December 8, 2025

The chairman of the US SEC has spoken, predicting that within two years, the entire US financial market will migrate on-chain. Although this sounds a bit exaggerated—even as an industry insider, I find it hard to believe it will happen completely within two years, considering the sheer size of the US financial market is dozens of times larger than the crypto market. However, moving financial asset trading on-chain is indeed an ongoing transformation, and this is exactly what’s expanding the market size for RWA transactions.
Unlike the open attitude in the US, we are tightening our regulations on virtual currencies, including RWA and stablecoins. There’s not much more to say about this, as our fundamental systems are different and both sides are considering their own development and stability. But for individuals, the next few years will see another wave of wealth transfer. Whenever I talk about this, I’m always thankful that I learned about this industry early on, and honestly feel a bit sorry for those whose opportunities are limited by their perspective.
A recent major event is the news about Zhejiang Financial Center’s wealth management issues, where users who invested huge amounts in wealth management products are now in a panic. These people are facing significant investment risks without ever having enjoyed high returns. In a sense, as long as wealth management can’t guarantee principal and interest, it’s an investment.
This round of the crypto market is indeed tough, but to be honest, it’s also because everyone has developed a path dependency—overly expecting high returns from altcoins, or even ultra-high short-term gains. If we’re honest with ourselves, if we had always invested in mainstream assets, especially if we had bet on Bitcoin from the beginning, we would have made huge profits. As for the next phase of crypto industry investment, I think