#股权代币化 After reviewing these five rounds of policy storms, I want to point out an interesting phenomenon: **The short-term destructive power of regulation is decreasing, but market resilience is increasing.**

Remember 2013? When the policy was announced, Bitcoin was directly halved by 30%, and then it stayed in the $400-600 range for two years. By 2021, during the power outages at mining farms, despite the regulatory intensity reaching its peak, Bitcoin still rebounded to new highs. What does this indicate? It shows that a global consensus among capital has formed — Bitcoin is no longer a solo dance for mainland players.

Now, a more interesting shift has occurred. This time, the risk warnings targeting emerging sectors like stablecoins and RWA are a reflection of regulatory precision. **This precisely demonstrates what true innovation is and what is a disguised bubble.** Truly promising sectors should find compliant paths within the policy framework — just like tokenized equity. It’s not about breaking regulations but about using blockchain technology to reconstruct traditional financial infrastructure.

Storms will come, but the tide’s direction has already been set. Asset onboarding, transparent rights confirmation, efficient trading — these core values of Web3 will not disappear because policies tighten; they will instead drive more innovative teams and capital to migrate to more open and friendly ecosystems. Every "negative" signal actually helps the market filter out projects that are genuinely working.

This is the opportunity that long-term believers should see.