#加密货币ETF监管与发展# Looking back at the regulatory journey of Crypto Assets over the years, one can't help but feel a mix of emotions. From the repeated rejections of the Bitcoin ETF to the recent launch of the zero management fee SEI ETP in Europe, the regulatory attitude has indeed changed drastically. This time, the CSEI product launched by CoinShares on the Swiss securities trading platform not only waives management fees but also offers a 2% stake yield, which is truly a groundbreaking attempt.

It marks the beginning of regulators accepting more innovative Crypto Assets products and reflects the growing demand in the market for high-quality, compliant Crypto Assets investment tools. Looking back, it was once a fantasy to purchase Crypto Assets in the traditional financial market, but it has now become a reality.

However, we must also be wary of excessive optimism. History always rises in a spiral, and regulatory policies may also fluctuate. Zero management fees and high staking rewards are indeed tempting, but investors should pay more attention to the risk control and long-term stability of the product. After all, we have witnessed too many fleeting projects, ultimately leaving only a mess behind.

Overall, the launch of this ETP is undoubtedly another milestone in the development of the crypto industry. It provides traditional investors with a low-threshold, high-return channel for crypto investment, which is expected to attract more funds. However, we must remain rational and always keep the risks in mind amid the excitement. After all, market cycles are always difficult to predict; only by being vigilant in times of peace can we remain undefeated in this rapidly changing industry.