The U.S. regulatory environment is evolving to accommodate DeFi-linked ETFs, with Bitwise establishing a statutory trust in Delaware. This indicates a shift in focus from decentralized applications to structural and liquidity issues in DeFi, reflecting regulatory recognition of the sector's unique characteristics. While the trust's creation is an initial step and won't immediately lead to a SEC filing, it positions Bitwise favorably for future regulatory processes. Key factors for ETF approval include asset custody and liquidity, which are becoming strategic priorities. The emergence of these ETFs offers institutional investors access to DeFi, suggesting a broader integration of the sector into traditional finance.