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The Dilemma of Tokens Under the Wave of Compliance
Suppose a leading exchange initiates a divestment plan for an IPO, adjusting its ecosystem tokens to purely utility attributes while enabling the ecosystem public chain to operate independently. This combination seemingly can avoid sharp accusations from US regulators. The logic is clear: independent functional tokens face significantly reduced litigation risks, and once the public chain is independent, it gains more operational space in DeFi, RWA, and even next-generation applications.
But the market's real reaction is often more complex. The core concern of token holders is not whether the technology can be realized, but the loss of ecosystem attractiveness. When the commercial interests of the exchange diverge from the token value, the original expectations supporting the token price subtly shift. Decentralization promises often require time to verify, and investors' patience is being eroded by market cycles.
The answer to this issue may depend more on market sentiment than on fundamentals.