After Bitcoin spot ETFs were approved last year, crypto enthusiasts joked that they had become "senior US stock traders." Ironically, real changes are now happening—The NYSE is planning to bring stocks on-chain and implement 24/7 trading, and tokens are gradually becoming an important agenda in traditional finance. Only then do people realize that cryptocurrencies haven't really taken over Wall Street; instead, Wall Street is slowly swallowing crypto.

Wall Street has never looked down on this field; it’s just playing a bigger game. We are now entering an era of two-way acquisitions: crypto companies are competing for licenses and compliance status in traditional finance, while major financial institutions are absorbing crypto’s tech stacks and innovative capabilities. Both sides are infiltrating each other, and the boundaries are becoming increasingly blurred. In three to five years, there may be no need to distinguish between crypto companies and traditional financial firms—they will all be financial companies.

This transformation has a legal tool—the "Digital Asset Market Clarity Act" (CLARITY Act)—which is regulating the wild-growing crypto space into a form familiar to Wall Street at the institutional level. The first concept to be redefined is "Token Rights," a purely crypto-world concept.

Crypto enthusiasts have long been in a state of identity ambiguity and face strict regulations in various regions. This tug-of-war not only suppresses innovation but also puts token holders in a difficult position—holding tokens without corresponding rights protections. Unlike traditional shareholders, the legal status of token holders has always been a question mark. Now, that question mark is being replaced by standardized answers.