US Structural Shift: Regulatory Breakthroughs and Institutional Practices
In 2026, the United States is driving a structural transformation of internet capital markets through a series of regulatory breakthroughs. The GENIUS Act provides a clear regulatory framework for stablecoins and digital assets, while the joint guidance from the SEC and CFTC further clarifies compliance paths for tokenized securities. On the institutional front, traditional financial giants such as J.P. Morgan and State Street have already conducted real transactions on the Solana blockchain, validating the feasibility of public blockchains as capital market infrastructure. These moves signal the emergence of a new capital market based on public blockchains.
Asia's Strategic Window
In contrast, Asian institutions face a critical strategic window. Regulatory maturity varies significantly across jurisdictions, requiring institutions to follow pragmatic, phased approaches based on local policy environments. For example, Hong Kong and Singapore have relatively mature crypto regulatory frameworks and can move earlier; other regions may need to wait for clearer policies. Overall, Asian institutions should leverage the experience and standards established by the US market, combine them with local advantages, and gradually integrate into the global internet capital market ecosystem.