Crypto assets are transitioning from chaos to institutionalization, marking an irreversible "institutional rebirth." The U.S. is advancing crypto financialization through stablecoin and market structure legislation, attracting institutional participation. In contrast, Europe's MiCA framework emphasizes stringent compliance, potentially stifling innovation due to high costs. Switzerland is seen as a balanced approach, combining clear rules with innovation and risk control. The future may see jurisdictional arbitrage and geographic shifts, with protocols and entrepreneurs moving to more favorable regulatory environments. A clear, enforceable regulatory framework will shape the ultimate form of the crypto industry.