#我在Gate广场过新年 Web3 Today’s Must-Read | February 21

Today’s Quick Overview
• Bit mistakenly sent $43 billion, South Korean regulators may face a major shakeup.
• U.S. Supreme Court rules tariffs unconstitutional, $150 billion tax refunds boost crypto liquidity.
• SEC permits brokerages to treat stablecoins as cash, drastically lowering institutional entry barriers.
• Industry calls for amendments to Basel Accords’ 1250% high-risk weight.
• Deutsche Bank integrates Ripple, XRP enters banking infrastructure payments.
• Dubai launches $16 billion real estate RWA secondary market transactions.
• CLARITY Act stalls in U.S. Congress over “shadow deposits” controversy.
• Vitalik firmly responds to Ethereum “dying from fragmentation” negative claims.
• Bitcoin whale has bought back 236,000 BTC in the past two months against the trend.
• Wall Street giants, amid DeFi tightening, increase investments in mining companies and Ethereum trusts.
Today’s Analysis
Today’s market signals an extremely contradictory yet logically coherent message: on one hand, centralized institutions are “barely running” due to basic mistakes; on the other, traditional financial giants are quietly taking over crypto infrastructure. That staggering $43 billion mistake by Bit handed regulators worldwide a sharpest tool. This “epic blunder” not only damages South Korea’s regulators’ reputation but also likely ends the relatively lenient regulatory honeymoon in Southeast Asia over the past few months. It’s foreseeable that upcoming compliance reviews will no longer be mere formalities but will involve genuine “penetrative” clearing.
Interestingly, while exchanges are busy embarrassing themselves, the regulatory landscape in the U.S. is subtly shifting in a “power transfer.” The SEC allowing brokerages to treat stablecoins as cash equivalents signals far more than Bitcoin’s price swings of thousands of dollars. It means stablecoins have officially gained “access” to Wall Street’s mainstream ledgers, significantly reducing broker compliance costs. Coupled with the Supreme Court ruling on tariffs’ unconstitutionality, the potential $150 billion tax refund expectation is essentially paving the way for the next phase of liquidity migration. This “building the bridge secretly while making a show of it” approach shows the U.S. is accelerating the integration of crypto assets into its vast financial clearing system.
The real highlight lies in the convergence of Deutsche Bank and Ripple, and Dubai’s $16 billion real estate tokenization project. This marks RWA (Real World Assets) moving from a PPT presentation stage to substantial integration into banking protocols. When traditional banks start using Ripple for cross-border payments, and Dubai’s properties can be bought and sold instantly on secondary markets like meme tokens, the narrative of the crypto industry fundamentally changes. It’s no longer an isolated speculative casino but a force eroding the core liquidity of traditional finance.
As for Vitalik’s rebuttal to “Ethereum fragmentation” and whales’ frantic accumulation since December, these reveal a cognitive gap between hardcore investors and retail traders. The market appears sluggish due to legislative deadlock and liquidity tightening, but large funds are precisely arbitraging and increasing their positions in mining companies and trusts during DeFi platform liquidations.
Ultimately, the game now isn’t about who draws the best charts but who can preemptively lock in irreversible infrastructure positions during the chaos of regulatory power transfer. Don’t be fooled by short-term volatility; beneath the surface, the big players are completing their final encirclement.