Trump, who cried 'Crypto President'. Executive orders and policies pour out. The trend to seize US leadership.

Summary

Korbit Research Center Head Kim Min-seung discusses the recent flood of US crypto regulatory changes under Trump, arguing they form a coherent push to move the US capital market on-chain. He highlights Hyperliquid as a successful proof-of-concept under the new regime, sees Coinbase as a clear beneficiary, and notes that a Strategic Bitcoin Reserve announcement could be the next major catalyst for Bitcoin. The discussion also covers stablecoins, RWA tokenization, and the potential role of deposit tokens from traditional banks.

• Multiple US regulatory actions over the past five weeks signal irreversible on-chain finance adoption.
• Hyperliquid's buyback model is now viable and driving a successful flywheel effect.
• Coinbase is positioned as a key beneficiary given its existing infrastructure and regulatory alignment.
• The next major Bitcoin catalyst could be a US Strategic Bitcoin Reserve announcement.
• Stablecoins are expected to grow but competition from bank-issued deposit tokens may fragment the market.
• Traditional financial giants like JPMorgan are quietly building blockchain capabilities.
• Uncertainty remains around KYC requirements for RWA token trading.
• The trend is backed by strong public-private alignment in the US.