Author: Yano, Blockworks Lianchuang; Translated by Golden Finance xiaozou

Digital Asset Summit 2025 (hereinafter referred to as "DAS2025") sponsored by Blockworks has concluded. In this article, let’s take a look at what comments the crypto bigwigs have made on X platform about the highlights and insights of this conference.

1. Thinking about "cryptographic state"

Jeff Park, Strategy Director at Bitwise Alpha, said:

My thoughts on "cryptographic state" in the DAS 2025 conversation are as follows: Everyone is excited about the structural macro opportunities in the crypto field - Bitcoin and stablecoins, as well as venture capital companies that will serve innovation in these two verticals, especially those focusing on market structural infrastructure. This makes sense because PoW was amazing fifteen years ago and still is today; fintech was amazing fifteen years ago and now looks better than ever. Relatedly, everyone is excited about the regulation/agricultural and enthusiastically embraces Wall Street’s agenda about tokenization. I saw unstoppable cheers for these trends, and this time it was refreshing to be on our side. However, I can’t help feeling that this may be a critical moment for the crypto industry to reaffirm its values ​​for new entrants and keep it standing, free from the known incentives and self-preservation of Wall Street capitalism, which have swallowed up many truly radical dreams.

Bitcoin has always been fun because it is designed to free you from sovereignty. Strategic reserves may make sense in the long run, but we will face failure if they fail to benefit those who should benefit from this movement first. We cannot lose this link.

Stablecoins are interesting because they are designed to support global offshore ownership of original collateral, whether in US dollars or BTC, rather than because they are designed to be an interest-free payment track from Venmo to Zelle to PayPal. We cannot lose this link.

Tokenization is interesting because it is designed for long-tail assets that have been avoided by Wall Street (hopefullyis a scarce, valuable hard asset) providing liquidity, not because it is designed to replicate MMF or private equity financing interests. We cannot lose this link.

It is amazing to see an industry that has a real opportunity to build something extremely important, and that there is so much hope and progress in the industry, which seems unthinkable until recently, and I understand that we need the above foundation to move forward further. At the same time, it is important that we all reaffirm the long-term mission of this movement and ask our regulators, makers, industry leaders to do more, who must solve super difficult but not obvious problems, rather than avoiding this moment that may be once-in-a-lifetime: the moment to re-establish global rules for truly decentralized finance.

2. Construction of crypto institutions

Cindy, co-founder of Drift, pointed out: From all the conversations in DAS this week, it can be seen that now is the best historical opportunity to build crypto institutions.

In terms of sellers (issuers): Large financial institutions want to tokenize their RWA, they need DeFi tracks to create real utility (borrowing, trading, vault).

On the buyer (investor): crypto-native institutions and high-net-worth individuals are actively looking for gains outside of crypto, especially now that DeFi and capital interest rates are lagging behind Treasury bonds. Please note the big moves of encrypting high-yield assets that are traditionally unavailable to users (private credit, non-U.S. Treasury bonds, etc.).

I haven't seen such high enthusiasm from crypto institutions in a while, and this time the dream is coming true:

DeFi infrastructure can finally support token issuers, making token gated at asset and protocol levels possible.

On-chain lending facilities and crypto risk engines have been greatly mature to meet TradFi requirements.

The current market yield gap makes non-crypto RWA super attractive.

The demand is here, it is now. DeThe integration of Fi and institutions is inevitable.

3. Eliminate cynicism

Forward Guidance anchor fejau said:

I am very proud of the progress of DAS and all the amazing feedback we have received. This week is really special and can really help you eliminate the cynicism on Twitter that slowly invades your mind.

4. A quick summary of the president's speech

Reporter Eleanor Terrett posted on X:

President Trump said in the recording of his speech delivered at DAS 2025 that he will make the United States a "undisputed Bitcoin superpower and the world's crypto capital."

He mentioned that he was calling on Congress to quickly pass stablecoin legislation and criticized banks for discrimination against crypto companies and users, namely "Operation Chokepoint 2.0".

