Let’s talk about a few bullish details that the crypto market has overlooked: Regulations are rolling out quickly. - On January 28, the U.S. SEC’s Division of Corporation Finance released a statement regarding Tokenized Securities. - SEC Commissioner Hester Peirce mentioned in her February 19 speech that stablecoins are a key infrastructure for blockchain-based financial transactions and pointed out that they make broker-dealer operations in tokenized securities more feasible. The overall trend still points to stablecoins + RWA (Real World Assets) + securities. Next up is the direct bullish news for RWA: Reuters reported on February 23 that the SEC granted WisdomTree’s tokenized money market fund (Treasury MMF) a special exemption, allowing intraday trading, no longer restricted to the traditional end-of-day pricing process for mutual funds. Breaking it down, the SEC is starting to validate the practical feasibility of intraday trading + on-chain settlement. The best news might be the growth in adoption: - According to data, stablecoin holders have reached nearly 240 million, with a 5.69% growth over the past 30 days. - On-chain asset holders are around 710,144, with a 7% increase in the past month. Even with a significant market downturn, circulating tokenized assets still grew by 6%. Aside from the bullish news for the RWA ecosystem, the Ethereum Foundation announced on February 24 that it has started staking part of its treasury—approximately 70,000 ETH—with rewards flowing back into the foundation’s treasury. This means that after two full cycles, the Ethereum Foundation has finally realized it’s a crypto institution that needs to manage its balance sheet.