#加密货币监管框架建设 After seeing the CFTC pilot program, my first reaction was: Wall Street is finally being honest.

The previous "Staff Advisory 20-34" was just a false barrier; it neither protected against risks nor blocked demand, it was purely ambiguous. Now, allowing BTC, ETH, and USDC as collateral directly makes the underlying logic quite clear—rather than blocking, it's better to manage it, making risks visible, quantifiable, and written into the rules.

This is of great significance for the copy trading industry. What does the improvement in capital efficiency mean? Deeper liquidity and more predictable volatility patterns. No longer having to worry about passive stop-losses caused by margin gaps over the weekend, institutional players can seamlessly allocate assets 24/7. This directly impacts the performance stability of traders who excel at high leverage and quick reactions — risks that were previously hidden by time differences and settlement delays will now be fully exposed.

In other words, the copy trading list needs to be reassessed. Those experts who rely on arbitrage time differences or mismatches in liquidity may suffer losses. However, traders who truly understand risk management and can accurately control the market under transparent rules will enter a golden period of performance.

I tend to wait for the pilot data of the first quarter before taking action, to see whose strategy truly holds up under the new rules. The struggle for pricing power has reached this point, and the bet is whether the U.S. can bring back orders from the offshore market. If it works, capital will accelerate its accumulation, and the liquidity dividend should not be underestimated; if it doesn't, regulation may actually tighten.

The game has just begun.