#资产代币化 Seeing the SEC's recent custody guidance, I suddenly recalled the great snowstorm of 2014. Back then, everyone was still debating the concept of "cold wallets," and the collapse of Mt.Gox taught countless people a bloody lesson — you might think your assets are safe in an exchange, but lose the keys and you're completely done for.

Now, ten years later, regulation has shifted from outright suppression to guidance and standardization, which is itself a signal. The SEC is now seriously educating retail investors about the trade-offs between hot wallets and cold storage, even acknowledging the value of self-custody — something unimaginable three years ago. But I see very clearly that what they truly care about is the path of tokenization.

The DTCC receiving that no-objection letter to allow all government bonds, ETFs, and Russell 1000 index components to be on-chain by the end of 2026 is no small matter. This means asset tokenization has fully moved from experimental trials to the level of financial infrastructure. And the approval of companies like Paxos, Ripple, and Circle to become federal trust banks is even more breaking down the last wall between crypto and traditional finance.

The course of history is quite clear. The ICO wave of 2017 taught the market what "regulatory vacuum" means; the institutional entry from 2020-2023 showed us the real demand for on-chain assets. Now, it’s finally time for institutionalization. The warnings about custody risks are not scare tactics but pre-education for large-scale asset on-chain adoption.

What truly requires caution is not where your Bitcoin is stored, but what will happen to the entire ecosystem when traditional finance fully embraces blockchain. At that point, the way you hold your coins will just be the appetizer.