#加密资产监管 Seeing the SEC approve DTCC's on-chain custody of RWA assets is worth a thorough understanding. The gradual establishment of a compliance framework sounds promising, but don’t be fooled by the surface gloss.

My over a decade of experience tells me that every time regulatory favorable news appears, it’s a prelude to a new round of harvesting. What does the approval of DTCC’s three-year tokenization service license mean? It means someone is about to pour assets onto the chain, and the initial wave of capital eager to jump in will be crazy—be aware of that.

The key points to see clearly are: First, the approval letter is just the beginning of permission, not a guarantee that the project can truly be implemented and profit; second, the concept of RWA is most easily packaged as a "stable income" trap, with many projects claiming to be "backed by real assets" flooding in; third, on-chain custody sounds decentralized, but in reality, it’s still DTCC acting as the gatekeeper.

This pattern repeats throughout history—regulatory approval → retail investors follow suit → early participants cash out → retail investors lose everything. I’m not against the development of RWA, but I want to remind everyone: don’t get carried away by good news, first ask yourself if you truly understand the underlying assets and know where the risks are. Compliance is one thing, but compliance doesn’t equal safety. Don’t confuse these two. Living longer is more important than living fast.