#我在Gate广场过新年 Web3 Today’s Must-Read | February 21

Today’s Highlights
• Bit mistakenly sends $43 billion, South Korean regulators may face a major shakeup.
• U.S. Supreme Court rules tariffs unconstitutional, $150 billion tax rebate boosts crypto liquidity.
• SEC allows brokerages to treat stablecoins as cash, drastically lowering institutional entry barriers.
• Industry calls for revision of Basel Accords’ 1250% high-risk weight.
• Deutsche Bank integrates Ripple, XRP enters banking settlement infrastructure.
• Dubai launches secondary market trading of $16 billion real estate RWA.
• CLARITY Act stalls in U.S. Congress over “shadow deposits” controversy.
• Vitalik firmly responds to Ethereum “death by fragmentation” negative rhetoric.
• Bitcoin whale accumulates 236,000 BTC in the past two months against the trend.
• Wall Street giants leverage DeFi tightening, increase investments in mining companies and Ethereum trusts.

Today’s Analysis
Today’s market sends an extremely contradictory yet logically coherent signal: on one hand, centralized institutions are “barely clothed” in their low-level mistakes; on the other, traditional financial giants are quietly taking over crypto infrastructure. That staggering $43 billion mistake by Bit handed regulators worldwide a sharpest sword. This “epic blunder” not only embarrasses South Korean regulators but will also likely end the relatively lenient regulatory honeymoon in Southeast Asia over the past few months. It’s foreseeable that upcoming compliance reviews will no longer be mere formalities but will involve genuine “penetrative” clearing.

Interestingly, while exchanges are busy embarrassing themselves, the regulatory wind in the U.S. is subtly shifting in a “power transfer.” The SEC’s allowance for brokerages to treat stablecoins as cash equivalents signals something far more important than Bitcoin’s price swings of thousands of dollars. It means stablecoins have officially gained “access” to Wall Street’s mainstream ledgers, significantly reducing broker compliance costs. Coupled with the Supreme Court’s ruling that tariffs are unconstitutional, the potential $150 billion tax rebate expectation is essentially paving the way for the next phase of liquidity migration. This “build the bridge secretly while making a show of the road” approach shows that the U.S. is accelerating the integration of crypto assets into its vast financial clearing system.

The real highlight lies in Deutsche Bank’s integration with Ripple and Dubai’s $16 billion real estate tokenization project. This marks RWA (Real World Assets) moving from a PPT presentation stage to substantial integration into banking protocols. When traditional banks start using Ripple for cross-border payments, and Dubai’s properties can be bought and sold instantly on secondary markets like trading meme coins, the narrative of the crypto industry fundamentally changes. It’s no longer an isolated speculative casino but a force nibbling at the core liquidity of traditional finance.

As for Vitalik’s rebuttal to “Ethereum fragmentation” and the whale accumulation frenzy since December, they reveal a cognitive gap between hardcore investors and retail traders. The market appears sluggish due to legislative deadlock and liquidity crunch, but large funds are precisely arbitraging and increasing their positions in mining companies and trusts during DeFi platform liquidations. Ultimately, the game now isn’t about who draws the best charts but who can preemptively lock in those irreversible infrastructure positions during the regulatory power transfer chaos. Don’t be fooled by short-term volatility; beneath the surface, the big players are completing their final encirclement.