Many people are now discussing RWA, but the core issue is one thing: is this project treating “compliance” as a matter of life and death? To put it simply, RWA has never been something for you to trade for a quick win in the short term. What you’re buying is an asset mapping—whether it can survive for three years, five years, and even whether it can make it all the way to traditional capital markets. If one day regulators tighten oversight, or if the project’s underlying assets are fundamentally non-compliant, then no matter how good the narrative is, it will all be for nothing. I recently looked at…