Just three years ago, a heated debate at the annual global derivatives market conference - known as the "Derivatives Market Davos" - drew widespread attention. The two sides of this debate were the famous cryptocurrency billionaire and FTX founder Sam Bankman-Fried (SBF), and the head of the largest futures and options exchange in the United States, Terry Duffy.

At the time, this confrontation not only highlighted the deep skepticism of traditional Wall Street towards the new forces in the cryptocurrency industry, but also revealed the ambition of this cryptocurrency giant to disrupt the derivatives trading model. SBF wanted to push digital assets into the mainstream market, while Duffy was a staunch defender of the traditional financial order, and the two were at odds, making this dispute a focus of attention both within and outside the industry.

But that's all in the past now.

This year, just as the executives of the world's largest exchange and cryptocurrency companies were preparing to travel to Florida to attend the futures industry conference, US President Donald Trump announced that he would establish a strategic Bit reserve. Although this move is more symbolic, it undoubtedly further establishes the legitimate status of digital assets as a mainstream financial tool.

For Wall Street institutions that have only tentatively entered the cryptocurrency market, the next four years will be a rare opportunity. Under the push of the Trump administration, the cryptocurrency industry is heating up rapidly. On Thursday, Bloomberg reported that World Liberty Financial Inc., a cryptocurrency company under the Trump family, has held business talks with the world's largest digital asset exchange Binance Holdings Ltd., and may engage in deeper cooperation.

This change in sentiment and atmosphere was fully reflected in this week's conference. The conference was held at the Boca Raton Hotel, where traditional finance executives and cryptocurrency industry practitioners gathered to exchange ideas. The most striking difference is that this time, almost everyone was wearing suits, or at least collared shirts. The iconic shorts and T-shirts of the cryptocurrency circle have almost disappeared, making the scene much more formal.

Even the entertainment program had an "old money" flavor. The legendary 70s rock band Cheap Trick took the stage to entertain the audience - and the audience included financial titans like New York Stock Exchange President Lynn Martin and DRW Holdings founder Don Wilson.

"The cryptocurrency industry is back," said Catherine Clay, head of derivatives at Cboe Global Markets, a Chicago options giant, in an interview. "After a few years of dormancy, we are indeed seeing the cryptocurrency theme return to the Boca Raton conference."

During his campaign, Donald Trump promised to make the US the "global capital of cryptocurrencies", and since taking office, he has indeed been fulfilling this promise. He signed an executive order on digital assets and pushed regulatory agencies to take action. His securities regulatory team has set up a dedicated task force for the cryptocurrency industry, led by long-time industry supporter Hester Peirce.

All of this is boosting Wall Street's confidence in the cryptocurrency market. Citadel Securities, owned by Ken Griffin, has always been cautious in the digital asset field, but is now seeking deeper involvement and plans to become a liquidity provider in the cryptocurrency market. At the same time, CME Group Inc. is further expanding after surpassing Binance to become the world's largest Bit derivatives trading platform, launching Solana futures. Meanwhile, sources reveal that Intercontinental Exchange Inc., which has always kept its distance from the cryptocurrency market, is also starting to see opportunities and is preparing to enter the field, competing directly with its old rival CME.

Overseas exchanges are also following suit. At this conference, Singapore Exchange Ltd. (SGX) announced plans to launch Bit perpetual futures in the second half of this year. The company said its first digital asset contract will be strictly aimed at institutional clients.

"By the end of this year, more companies will make a big push into the cryptocurrency field," said Jeanine Hightower-Sellitto, Chief Commercial and Strategy Officer of EDX Markets LLC, a digital asset company backed by Citadel Securities. "The market sentiment has undergone a huge change, especially since the President's inauguration."

For Wall Street, this year's conference also brought a new consensus: the Blockchain technology that supports cryptocurrencies will be the key to driving the 24/7 trading of the US stock market.

