#我在Gate广场过新年

Today’s Briefing
• The White House has set March 1st as the deadline for the crypto legislation.
• CME plans to launch 24/7 crypto derivatives trading in May.
• ProShares introduces a compliant stablecoin reserve government bond ETF.
• Ripple states that the CLARITY Act has an 85% chance of passing in April.
• SEC officials release positive news on RWA compliance at ETHDenver.
• Blockfills seeks to sell after a massive loss of $75 million.
• European Central Bank releases the 2029 digital euro roadmap.
• OpenAI warns of AI automation risks attacking smart contracts.
• Lightning Network monthly transaction volume exceeds $1 billion, driven by AI.
• Kk xStocks on-chain US stock trading surpasses $25 billion.

Today’s Analysis
The current situation is now very clear: Washington and Wall Street are working together to complete the “ultimate integration” of cryptocurrencies.
The sudden ultimatum from the White House on March 1st is not routine; it’s the final showdown over the rules of the redistribution. In other words, regulators can no longer wait to set rules for the lucrative stablecoin sector. The accelerated progress of the SHUO GENIUS Act and the CLARITY Act centers on one core issue: “interest flow back”—who can hold U.S. debt reserves? Who will eat the hundreds of billions in interest? ProShares moved quickly, launching a government bond ETF specifically designed for stablecoin reserves. The signal behind this is clear: future stablecoin issuers will either obediently become “arbitrage tools” of traditional finance or be marginalized under the wave of compliance.
Interestingly, while regulators are busy drawing lines, traditional financial giants like CME (Chicago Mercantile Exchange) have already taken their killer move. The upcoming launch of 24/7 trading in May marks the end of the last “native territory” of the crypto market—the sovereignty of time—being taken over by Wall Street. In the past, weekend volatility was a celebration for native crypto players and a nightmare for institutional investors. Now, CME aims to lock liquidity entirely within its deep waters through around-the-clock trading. This is not only a direct challenge to native exchanges but also a blow to capital efficiency.
When institutions can hedge risks seamlessly 24/7 within a compliant framework, the “weekend market” driven by retail traders may become a thing of the past.

The real highlight is the explosive penetration of RWA (Real-World Assets). Look at KkxStocks’ $25 billion trading volume and the ambiguous statements from SEC officials at ETHDenver, and you’ll see that the boundary between on-chain and off-chain is rapidly blurring. Previously, we discussed RWA to add asset classes on-chain; now, traditional assets are actively “seeking to participate” to find higher liquidity efficiency.
The SEC’s attitude shift is subtle but significant. They are no longer fixated on whether tokens are securities but are beginning to discuss how existing securities regulations can adapt to tokenization processes. This logical restructuring suggests that future bull markets may no longer be driven by a “penny coin,” but by the global flow of trillions of dollars in US stocks, bonds, and credit assets through on-chain protocols.
Amid this grand narrative shift, remnants of the old era are accelerating their collapse. Blockfills, with a $75 million credit loss, is in dire straits. The underlying logic is that crypto lending institutions surviving on relationships, information asymmetry, and rough risk controls are extremely vulnerable when faced with professional, highly transparent on-chain clearing systems and the entry of the formal financial sector.
Meanwhile, the $1 billion trading volume on the Lightning Network driven by AI Agents hints at the next battlefield. When OpenAI warns that AI can instantly exploit smart contract vulnerabilities, we are witnessing not just risks but a fundamental transformation in the entities conducting future trades.

In summary, we are at a node where “crypto native” features are being thoroughly reshaped by “institutionalization.” The White House’s deadline, CME’s around-the-clock trading, and the compliance of RWAs weave together a vast net. This net not only eliminates outdated forces like Blockfills with weak risk controls but also paves the way for AI Agents and global institutional capital. Stop dreaming of returning to the era of rugged heroes; today’s Web3 has entered the second half of the “Age of Exploration”—all pirates will either obtain privateering licenses and become royal navy or sink in the tide of history.