US Structural Shift: Regulatory Breakthroughs and Institutional Practice
In 2026, the United States is accelerating the formation of a new capital market infrastructure built on public blockchains through a series of regulatory breakthroughs. Key measures include the advancement of the GENIUS Act and the issuance of joint guidance by the SEC and CFTC, providing clearer compliance pathways for digital asset transactions. Simultaneously, traditional financial giants like J.P. Morgan and State Street have begun executing real transactions on the Solana blockchain, validating the feasibility of public chains for institutional-grade capital markets. These practices signal a structural migration from legacy systems to on-chain architectures.
Strategic Window for Asian Institutions and Pragmatic Adoption
Facing the US's first-mover advantage, Asian institutions are presented with a critical strategic window. However, due to significant differences in regulatory maturity across jurisdictions—for instance, Singapore and Hong Kong are relatively open while mainland China remains cautious—Asian institutions must adopt a phased, differentiated approach based on local policy environments. It is recommended to first validate on-chain asset issuance and trading efficiency through pilot projects, then gradually expand to core operations, thereby minimizing compliance risks.