US: Regulatory Breakthroughs and Institutional Practices Forge Public Blockchain Capital Markets
In 2026, the US internet capital market is undergoing a structural transformation. On the regulatory front, the GENIUS Act and joint guidance from the SEC and CFTC have cleared legal hurdles for public blockchain-based capital markets. On the practice front, top financial institutions such as J.P. Morgan and State Street have conducted real transactions on the Solana blockchain, validating the efficiency advantages of public chains in clearing, settlement, and asset tokenization. This trend signals an accelerated migration of traditional capital markets on-chain.
Asian Institutions: A Pragmatic Approach to a Strategic Window
Facing the US first-mover advantage, Asian institutions now have a strategic window. Analysis indicates that due to varying regulatory maturity across Asian jurisdictions, institutions should proceed in phases based on local policy environments: pioneer in regions with mature regulations, while in less clear jurisdictions, maintain a watchful stance but prepare technical capabilities in advance. The window may last 12-18 months; missing it could lead to competitive disadvantage.