The compliance process for crypto assets has ushered in a major turning point. In the past week, US regulators have intensively issued policy signals, completely changing the status of digital assets within the traditional financial system.

The CFTC officially announced that Bitcoin and Ethereum have been officially approved as qualified collateral for futures trading. This means that these two leading assets are no longer classified as "speculative assets," but have gained the status of financial instruments equivalent to government bonds and cash. While this shift appears to be a technical adjustment, it actually opens the door for institutional capital to enter. Traditional asset management firms, hedge funds, and even insurance companies can legally include BTC and ETH in their asset allocation frameworks, making growth in liquidity scales almost inevitable.

More significant news comes from approval at the federal trust bank level. Ripple, Circle(USDC issuer), BitGo, Paxos, and Fidelity have obtained conditional federal trust bank licenses. Previously, business models required licensing on a state-by-state basis, a lengthy and risky process. Now, with direct federal endorsement, core activities such as asset custody and payment settlement are officially incorporated into the national financial regulatory framework. This is not just a victory for individual institutions but represents the entire crypto service industry gaining a systemic legal status.

What is the essence of this wave of policy changes? From "prohibition" to "regulation" and now to "integration," the US is redefining the role of crypto assets in the modern financial system through concrete actions. The era of wild growth is over, replaced by a regulated, threshold-based, risk-managed mainstream model. For investors, this means market uncertainty is decreasing; for industry participants, although compliance costs are rising, their business models are now backed by institutional legitimacy.

The key short-term market outlook depends on the direction of capital flows. Institutional funds are most likely to flow into the most liquid assets, BTC and ETH, pushing up their prices. However, in the long term, assets like Ripple and USDC that focus on payment settlement may have greater growth potential, as federal approval directly addresses their compliance bottlenecks.

Currently, ongoing attention should be paid to the specific implementation of regulatory policies. These "conditional approvals" imply that more detailed compliance requirements, risk management standards, and disclosure norms may be introduced in the future. Market participants should view this positive development rationally—seizing the opportunities brought by policy windows while remaining alert to potential adjustments arising from regulatory details.