#加密货币监管框架建设 Seeing the news that the US CFTC has allowed BTC, ETH, and USDC as Margin for derivation, my first reaction was not excitement, but relief—this means the regulatory framework has finally shifted from a "one-size-fits-all ban" to "Risk Management."

But here I want to remind everyone of a few easily overlooked details. The pilot rules require a discount rate to be set for BTC and ETH, which is not a "discount offer", but rather a risk buffer mechanism. The implementation of asset isolation and custody standards speaks to a fundamental issue: even for institutional-level products, the risk of price volatility still exists, and no tool can eliminate it.

This system advancement has indeed improved capital efficiency, but it also precisely illustrates a principle I have always wanted to emphasize — **no matter how perfect the rules are, no matter how convenient the tools are, your responsibility for position management will never decrease**. The speed of capital flow has increased, and the speed of risk transmission will also increase. The "time gap" for margin supplementation during weekends has disappeared, but that does not mean the risk has disappeared; it simply exists in a more hidden way.

True long-term security is never determined by the degree of improvement in regulatory frameworks, but rather by whether each individual truly understands the risk boundaries they can bear, and whether they have the discipline to adhere to them. I see many people easily misled by "institutional progress" and then let their guard down. That is actually the most dangerous.