#2月Web3节点 Web3 is experiencing a "forced reconciliation" personally officiated by U.S. Treasury Secretary-designate Scott Bessent.

Bessent’s harsh words telling crypto nihilists to "go to El Salvador" are not just arrogance spoken offhand; they are a clear signal of the underlying strategy: the future of the crypto market has only two paths—either conform to Wall Street’s rules and enter the regulatory fold, or become a marginalized drifter on the fringes of the global financial system.

The clearest signal behind this is that the U.S. government is no longer interested in playing the "cat and mouse" compliance game. They want to directly take control of pricing and settlement through the Crypto Clarity Act.

An interesting sign is that this "reconciliation" isn’t one-sided. Look at Tether’s $100 million investment in the federally regulated Anchorage Digital, and you’ll see that these former "outlaws" are sharpening their tools to infiltrate the system. This isn’t just about buying a talisman; it’s about securing a good position in the upcoming "stablecoin showdown." When asset management giant Fidelity officially launches FIDD, a compliant-backed stablecoin, the native crypto companies’ survival space is rapidly shrinking.

You might think everyone is discussing decentralization, but the big players are actually calculating how to embed dollar hegemony into on-chain code. The pain of this power transfer is most directly reflected in MicroStrategy’s financial report. A massive $12.4 billion loss is a loud slap in the face to leverage-hodlers. When Bitcoin drops below $63,000 and approaches the breakeven point for miners, the market finally realizes that without liquidity support from compliant financial institutions, so-called "digital gold" is fragile as porcelain in extreme conditions. This also explains why Gemini chose to cut losses, withdraw from the Australia-Europe market, and lay off 25% of staff to retreat to the U.S. homeland. Everyone has seen clearly that the main stage from now on will be in the U.S., the testing ground for compliance, while other regions are just supporting acts.

The real core of this upheaval is that this "institutionalization" is seeping from top-level regulation down into every specific application scenario. Polymarket’s shift from cross-chain bridges to native USDC settlement with Circle is essentially surrendering to "certainty." People no longer trust flashy cross-chain tech to guarantee asset safety; instead, they trust centralized issuers backed indirectly by the Federal Reserve. Even traditional futures giants like CME are paving the way for altcoins, indicating mainstream capital is ready to include assets like ADA and LINK into their derivatives machinery.

The logic behind this shift is cold and ruthless: the romanticism of decentralization is ending, and the rule of law and state authority are taking center stage. The EU’s push to hasten legislation to relax restrictions on tokenized companies stems from their fear of being left behind in this "financial infrastructure migration" led by the U.S. Once again, the second half of Web3 is no longer a game of geeks versus geeks but a final showdown among sovereign nations, traditional banks, and native giants over "who will define the digital dollar." If you still cling to the old belief that "regulation is bad news," you’re likely to be swept out in this liquidity reshuffle.