Introduction: The "Regulatory Grand Slam" Across the Divide

On May 24th, as we reviewed the real Wall Street dynamics from yesterday, the entire crypto industry underwent an epic transformation. If the approval of the Bitcoin ETF opened the door to traditional finance, then the SEC's approval of the Ethereum spot ETF yesterday, along with the House's passage of the FIT21 bill, signifies that mainstream capital in the U.S. has fully embraced Web3 smart contracts and decentralized infrastructure. At this historical juncture, public companies are no longer fighting alone but are instead welcomed into a comprehensive compliance bonus.

1. BlackRock's Comprehensive Expansion in Traditional Asset Management

The SEC’s approval yesterday is a direct victory of capital will over regulatory attitudes.

• From "Single Asset" to "Multi-Asset Matrix": BlackRock, Inc. (NYSE: $BLK) and other institutions quickly forced the SEC to reverse its regulatory stance on Ethereum. This not only means compliance for Ethereum itself but also opens the logical pathway for other high-performance public chain assets based on proof-of-stake (PoS) mechanisms to enter Wall Street.

• A New Round of Asset Management Competition: The synchronized entry of established asset managers like Franklin Templeton signals that an intense "fee war" and "market-making war" will soon erupt. Traditional financial giants are viewing digital assets as the core growth engine to attract wealth management demands from the younger generation.

2. Coinbase's Hidden Empire: Why Is It Always the Winner?

As ETF issuers fight fiercely for market share, Coinbase Global, Inc. (NASDAQ: $COIN) has become the most robust "water seller."

• The Absolute Barrier of Custody: Among the 8 ETFs approved this time, the vast majority still choose Coinbase as the sole underlying custodian. Although traditional institutions excel in distribution, they can only rely on Coinbase's years of accumulated technology and compliance moat in the face of complex on-chain asset security and cold wallet isolation mechanisms.

• Certainty of Long-Tail Cash Flow: As long as the assets under management (AUM) of the ETFs continue to swell, Coinbase can keep earning custodial fees effortlessly. This stable B2B income, unaffected by the volatility of secondary market trading volumes, is fundamentally reshaping Coinbase's financial valuation model.

3. The FIT21 Bill: The Sword of Damocles Hanging Overhead Falls

The House passed the FIT21 bill by a large majority yesterday, and its macro significance even surpasses the approval of ETFs.

• For a long time, crypto companies have been forced to survive under the shadow of the SEC's "regulation by enforcement." FIT21 explicitly defines the categorization standards for digital assets at the legislative level for the first time, assigning jurisdiction over many decentralized assets to the relatively benevolent Commodity Futures Trading Commission (CFTC). This provides a compliance "bulletproof vest" for crypto companies listed in the U.S., significantly reducing future legal compliance costs.

The historical milestone of May 23rd confirms one point: the greatest uncertainty in the crypto market has been completely smoothed out. When the world's largest asset management giant obtains regulatory approval for the second-largest crypto asset, when the only compliant exchange giant monopolizes the physical control of assets, and when the legislative body has defined a clear runway for the industry, a comprehensive value discovery cycle led by compliant capital has already begun.

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