#美联储回购协议计划 Deep Water Undercurrent: The Intense Range-Bound Between Billion Capital Whales and Global Regulation

A bombshell post has shattered the silence of the entire crypto world – "Deep-Sea Fishing," a jargon understood only by veterans, hides a grand spectacle that spans multiple countries and involves billions of dollars. This is not a story pieced together from one or two isolated incidents, but one of the most dazzling cross-sections amid the increasingly tightening global regulatory framework.

Pulling the lens back to overlook the entire crypto market, you will see two forces fiercely clashing: on one side is the clear steering wheel of regulatory agencies, and on the other is the undercurrent of giants within the market. Over the past week, the captains of traditional finance have released several significant signals.

The Federal Reserve has finally changed its stance. The 2023 policy statement that strongly opposed cryptocurrency activities has been officially withdrawn, replaced by a new tone of "encouraging innovation"—this means that legal barriers for certain types of banks engaging in cryptocurrency business have been significantly lowered. The US FDIC has also been active, releasing for the first time a draft of rules for "licensed payment stablecoin issuers," pushing stablecoins further into the traditional financial framework. Looking at the UK, the government has officially included cryptocurrency assets in the legal category of "personal property," providing an unprecedented clear foundation for a series of legal issues such as asset custody and bankruptcy processing.

The regulatory wind vane is changing. From the previous "one-size-fits-all ban" to the current "framework management." The rules of the game are being redefined, and compliant pathways are being laid out. For institutions and large capital looking to enter the mainstream financial circle, this path is necessary in the long run, but the compliance costs and information disclosure sacrifices in the short term are also considerable.

What kind of opportunities will mainstream cryptocurrencies like $ETH and $XRP encounter in this wave of regulatory reshaping? Market participants are waiting with bated breath.