Original Author: Lawyer Zhao Xuan

Recently, I noticed two interesting pieces of news in Web3 that I would like to discuss with everyone.

First, Binance has quietly launched products related to Tesla (TSLA), which are not RWA (Real World Assets) but Perpetual contracts.

Second, Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), has recently made several public statements, indicating that the U.S. financial market may fully migrate on-chain within two years.

(Image source: Coin Circle)

These two pieces of news are inherently strongly related, concerning the next direction of global asset liquidity, involving both economic issues and some interesting legal questions.

Let’s first talk about Binance's attempt: from "hard charging" to "stealth"

This is not the first time Binance has targeted Tesla.

Looking back to 2021, Binance had launched "stock tokens" with great fanfare, attempting to anchor physical stocks 1:1, allowing users to hold shares on-chain and receive dividends. However, this product faced strong opposition from regulatory bodies in Germany, the UK, and others for allegedly illegal securities issuance, and was ultimately taken down.

At that time, Binance's strategy was "hard charging"—directly transplanting equity onto the chain, but underestimated the power of traditional financial rules. Now, its approach has shifted to "stealth."

The Tesla perpetual contracts launched in 2026 are no longer linked to ownership of shares, but only track price fluctuations; they do not promise dividends, only provide bets on price movements. What users are buying is not Tesla equity, but a pure price game.

From "buying ownership" to "buying volatility," this shift may seem like a retreat, but in fact, it is a roundabout exploration by the crypto giant within the existing legal framework, targeting the equity trading market.

On-chain Tesla: are we buying "notes" or "goods"?

Many friends are curious whether on-chain Tesla on Binance is equivalent to Tesla on the U.S. stock market. To answer this question, we must clarify the legal boundaries:

• Perpetual contracts (Perp): You are buying a "note." What you are purchasing is a contract, and the game is about price. The logic is simple; the liquidity of the purchased asset is extremely high, but its legal nature is "derivative." If the platform faces liquidation risks, you have no physical assets to recover.
• RWA (tokenized assets): You are buying "goods." There is a token on-chain, and there is a gold bar or a share of stock in the vault. Its core is "confirmation of rights." This involves complex cross-border legal adaptations, asset custody, and physical penetration.

Currently, in the short term, Perpetual contracts will attract speculative interest; but in the long term, U.S. stock RWA is the ultimate solution for reshaping global financial liquidity.

Endorsement from the giants: SEC Chairman Paul Atkins' two-year plan

If Binance's actions are a head start from the private sector, then the repeated formal statements from the regulatory level represent the entry of the regular army.

Paul Atkins, the current chairman of the U.S. Securities and Exchange Commission, publicly stated twice in formal settings in December 2025 and January this year: the U.S. financial market may fully migrate on-chain within two years.

Note this timeline: two years. In his "Project Crypto" blueprint, blockchain is no longer the dead enemy of regulation, but rather the underlying operating system to enhance transparency and achieve T+0 settlement.

Currently, mature on-chain ownership trading (RWA) has already been realized for major assets like gold and silver. The issue of U.S. stocks going on-chain is no longer a technical question of "can it be done," but rather a procedural question of "when will it be moved." And the procedural issue, with the specific route already defined, is merely a matter of compliance details that need to be properly arranged.

Exploration of dispute resolution clauses

In the current context where traditional finance is continuously being restructured by Web3 technology, and capital is flooding in while rules remain unclear, another key issue I am concerned about is:

Once a dispute arises, how can we achieve efficient and fair resolution?

On-chain transactions have the characteristic of "settlement equals conclusion," while chain-related investment and financing often involve legal rules from multiple jurisdictions. If disputes arise due to defaults or contractual loopholes, traditional court litigation often gets bogged down in jurisdictional disputes.

Compared to resorting to courts after the fact, pre-agreeing on reliable arbitration jurisdiction has become an industry consensus. Recently, my team and I have engaged in multiple in-depth discussions with professionals from major arbitration institutions such as the Singapore International Arbitration Centre (SIAC) and the Shanghai International Arbitration Centre (SHIAC), exploring how to combine the resolution of large chain-related disputes with the fairness and strong enforceability of international commercial arbitration.

We look forward to further dialogue with more experts in the arbitration field, both domestically and internationally. In today's world of increasingly cross-border asset flows, we urgently need to establish a compliant arbitration path that deeply understands the underlying technological logic while gaining recognition from mainstream legal jurisdictions.

Conclusion

What exactly has Web3 brought us?

Although the industry occasionally faces tightening regulations and growing pains, I firmly believe that the core of Web3 lies in freedom. It will inevitably reshape the entire financial system; the only uncertainty is how long this process will take—whether it will be the two years predicted by the SEC or a bit longer.

On-chain freedom means that assets are no longer bound by physical borders, and it also means that ordinary people can share in the dividends of global liquidity. The liberation of global asset liquidity is a clearly foreseeable future and a key battlefield where our generation of legal professionals should engage.

——Deconstructing the SEC's "two-year on-chain" vision: moving towards the path of Web3 freedom and promoting further liberation of global asset flows.

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