#监管框架与政策 After two years of investigation, the SEC has given Ondo a "clean bill of health." When I saw this news, the first thought that flashed through my mind was - history is repeating itself.

Do you remember those days in 2023? The regulatory environment was chilling to the bone, and under Gensler's leadership, the SEC's attitude towards crypto projects was like the cold autumn wind, setting up defenses everywhere. Ondo became the target because of its innovative model of tokenizing U.S. Treasury bonds, getting directly focused on. At that time, everyone was asking: Will RWA be strangled in its cradle? Where is the future of tokenized assets?

Looking at this result now, isn't it a sign of an era change? From prioritizing law enforcement to supporting modernization, from questioning to confirmation, this reflects a fundamental shift in the policy environment. Since Paul Atkins took office, even major cases like Coinbase and Ripple have gradually been overturned, and Ondo's "complete innocence" is actually a prelude to the entire ecosystem's rebranding.

I have experienced too many cycles – the prosperity and bubble of 2017, the ice age of 2018, and now the recovery. Each regulatory shift has profoundly changed the flow of capital and the fate of projects. The case of Ondo tells us a simple truth: truly valuable innovations with a willingness to comply will ultimately be recognized by history. Projects that persist in doing the right thing during the darkest moments often become the cornerstone of the next era.

The future of tokenization is indeed clearer. But I remind myself to stay vigilant—regulatory friendliness does not equate to market certainty. Capital will flow in, but bubbles often come along with it. In this round, let’s see who can survive longer under the new rules.