Looking back on the regulatory journey of cryptocurrencies over the years, I am filled with many emotions. From the initial indifference to now the SEC Investor Advisory Committee holding dedicated meetings to discuss tokenization regulation, it is clear that this field has attracted the high attention of the mainstream financial industry. The disagreements between traditional finance and crypto enterprises during this meeting remind me of the controversy surrounding the launch of Bitcoin futures in 2017. At that time, traditional financial institutions and emerging crypto companies also held opposing views.

History is always astonishingly similar. Just like the clash between internet companies and traditional industries back then, the confrontation between old and new forces often leads to the development of more comprehensive regulatory frameworks. However, this time the situation seems more complex. Tokenization involves bringing real assets onto the blockchain, affecting a broader scope and involving more stakeholders.

From past experience, the formulation of regulatory policies is often a process of repeated negotiations. SEC Chairman Paul Atkins mentioned the need to provide compliant pathways for innovation, which reminds me of the SEC’s rejection of Bitcoin ETFs in 2018. The market was in despair at that time, but in hindsight, those rejections laid the foundation for the industry’s long-term development.

Regarding the current disagreements, I believe they precisely reflect the vitality of the market. As Samara Cohen said, diverse viewpoints reflect challenges but also imply that multiple solutions may exist. The road to future regulation will inevitably be winding, but as long as all parties remain open and constructive, a balance can ultimately be found.

Looking back at the ups and downs of the past decade, I deeply feel that the crypto industry needs a more mature mindset to face regulation. Excessive opposition will only delay industry development, while actively participating in policy discussions and proactively complying is the right direction. After all, an industry without regulation will ultimately struggle to mainstream. Let us learn from history and play a more active and constructive role in this new era of regulatory competition.