stock tokenization; on the other side, regulators and law enforcement are frantically trying to put the brakes on this fast-moving train, even aiming to take control of the steering wheel. In plain terms, we are in a deep game of “assets want to go on-chain, while authorities want to tighten the net.”
Actions by Nasdaq and the Reserve Bank of Australia send a clear signal: tokenization is no longer a small-scale RWA experiment but a fundamental overhaul of mainstream financial infrastructure. However, the cost of this is that liquidity could be forcibly torn into two worlds: “compliant on-chain” and “wild growth,” with TD Securities worried about price gaps—essentially a fear of this financial binary split.
Even more interesting is that friction during this “peaceful integration” process is becoming unprecedented. Just look at Circle freezing 16 exchange-linked wallets, and then at the House’s relentless pursuit of Kk’s access to the Fed’s main account—you’ll understand that “crypto-friendly” isn’t a free pass. In Washington and among regulators, you can come in and play, but you must leave a backdoor. Circle’s freezing action sharply rebukes those advocating “decentralized finance”—if you’re using centralized stablecoins, your ownership is essentially a “permitted temporary right.” This control extends even to privacy: whether it’s the DOJ pressuring privacy protocol developers or Hong Kong’s plans to expand police access to encrypted devices, it all proves one thing: regulators aren’t worried about your profits—they’re worried about what they can’t see.
The real key is hidden in JPMorgan’s report. When geopolitical storms hit, traditional safe-haven assets like gold and silver saw capital outflows, while Bitcoin’s liquidity remained more stable. This indicates that market pricing logic has shifted: hardcore investors no longer see Bitcoin as a tulip but as a highly liquid, sovereign-credit-independent “digital hard currency.” This creates a huge irony: the more institutions recognize Bitcoin’s value, the more they want to tame it into a docile financial tool. David Sachs’s resignation from his White House advisory role also reflects this complex game—before legislation is actually implemented, everyone wants a piece of this lucrative pie, but no one wants to bear the risks of loosening control.
The future is clear: we are bidding farewell to the “code is law” utopia and entering a brutal battlefield where “code serves compliance.” Nasdaq’s involvement will bring massive liquidity, but it will be confined within walls. For ordinary investors, this means you must choose between “absolute privacy and security” and “mainstream liquidity premium.”
CFTC Chair’s mention of using blockchain to verify AI content might be another technical breakthrough, but in the main financial arena, the power transfer over “who controls the on-chain switches” has just entered its most intense second half. Don’t be blinded by the bullish hype—pay close attention to who is freezing wallets and who is revising rules. That’s far more important than reading candlestick charts.