In early 2024, when Bitcoin ETFs were approved, crypto enthusiasts were joking and teasing each other, saying "We’ve all become esteemed US stock traders." But as the new year turned, the NYSE surprisingly started preparing a stock on-chain project, planning to offer 24/7 trading. This immediately made people realize: we haven't really taken over Wall Street; instead, Wall Street has long been planning how to integrate this emerging market.

Seeing this clearly, the entire landscape becomes understandable. Wall Street has never aimed to pick sides but is betting on integration. We are now in an era of two-way acquisitions—crypto companies desperately moving upstream to buy traditional financial licenses, customer resources, and compliance systems; traditional financial institutions, in turn, hunting down the technology, pipelines, and innovation capabilities held by crypto companies. Both sides are infiltrating each other, and the boundaries are becoming increasingly blurred.

In three to five years, even the distinction between "crypto companies" and "traditional financial companies" may no longer be necessary. By then, there might only be one thing called financial companies. This reshaping is based on the "Digital Asset Market Clarity Act" (CLARITY Act), which is reforming the wild-growing crypto space into a form familiar to Wall Street at the institutional level. The first to suffer is the concept of "coin rights"—which was never as popular as stablecoins in the community and is now being directly reformed at the institutional level.

In the past, practitioners and investors in the crypto space lived in a state of uncertainty and ambiguous ownership, often used as test subjects by regulators around the world. This uncertainty not only stifled innovation but also made token holders uncomfortable—holding tokens but unable to enjoy corresponding rights. Unlike traditional stock investors, token holders have been wandering in a power vacuum.