#Gate广场四月发帖挑战 Web3 Today’s Must-Read | April 3rd

Today’s Quick Overview
• Trump teams up with CFTC to support prediction markets.
• Coinb approved to establish a national trust institution.
• Drift robbed of $285 million by North Korean hackers.
• Circle launches cirBTC to enter wrapped Bitcoin market.
• US crypto legislation delayed due to stablecoin yield issues.
• Canada officially incorporates stablecoins into central bank regulation.
• Polymarket opens betting on US stocks and commodities.
• Coinb partners with Linux to promote payment standards.
• SoFi opens crypto settlement channels for institutions.
• Aave V4 launches to enhance cross-chain lending.
Today’s Analysis
Behind this series of news today, there’s actually only one thing: the U.S. federal government is forcefully dismantling the last few “earthen walls” preventing cryptocurrencies from entering the mainstream financial system. The most noteworthy isn’t the passing of any particular bill, but rather the Trump administration’s direct attack on Arizona and two other states through the Department of Justice (DOJ) and CFTC. The signal behind this is that Washington can no longer wait for states to slowly develop their laws—they want a “unified national strategy” for prediction markets. Platforms like Polymarket, which once operated in gray areas as “cyber casinos,” are now elevated to federal jurisdiction, essentially a move by administrative power to clear obstacles for phenomenally successful applications. This is no longer just regulatory chess; it’s a national will to unify liquidity in the crypto industry.

Interestingly, Coinb receiving conditional approval from the OCC (Office of the Comptroller of the Currency) to establish a national trust is the real headline. This means crypto-native companies finally have a “ticket” into the core of the U.S. banking system. Previously, many saw cryptocurrencies as challengers to traditional finance, but now it looks more like deep infiltration. When Coinb becomes an institution with a national trust charter, it’s no longer just a trading platform but a clearinghouse on Wall Street within the Web3 world.

Coupled with SoFi’s launch of an institutional finance platform, it becomes clear that the so-called “decentralized finance” is being wrapped in a highly compliant, highly “establishment” reinforced concrete structure. This trend of institutionalization is especially obvious in the stablecoin sector. The delay of the U.S. crypto market structure bill is surprisingly due to “stablecoin yield distribution.” This indicates that regulators and bankers are no longer debating the legality of stablecoins but are openly dividing the spoils—who gets the interest from hundreds of billions in reserves? Canada has already taken the lead by integrating stablecoins into central bank regulation, setting an example globally: whoever controls the issuance and yield of stablecoins holds the future seigniorage of digital dollars.

Circle’s launch of cirBTC is also a strategic move to increase stakes in this game—wrapping Bitcoin, an “original asset,” through compliant channels into DeFi. Essentially, it aims to bring the liquidity of scattered Bitcoin holdings into this regulated system.

However, amid this parade of compliance, the incident where Drift was robbed of $285 million by North Korean hackers is a loud slap in the face. It exposes the industry’s most embarrassing “two-layer” reality: the top layer is busy toasting with the White House and Federal Reserve, while the underlying protocols remain as leaky as a sieve. The underlying logic is clear: the transfer of regulatory power is accelerating, institutional liquidity is on the move, but the technical foundation remains fragile—an explosive mine waiting to go off. For investors, the current market has entered a “battle of the gods” phase—reading Washington’s signals is far more important than reading candlestick charts.