The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have rolled out a series of pro-crypto rules, accelerating market institutionalisation. A new issue is whether the measures can withstand court review and a change of administration. Formal rules grounded in legal authority may be more durable, while interpretive guidance and FAQs can be revised or withdrawn more easily. Analysts and lawyers cite tighter judicial scrutiny and past policy reversals as key risks.

Nasdaq CEO Adena Friedman (아데나 프리드먼) said tokenisation could unlock tens of billions of dollars of tied-up capital by making collateral more liquid. Speaking at the TOKEN2049 conference in Singapore, she said tokenising assets such as Treasuries, stocks and money market funds could help banks move collateral more efficiently. She said institutional demand has risen over the past year, and 24-hour trading would require major infrastructure changes and greater AI use in real-time risk management.