#代币资产发行与投资 Seeing the SEC Chair's remarks, my first reaction is a mix of caution and a hint of relief. The direction of on-chain transformation is correct in itself—transparency, efficiency, and traceability—these are basic protections investors should expect. But I want to especially remind everyone that technological progress does not mean the risks disappear.

Tokenized assets moving on-chain will be more convenient, and DTC official records will be clearer, which is good. The problem is that many people get impulsive when they see words like "innovation," "on-chain," and "decentralization." From my years of observation, every time the market welcomes new technology, there is always a wave of investors who get burned chasing the trend.

My simple advice: even if the SEC is promoting regulatory innovation, and even if the market is migrating on-chain, your strategy should not be blindly reactive. Do what needs to be done—understand what the token assets you are investing in actually are, and where their practical value lies, rather than being blinded by policy favorable news. More importantly, stick to your risk management bottom line and don't put all your chips on the "historic moment."

Technology will evolve, and the market will upgrade, but protecting your principal is always the top priority.