Today, SEC Chairman Paul Atkins' speech has been very clear: supporting the transition from traditional finance to encrypted finance. That is to say, the future of finance, including securities databases, has the opportunity to migrate from off chain to on chain. Just as audio recordings have evolved from analog vinyl records to magnetic tapes, and now with the transformation of digital software, digital audio has completely changed the music industry. The migration of on chain securities may also reshape every aspect of the securities market, which can be achieved through issuance, trading, holding, and use. In the future, the SEC will strive to establish practical standards for market participants through rule making, interpretation, and exemptions. What does this mean? As mentioned a few days ago, cryptocurrencies and stablecoins will experience their biggest explosive period, and RWAs (especially US bonds and stocks) will truly be on the blockchain. In this process, how Ethereum carries the accounting of assets with a scale of tens of trillions of dollars or more will be the biggest narrative of this cycle, apart from encrypted AI.