The United States is gradually clarifying how on chain assets enter the daily operations of the regulated financial system. The discussion has delved into backend processes such as customer fund management, collateral, trading organization, capital measurement, and regulatory accounting. The ability to display an asset in a wallet is a different level of matter than its ability to be recognized as a customer asset by futures brokers, accepted as collateral by clearing institutions, or included in compliance capital calculations by banks. The latter stages are Market Plumbing, which is truly reconstructing the underlying operational system of the financial market. On September 17th, it was discussed that the clear bill was blocked, but regulatory agencies still have many tools to build an "administrative class market structure". On the evening of the 17th, the SEC issued an innovative exemption for tokenized stocks. Summarize the actions of regulatory agencies such as SEC, CFTC, FED since September 17th: 1. The SEC's action on September 17th was more specific than allowing stocks to be converted into tokens. It provides a pathway for eligible tokenized securities trading venues to trade tokenized NMS stocks using automated market makers and liquidity pools, and grants exemptions under specific definitions. This means that after the regulatory securities are put on the chain, a market organization method different from traditional matching systems can be used. The underlying layer can be a public, permissionless blockchain, although transaction participants still need to obtain access. 2. On September 24th, the CFTC announced that the new FAQ will specifically address the tokenization of customer funds invested in approved investment varieties, while allowing on chain systems to undertake the actual work in the compliance record system, reducing duplicate entries and verifications; Institutions are still responsible for the integrity and availability of records. On the 24th, the CFTC's FAQ listed "How to use blockchain to meet regulatory record keeping requirements" as a new topic, indicating that the discussion has touched on the construction of formal business systems. 3. On September 24th, the Federal Reserve did announce two proposals: one to address the reserve, capital, and risk management requirements for stablecoin issuers within its regulatory scope, and the other to handle the procedures for banks to apply for issuance business. This means that stablecoins, as on chain payment tools, may also have some reserve assets behind them, which may adopt on chain forms after meeting certain conditions. 4. And earlier in early March The Fed, OCC, and FDIC have made it clear that qualified tokenized securities granted the same legal rights are generally treated in the same way as non tokenized forms under bank capital rules; When meeting the definition of financial collateral and other conditions, it can also be used as a credit risk mitigation tool in capital calculations. Capital rules will not give different treatment solely based on the use of licensed or unlicensed chains. The significance here is that tokenized assets are beginning to gain a clear path into the bank's risk measurement system. 5. The real industrial change in the future may be the transformation of on chain assets from "investment products" to "business tools" From these policy directions, I believe it is worth paying attention to the expansion of asset use: 1) If a token treasury bond product can only be held and redeemed, its competitiveness is mainly reflected in income, cost and convenient operation; 2) If the same qualified asset can enter the collateral system of more regulated institutions, support fund management, and be transferred through a compliance record system, customers will consider additional factors when choosing it: which counterparties accept it, which businesses can use it in, and how quickly it can be transferred in emergency situations. Overall, combining these actions: The regulatory construction of on chain finance in the United States is deepening from asset issuance and trading to customer funds, collateral, bank capital, and formal accounting systems. The policy is gradually becoming clear: after assets are adopted in a chain form, as long as the rights structure and business arrangements meet the corresponding requirements, there is an opportunity to continue to perform their original financial functions. What is truly worth paying attention to is the expansion of the available range of on chain assets. Looking at the trend of tokenization in the future, we can no longer just focus on whether it can be put on the chain, but also pay more attention to how many institutions truly connect, how much funds are actually used, and how much cost can be saved after it is put on the chain!