The regulatory attitude towards encryption assets is undergoing a subtle yet profound shift.

In the past, digital assets like Bitcoin and Ethereum were often labeled as "high-risk assets," tied to systemic risks and speculative behavior. However, recent signals indicate that this blanket classification is being broken.

The SEC and related agencies have begun to adjust the risk assessment logic. The core of the change lies not in the wording, but in the substantial reshaping of the classification system —

Once upon a time: cryptocurrency was seen as a threat.
Now: BTC and other cryptocurrencies are beginning to be treated differently; spot and derivative operations are distinguished; infrastructure and high-leverage behaviors are considered separately.

This is not about relaxing regulations, but rather a shift from a "one-size-fits-all" approach to a "manageable framework". Once regulators no longer view Bitcoin as a systemic threat, but instead as an asset that can be supervised and integrated into the system, its positioning changes.

From an institutional perspective, this time window is crucial – as the Market Structure Bill progresses, the jurisdictional boundaries between the CFTC and SEC are gradually being clarified, and infrastructure such as compliance custody, spot ETFs, and clearing mechanisms has already been established. The speed of improving the regulatory framework determines the pace of market acceptance.

The process of an asset transitioning from being demonized to being formally incorporated into a regulatory system is far more complex than it appears. However, this time, the direction of change is very clear.