#加密行业监管 The SEC concludes a two-year investigation into Ondo Finance and does not recommend any charges—this is a bit of a signal. From the regulatory pace, since the new chairman took office, there has indeed been a shift, with cases like Coinbase and Ripple gradually being resolved. For those of us watching the markets on exchanges, a clear regulatory direction is itself a positive, at least it means we no longer have to worry day and night about policy black swans.

But there's a detail worth pondering: Ondo's compliance path—registering as an investment advisor, acquiring licensed institutions—is actually using traditional financial frameworks to develop tokenized products. This means that future projects entering this space might all have to follow this route. While compliance indeed reduces risks, it also increases costs.

From a copy-trading perspective, such news influences medium- to long-term trader choices. Aggressive strategies that rely on policy risk and high leverage will gradually become less effective, while traders known for stability and compliance might become more attractive. I suggest everyone re-evaluate the trading styles of those on your copy lists—some previously high-yield strategies may have been based on regulatory arbitrage, and now it’s important to see if they can still maintain their competitiveness once rules are clear.