Analyzing the importance of SEC registration agencies managing and trading securities and non securities assets on the same platform Many of you may not have noticed this speech by Paul S. Atkins, the new chairman of the SEC. It is very important to say that if it can really be executed, it will open another window for cryptocurrency and RWA, and raise the ceiling of compliant exchanges. First, let's take a look at Paul S. Atkins' original text (translation): "I hope the committee allows SEC registration agencies to custody and trade securities and non securities assets on the same platform. Realizing this goal can reduce costs for investors and enable non securities trading to enter the federal regulatory environment more quickly. This will be a preliminary step towards realizing the realistic possibility of 'super apps'. ” So why am I saying this paragraph so important? Paul S. Atkins expressed his hope that the SEC would allow registered institutions to custody and trade securities and non securities assets (such as cryptocurrencies, stablecoins, NFTs, etc.) on the same platform. If this policy is implemented, it will significantly promote regulatory integration and accelerate the compliance process of encrypted assets. In the past, there was a clear separation between traditional finance (TradFi) and encrypted finance (DeFi or CeFi), with fragmented regulatory frameworks. Paul S. Atkins' proposal implies that encrypted assets may be formally incorporated into the US financial system, reducing their 'marginalization' status, while also addressing jurisdictional coordination issues between the SEC and CFTC. ” It can be imagined that cryptocurrency, US stocks, US bonds, and even ETFs can be purchased simultaneously on Coinbase, and can be directly purchased in USDC (which is equivalent to USD on Coinbase). This approach can reduce the trading and compliance costs for investors, enabling "non securities" trading such as encrypted assets to be brought under federal regulation as soon as possible, paving the way for the future "Super App", which is "one app connecting all financial services". And there is another layer of extended concept that allows for the direct purchase of compliant cryptocurrencies such as BTC, ETH, etc. on NASDAQ. Of course, this is still different from ETFs, but that is not the focus. We will discuss it in the future when there is an opportunity. This represents 1. Regulatory integration and compliance acceleration In the past, traditional finance (TradFi) and encrypted finance (DeFi or CeFi) were two separate entities with fragmented regulations. This statement implies that the SEC is willing to unify the two within a compliance framework. Cryptocurrency assets may no longer be 'marginalized', but will be officially incorporated into the US financial system. 2. Give the green light for banks/securities firms to enter the cryptocurrency business Currently, most large banks and securities firms in the United States are unable to conduct cryptocurrency business due to compliance risks. If the SEC policy shifts to allow these licensed institutions to custody and trade cryptocurrency assets, it will bring a large influx of mainstream capital compliance. 3. Integration of cryptocurrency with traditional assets such as the US stock market The development of "super applications" on platforms such as Coinbase, Fidelity, Robinhood, etc. may accelerate. Promote the birth of the "Super App" model in the United States. Super App refers to a comprehensive composite trading platform, where an app can complete functions such as payment, trading, investment and financing, and social networking. And this is equivalent to promoting the application of RWA in the cryptocurrency field, opening up the trading of stablecoins for traditional compliant assets in advance. Compliant exchanges can trade BTC spot and futures while also trading US stocks and bonds, ETF， To achieve a unified platform for cryptocurrency and stocks in the compliance field through waiting for transactions For RWA, this is a very important opportunity because it ensures that RWA does not only occur on the chain, but can even connect traditional finance and cryptocurrency finance in both directions, and even achieve seamless connection between exchange RWA and on chain RWAFi. If this direction is supported by a majority of members in Congress or the SEC, it could become the biggest paradigm shift in US financial regulation in 20 years, with profound implications for the cryptocurrency industry, securities firms, fintech platforms, and even the global competitiveness of the US dollar. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex