#加密资产监管# Looking back over the past few decades, I have witnessed countless changes and upheavals. Now seeing traditional brokerages flocking into the Crypto Assets trading field, I can't help but feel a mix of emotions. From Robinhood taking the lead in experimenting in 2018, to giants like Charles Schwab and Morgan Stanley entering the arena in 2025, this transformation has arrived both slowly and rapidly.

Once upon a time, crypto trading platforms were the absolute protagonists in this emerging market. They defined the rules, controlled the traffic, and dominated the narrative. But now, traditional financial institutions with compliance licenses and large user bases are entering the scene with strength, gradually encroaching on the core advantages of the original platforms. From fiat currency deposits to asset custody, from user account openings to spot trading matching, these processes that once formed the foundation of crypto platforms are now facing the risk of being reclaimed by traditional finance.

Faced with challenges, encryption platforms have successively launched coin-stock products, trying to cope with the impact through innovation. However, in my opinion, this seems more like a helpless defensive posture, difficult to fundamentally change the situation. The real key lies in whether a complete compliance system can be built and trust from regulators can be obtained. However, most platforms still have a long way to go in this regard.

This game is far from over. Although traditional finance is strong, the innovative vitality of the crypto world should not be underestimated. In the future, who will dominate still depends on how both sides compete in terms of regulation, technology, and user experience. Regardless, this transformation is reshaping the entire industry landscape, and we should closely monitor its evolution.