Original Title: Crypto Just Got Its Rulebook. Here's Why That's Only Half the Story.
Original Author: Crypto Unfiltered
Translator: Peggy, BlockBeats
Editor's Note: On March 17, the SEC and CFTC jointly released an interpretive document that clearly defines that most crypto assets do not fall under the category of securities for the first time and establishes a clearer classification framework. This change implies that the biggest "uncertainty variable" in the crypto industry is being eliminated, and regulation is no longer a risk hanging overhead but has become a set of understandable and adaptable rules.
However, as this article emphasizes, regulatory clarity is merely a prerequisite and not the real turning point.
From the market performance standpoint, Bitcoin entered a range-bound oscillation after its historical highs, reflecting the current core contradiction: the infrastructure for institutional entry is in place, but the actual allocation of funds has not really occurred; retail sentiment remains cautious, and the market lacks new forces to drive trends.
Meanwhile, a more significant change is brewing. On-chain assets, represented by stablecoins and tokenized government bonds, are developing rapidly, with traditional financial assets gradually being "moved on-chain," even evolving towards stock tokenization. As the assets themselves begin to digitalize, the boundaries between traditional portfolios and crypto assets are gradually disappearing.
Therefore, what truly deserves attention is not the rules themselves, but the flow of funds after the rules are implemented, especially when wealth management institutions begin to allocate on a grand scale.
The rules are now defined, and the path is gradually becoming clear. Next, the real phase of this game truly begins.
Here is the original text:
On March 17, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly released a 68-page guidance document, officially classifying most crypto assets as non-securities. Among them, 16 tokens, including Bitcoin, Ethereum, Solana, and XRP, are clearly identified as digital commodities. This is the first time in over a decade that developers, investors, and institutions in the U.S. have received the answer they have long awaited—what the rules actually are.
This is undoubtedly a significant event. But if you think that regulatory clarity itself is the most important event, you may have missed the point.
The more crucial question is, what will happen next? The answer points to a corner of the financial system that most crypto investors rarely pay attention to: wealth management.
The Rulebook Has Finally Arrived
For years, the regulatory landscape in the U.S. can be summarized in one sentence: the SEC believes almost everything is a security, and almost no one has the ability to genuinely refute this, as the cost of opposing regulatory agencies is extremely high.
This era is coming to an end. The CLARITY Act passed with bipartisan support in the House last July with a vote of 294 to 134; the GENIUS Act provided a clear framework for stablecoins; and now, the joint guidance from the SEC and CFTC further introduces a formal classification system for tokens, distinguishing digital commodities, digital securities, and assets in between.
This guidance also proposes the so-called attach-and-detach principle: a token may be classified as a security during its early financing stage, but once the project operates independently, this attribute can be lifted. In other words, project parties now have a compliance path that previously existed only at the theoretical level.
The most important aspect here is not the technical details but the signal itself. For the first time, regulatory agencies are positively answering questions rather than avoiding them. This opens the door for previously cautious compliant funds that were waiting due to unclear rules.
Why Bitcoin Is Stuck in a Range
Meanwhile, Bitcoin is in a state of wait-and-see. After breaking through the historical high of $109,000 earlier this year and maintaining a six-figure range for most of 2025, the price has retraced as it gradually seeks a new equilibrium. The macro environment plays a dominant role in this.
But the deeper issue lies in structural factors. The spot Bitcoin ETF has absorbed a significant amount of supply, but the vast majority of holders are still retail investors rather than institutions. According to CoinShares data, as of the first quarter of 2025, the Bitcoin ETF exposure held by institutions (13-F filers) is about $21 billion, down from $27 billion in the previous quarter. Meanwhile, although corporate treasuries have begun to allocate Bitcoin, the average allocation ratio on the advisory side is still less than 1% of portfolios.
This is precisely where the current tension lies: the infrastructure needed for institutional entry is essentially in place, but true allocation behavior has yet to occur.
Historically, retail funds that drove the crypto bull market are currently largely absent. Overall market sentiment remains cautious, and the cycle of fear and greed has not yet entered a sustained euphoric phase—which typically signals a market peak. Before retail returns or institutional accumulation truly occurs, prices are likely to remain in a range-bound oscillation and will be highly sensitive to macro changes.
The Overlooked $100 Trillion Blind Spot
What most people truly underestimate is this part of the story.
The global wealth management industry manages about $100 trillion in assets, the vast majority of which is still allocated in traditional portfolios. The classic 60/40 model (60% stocks + 40% bonds) has been the default allocation for decades.
However, this model is facing substantial pressure. In the context of interest rate uncertainty, geopolitical turmoil, and the long-term devaluation trend of fiat currencies, the justification for holding a large proportion of bonds is rapidly weakening. Gold has responded to this, and Bitcoin has too. The 40% bond allocation, which has long been taken for granted, is quietly becoming one of the most questioned parts of modern portfolios.
However, the response from the wealth management industry has been slow. Most Registered Investment Advisors (RIAs) are still managing portfolios nearly identical to those from five years ago. This is not because they believe crypto assets have no value, but because the compliance framework, platform capabilities, and client education are still lagging behind reality.
But this situation is changing. The focus of the discussion has shifted from "What is Bitcoin?" to "How can I provide these assets to my clients in a compliant way?" Demand is real, and the infrastructure to meet this demand is gradually being built at this moment.
Tokenization Is the Key Chapter
Tokenization is the next key chapter. The scale of tokenization of real-world assets (RWA) has grown from approximately $5 billion in 2022 to over $24 billion today, a 380% increase in three years. Private credit dominates, followed by tokenized U.S. government bonds. Multiple large institutions, including BlackRock, Franklin Templeton, and Goldman Sachs, have begun issuing tokenized products on public blockchains.
The next step is the tokenization of stocks. Robinhood has launched a tokenized version of U.S. stocks for European users in 2025. As the regulatory framework gradually clarifies, similar products are likely to enter the U.S. market. Once this process unfolds, the boundaries between traditional brokerage accounts and crypto wallets will begin to disappear. Whether or not investors realize it, every portfolio will gradually evolve into a digital asset portfolio.
These assets can be traded 24/7, can serve as collateral in decentralized lending protocols, can be held, staked, lent, and can even be transferred without clearinghouses and settlement delays. This is not a distant imagination, but the direction the entire financial system is moving towards.
What to Focus on Next
While regulatory clarity is undoubtedly important, it should be viewed as a prerequisite rather than a true catalyst. The real turning point will occur when wealth management institutions begin to significantly allocate client funds—and that moment has yet to arrive.
Until then, macro factors remain key variables. The liquidity environment, the strength of the dollar, and interest rate expectations are still the core factors impacting Bitcoin prices in the short term. The logic of fundamentals continues to accumulate, but there is still uncertainty about when prices will respond.
The rules have been written. Now, it's time to enter the game.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
