US Regulatory Breakthroughs: GENIUS Act and SEC/CFTC Joint Guidance
In 2026, the United States achieved key regulatory breakthroughs in the internet capital market space. The advancement of the GENIUS Act provided a legal framework for digital asset securitization, while joint guidance issued by the SEC and CFTC clarified compliance paths for asset issuance on public blockchains. These measures reduced legal uncertainty for institutions participating in public chain markets and laid the institutional foundation for a new type of capital market.
Institutional Practice: J.P. Morgan and State Street Conduct Real Transactions on Solana
Traditional financial giants such as J.P. Morgan and State Street have executed real transactions on the Solana blockchain, validating the performance and reliability of public chains in areas like trade settlement and asset custody. These practices demonstrate that Solana's high throughput and low fees can meet institutional-grade trading requirements, moving public chain infrastructure from experimental stages into production environments.
Strategic Window for Asian Institutions and a Phased Approach
The article notes that Asian institutions are facing a strategic window of opportunity to follow this trend. Given significant differences in regulatory maturity across jurisdictions, institutions need to formulate participation strategies in phases based on local regulatory progress: deploy first in markets with clear compliance rules, stay on the sidelines in ambiguous regulatory zones while promoting policy dialogue. A pragmatic, step-by-step approach will help Asian institutions secure advantageous positions in the emerging capital market.