#BTC ETF可作为贷款抵押品# Morgan Stanley's transition coincides with a significant shift in U.S. encryption policy. After the Trump administration took office, it quickly demonstrated a distinct "pro-encryption" stance:

An executive order signed in January 2025 to promote the responsible growth of digital assets.
Appoint encryption-friendly individual David Sacks to lead the encryption working group.
Treasury Secretary Scott Bessent publicly advocates for blockchain innovation, which stands in stark contrast to the stringent defenses of the Biden era.
During former Treasury Secretary Yellen's tenure, banks such as JPMorgan received multiple regulatory warning letters for servicing encryption companies.
When the national machine begins to endorse encryption assets, the last psychological barrier of financial institutions completely collapses.
JPMorgan's "bowing down" reveals a deeper trend: encryption is gaining "official recognition" from the traditional financial system.
When Bitcoin ETFs can stand alongside blue-chip stocks as collateral, and bank accounts begin to take customers' encryption assets into account, the boundary between digital assets and traditional finance is dissolving.
JPMorgan began exploring blockchain as early as 2019, but has always maintained a safe distance from Bitcoin.
This groundbreaking policy marks the official entry of encryption assets into the "core circle" of mainstream finance. This is not only a business adjustment for JPMorgan but also a "systemic surrender" of the traditional financial system to the encryption world.
When BlackRock's Bitcoin ETF becomes eligible collateral for JPMorgan, and the Trump administration lists encryption innovation as a national strategy, a new era of financial encryption has been unveiled.
Dimon's "compromise" reveals a harsh truth: in the world of capital, there are no eternal enemies, only eternal interests. When $130 billion votes with its feet, and when the state machinery changes direction, the once-solid walls of Wall Street ultimately collapse in the flood of money. The door that JPMorgan opened can never be closed again.