US Regulatory Breakthroughs: GENIUS Act and SEC/CFTC Joint Guidance
In 2026, the United States achieved critical regulatory breakthroughs in internet capital markets. The advancement of the GENIUS Act provides a clear legal framework for digital asset securitization, while the joint guidance issued by the SEC and CFTC clarifies the boundary between token securities and commodities. These measures lower compliance costs and remove barriers for traditional financial institutions to enter on-chain capital markets.
Institutional Practices: J.P. Morgan and State Street Execute Real Transactions on Solana
With regulatory clarity, Wall Street institutions have moved from testing to live operations. J.P. Morgan and State Street have conducted real bond issuances and asset transactions on the Solana public blockchain, demonstrating significant advantages in settlement speed, transparency, and cost. This trend is driving a structural transformation of US capital markets towards an 'internet capital market' model.
Strategic Window for Asian Institutions and Phased Approach
Facing the US first-mover advantage, Asian institutions have a limited strategic window. The article recommends that institutions adopt a phased approach based on local regulatory maturity: launch compliant products in jurisdictions with clear rules, and use sandboxes or pilot programs in ambiguous regulatory environments to accumulate experience. Missing this window could lead to Asia losing pricing power and liquidity advantages in the next round of global capital flows.