"In the past few years, the cryptocurrency industry has been full of hype and exaggeration," said Don Wilson, one of the founders of DRW Holdings and co-founder of the cryptocurrency company Digital Asset. But in his view, "the difference this year is that the market is really starting to realize that Blockchain technology will play a core role in driving the transformation to a 24/7 trading model."

After SBF's company went bankrupt and was convicted of fraud in 2022, the cryptocurrency industry lost its former glory. That year, his FTX exchange hosted a late-night cocktail party on the Boca Raton beach, handing out branded merchandise in the giant booth in the exhibition hall, and held a fireside chat with former baseball star-turned-businessman Alex Rodriguez (A-Rod). Due to his lavish spending, from US regulators to politicians, even Tom Brady, were willing to listen to his ideas.

But Duffy was not convinced. This veteran industry figure, who has long served as the head of the Chicago Mercantile Exchange (CME), started his career in the trading pits of Chicago in the 1980s. He was skeptical of SBF's ambitious plans. FTX wanted to handle all of its clients' needs in cryptocurrency derivatives independently, using algorithms rather than brokers to help clear trades.

"I introduced cryptocurrencies to the Chicago Mercantile Exchange (CME) in 2017, back when I didn't even know who SBF was," Duffy said in an interview this year. He bluntly stated that SBF's plan "is very dangerous from a risk management perspective".

Duffy did not shy away from the confrontation he had with SBF in the Boca Raton hotel bar last year, calling it a "minor skirmish". In a previous interview with Bloomberg, he recalled that he had directly told SBF that he was a liar, and said that the money in his right pocket was more than the cryptocurrency executive's assets. This claim was proven true when FTX filed for bankruptcy at the end of 2022. The bankruptcy case revealed a fraud that had been going on for years, with prosecutors alleging that SBF had defrauded clients, investors and lenders of about $10 billion.

After the FTX collapse, the regulatory agencies under US President Joe Biden launched a massive crackdown on the cryptocurrency industry. The top US derivatives regulator, the Commodity Futures Trading Commission (CFTC), recovered a record $17.1 billion in enforcement actions last year, most of which came from digital asset cases against FTX and Binance.

As a result, some companies have proactively scaled back their businesses and turned their attention to overseas financial centers such as Dubai, Singapore, and Hong Kong. Trading giants Jump and Jane Street have reduced their cryptocurrency market-making businesses in the United States. Due to the lack of a clear regulatory framework from Washington, Cboe has shut down its cryptocurrency spot business.

Since the Trump administration, the shackles of regulation have begun to loosen. Last month, the U.S. Securities and Exchange Commission (SEC) concluded its investigation into the cryptocurrency business of Robinhood Markets Inc. and stated that it would not take any enforcement action. At the same time, the SEC also withdrew its lawsuit against Coinbase Global Inc., the largest digital asset trading platform in the U.S., which had previously accused it of operating an illegal exchange.

In the past month alone, the SEC has dismissed or suspended at least 10 cases against cryptocurrency companies.

Elizabeth Kirby, Head of Market Structure at Tradeweb, said that the rapidly changing regulatory environment is paving the way for institutional investors to participate more deeply in the cryptocurrency market. Tradeweb is a company that operates an over-the-counter trading market, covering areas such as interest rates, credit, money markets, equities, and cryptocurrency ETFs.

Banks are also actively positioning themselves, trying to seize more cryptocurrency business. Morgan Stanley, which was not previously active in the cryptocurrency field, is now paving the way for potential IPO clients. Executives at Bank of America Corp. are discussing whether to further promote trading support for digital asset companies, while Royal Bank of Canada, after completing its first cryptocurrency transaction at the end of last year, is seeking to expand its business further.

Collaboration was the main theme at this week's conference. The core of the discussion focused on how traditional finance and the cryptocurrency industry can work together.

"I now support the success of the cryptocurrency industry - after all, the average daily trading volume of CME's digital assets surged by more than 200% last year, reaching $6.8 billion," Duffie said. "We have launched Bitcoin, then Ethereum, and now we have just announced that we will launch Solana. I hope to see cryptocurrency assets become more mainstream."