#资产代币化 After reviewing this twelve-year regulatory recap, I am reminded of an old saying: those who survive the storm are often not the fastest runners, but the most prepared.

This time, the risk warnings from the seven major associations specifically mention the hottest concepts right now, such as stablecoins and RWA. To be honest, this is not an ambush. From 2013 to now, each round of regulation has followed a clear rhythm—whenever a certain track reaches its peak popularity, risk warnings will be issued. 2017 was the frenzy of ICOs, 2021 marked the peak of mining, and this time, the hype around asset tokenization is heating up.

But this time, unlike before, the core support of the market has shifted. Former enthusiasts may be rushing to convert back to fiat and exit, but Wall Street ETFs and institutional deployments continue. What does this indicate? It shows that the overall landscape has truly changed.

For individual investors, my advice is straightforward: the most important thing now is not to guess where the bottom is, but to reassess your positions. Ask yourself a few questions—Is the scale of my investment reasonable? Can my holdings withstand volatility? Am I putting eggs in too few baskets?

Historical patterns tell us that policies can define boundaries, but they cannot change the global flow of capital. In the long run, real opportunities often hide in these gaps of uncertainty. But the prerequisite is that you must survive long enough and maintain a calm mindset.