The crypto world has recently been staging another exciting show. From politicians' public endorsements to the rapid growth of new products like DAT digital vaults and tokenized stocks, and the quick expansion of high-leverage trading, the entire industry is rushing towards the boundaries of traditional finance and policy at a visible speed.

An interesting event happened this summer. Several executives presented a business plan to a Wall Street heavyweight who had briefly been involved in policy circles — the core idea was to accumulate large amounts of crypto assets to attract investors' attention. The heavyweight didn't refuse; instead, he quickly became an advisor to three companies that previously were almost unheard of, all of which adopted the same strategy.

The scene looked very lively. But such enthusiasm often doesn't last long. By autumn, the crypto market experienced a major correction, and the stock prices of these three companies plummeted accordingly, with some even halving.

What does this reflect? The shift in regulatory attitude has indeed created conditions for large capital inflows. The combined efforts of policy, capital, and technology have allowed the entire industry to rapidly experiment. Tokenized financial products and high-leverage trading are spreading quickly. Topics that were once discussed only within small circles are now evolving into structural issues that could potentially impact the entire financial system. This is both an opportunity for industry innovation and a signal of risk accumulation.