#代币资产发行与投资 Seeing SEC Chair Atkins' recent statement, I was reminded of the ICO frenzy of 2017. Back then, we heard countless times about "regulatory innovation" and "policy friendliness," but what followed was an unexpected crackdown in 2018. History in this industry often follows a spiral upward.

What’s different this time is that the upgrade demand comes from the US financial system itself. DTC’s approval of on-chain custody of tokenized assets is not the idea of a single project team, but an evolution of the entire settlement system — from efficiency, transparency, to predictability, traditional finance has already felt the pressure. I’ve seen many failed RWA projects, dying from the disconnect between real assets and the on-chain world. Now even official clearing agencies are getting involved, and the game rules are changing.

But this is also what I want to remind everyone: regulatory friendliness does not equal project friendliness. Between 2014 and 2015, I saw many seemingly compliant and glamorous token offerings, only to die due to weak fundamentals and practical use cases. The window for on-chain transformation this time will be very short. Only projects with real demand and the ability to solve specific problems will survive.

The innovation exemption policy sounds attractive, but when making investment decisions, I still prioritize business models that can succeed without relying on exemptions. Policy directions are always changing; only value creation remains constant.