5. New York consolidates its position as the crypto capital of the United States

Jeff Park, director of strategy at Bitwise Alpha, posted the following content on X:

When the DAS conference ends, Blockworks will consolidate New York's position as the crypto capital of the United States, surpassing Miami and San Francisco. I support this.

6. Token value capture

CoinFund partner Seth Ginns said:

Every protocol conversation in DAS brings the token priceDiscussion of value capture. These are very important for fundamental investments and are driven by new positive crypto stances.

7. Institutional allocation is real

MV Global partner Tom Dunleavy said: After ETH Denver, it is difficult for you not to doubt your recent crypto beliefs. And after DAS 2025, I calmly sent messages to everyone I knew to encourage them to start expanding their crypto exposure as much as possible.

Institutional direct allocation is real, visible, and is happening rapidly.

8. A major moment in the crypto industry

Simon, partner and CEO of Moonrock Capital:

Trump's speech at the Digital Assets Summit tomorrow is a big deal for the crypto-native industry. This is the first time that the U.S. president-elect has spoken at a crypto conference—a big moment in the crypto space.

9. Emmer's impression of DAS

Rep. Tom Emmer said: The White House Digital Assets Summit "the feeling is "energy we have never felt before."

10. We did it

Encryption KOL Travis John said:

left;">It feels like "we did it" at DAS 2025. It can't be more optimistic about where we are and the future of the industry! While there is still a lot to do, it's a time to be excited.

11. Evaluation from Blockworks brand partners

Jonathan posted on X saying:

The DAS conference is over. Some of my personal opinions and highlights are summarized as follows:

Seeing so many institutions entering the encryption field, the prospects are very optimistic. I was skeptical after ETH Denver, but now my beliefs are more firmer than ever. The quality of attendees at DAS is the best I've ever seen in any Web 2 or Web 3 conference. I had great interactive experiences throughout the week, such as a pleasant lunch with Grayscale, a great dinner with Python Network, and a very good conversation with Mantle. Excellent brands in this field are being built and marketed at super-fast speed.

12. The impact of the real world is coming soon

Bitwise CIO Matt Hougan said: To be honest, this year's DAS is really great. You can feel the impact of the real world is coming.

13. Citi: The best encryption conference

DAS is the best encryption conference I have attended recently. Specifically: venue and setting, attendee quality, network opportunities, major companies are all gathered together, and all the important stakeholders are within reach of each other.

New York needs such meetings, uniting TradFi, DeFi and the entire crypto ecosystem under one roof.

14. My thoughts on exchanges

I had dozens of conversations with many founders and executives at the DAS conference, which made me have the following ideas about exchanges, fintech companies and brokerage companies:

US exchanges compete to offer stocks

Asian exchanges compete to enter/re-enter the United States

All crypto exchanges sit on a large amount of cash and highly valued equity. They will accelerate the process through acquisitions.

fintech companies compete to offer crypto assets (top 100, not a few).

Everyone is considering issuing stablecoins.

Even traditional brokerage firms are considering how to offer crypto tokens.

15. Year of mergers and acquisitions

One ​​of my biggest gains in dozens of meetings on DAS: 2025 will be the year when we really see major crypto mergers and acquisitions.

16. Institutions are bullish

These institutions are now more optimistic than crypto natives. 17. Big Winners

17. Big Winners

Lombard co-founder Jacob Phillips said:

The biggest winners on DAS this week are:

Blockworks: The reverse bet on the United States has paid off.

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Figment: Make pledge a deposit channel.

Figment: Make pledge a deposit channel.

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Solana Foundation: The great power to bring institutions into SOL.

Galaxy: New York's crypto group.

18. Underwriting will not change

Anera Labs co-founder Vishwa Naik's preliminary summary of DAS is as follows:

Institutions are very bullish, but they are unwilling to change their underwriting business. They will continue to underwrite their counterparts, rather than smart contracts.

Perpetual contracts are entering the United States.

On-chain balance sheets are not trivial.

19. Value-added tokens are better than governance tokens

Crypto KOL Brent said: My main gains from the Digital Assets Summit are that I currently support the transition from governance to value-added tokens, so many interesting token economics experiments will occur.

20. Three major themes

angel investor Chainyod said: The three major themes of DAS are tokenization, stablecoins and Bitcoin.

21. High-frequency theme

Encryption KOL JoyceLai.eth said:

The following are several recurring themes I have observed from DAS:

People do not take it for granted tokenization, and everyone wants to have a deeper understanding. When stocks are defined, no tokenization is requiredWhat is the value of tokenized stocks? Value comes from standardization and substitutability. From operational efficiency.

Private credit seems to be an asset class, and many people see efficiencies that are easy to achieve. However, the details still need to be clarified.

One ​​optimistic view is that the stablecoin legislation will be completed by August.

Beta + Alpha. Investors want to get Alpha from managers, but also want to get long-term price appreciation.

Of course, the most important thing is that it is great to meet everyone!

22. It is about to usher in large-scale acceleration

Encryption KOL WagmiAlexander said:

My biggest gain in DAS is that we are about to usher in large-scale acceleration: stablecoins, payments, foreign exchange, tokenized stocks—all will be on the chain this year.

Projects that can win capital favor will receive support—but will require real utility and direct flow of value.

23. Other remarks

Some people said: DAS 2025 is incredible, but it is also bittersweet. Institutionalization is getting worse and worse, and it feels like the market is moving away from crypto native/cypherpunk. Compared with "decentralized" finance, "better settlement" and "faster speed than traditional tracks" seem to be what everyone wants more.

24. Tokenized RWA

My favorite remarks come from IXS CEO Julian Kwan, who said: Among the countless events and conferences in the past six years, the DAS 2025 New York Conference is very different. It can be said to be 10 times better than all previous meetings.

He also said: The United States has finally opened its doors, and active regulation is brewing, and real-world asset tokenization (RWA) is in the spotlight as one of the main practical use cases of crypto.

The growing on-chain data and the actual adoption of tokenized RWA clearly shows that institutions will only work with projects dedicated to building compliant and strong tokenized services.

Everyone wants to get a share of RWA and cryptocurrency.

One of the most groundbreaking insights of DAS is that every crypto exchange wants to sell RWA, and every fintech company wants to sell cryptocurrency and RWA.

This is a game change for the entire digital asset space and directly verifies our strategy to build a bridge between traditional finance and blockchain.

RWA is finally in the spotlight.

RWA is everywhere. It seems that the industry has finally realized that RWA is where it is real. From private credit to real estate and Treasury bonds, tokenized assets are recognized as the future of institutional finance.

Institutions are fully invading.

This is not just empty talk. Institutional participation is huge, but not just out of curiosity. Asset management companies and large financial participants are taking serious actions. You can feel the commitment to blockchain-based finance, and it is obvious that compliance is not compromised.

Liquidity remains a key factor.

Who is distributing?

Who has the right type of RWA token?

Who has secondary trading/AMM capabilities?

Who has secondary trading/AMM capabilities?

Who has the ability to trade in secondary trading/AMM?

Who has the ability to trade in secondary trading/AMM?

Who has the ability to trade in secondary trading or AMM?

Who has the ability to trade in secondary trading. style="text-align: left;">The strategy we have built over the past six years has finally been recognized, and it feels really great.

Michael Saylor is amazing on the stageExcellent performance. He not only talks about Bitcoin, but also connects it to psychology, human nature, money, mentality, economics and even future society. This is a master class. His speech really ignited the crypto community.

Amid a surge of enthusiasm, Trump delivered a speech. His speech was direct and positive, saying that the United States would be committed to leadership in the blockchain field. Regulation is coming, but the purpose of regulation is to attract investment and top talent. This is a watershed moment, and it is the first time that a US president has spoken at an encrypted conference.