As a long-time observer of blockchain and crypto assets, my biggest realization over the past few years is: "Blockchain is not a game; it is gradually becoming the underlying logic of new financial infrastructure."

Recently, I finished reading the opinion letter submitted to the SEC by #A16Z. To be honest, after reading it, I felt that this is a genuine step towards modernizing regulation based on market practices. Let me break down a few key points and briefly explain why #RWA has the potential for significant transformation in the future financial landscape.

🌐 Blockchain is like the internet of the past; it aims to eliminate "old forms."

Just as the internet changed the way we consume news and send emails, blockchain is set to redefine "the registration and circulation of assets."

For a straightforward example: Currently, a stock transaction may involve brokers, clearinghouses, transfer agents, and various intermediaries and processes, which is time-consuming and costly. However, if this stock is "tokenized on-chain," it would be like a red envelope in your WeChat—one-click payment, one-click receipt, with almost no intermediaries, leading to an all-around upgrade in efficiency, transparency, and security.

💰 Stablecoins and tokenized securities are the "first stop" of this wave of technological dividends.

What you see now, such as #USDC and #DAI, actually belongs to the category of "tokenized assets." In the future, traditional assets like stocks, bonds, and funds will also become "programmable assets" on-chain, available 24/7, and capable of cross-border one-click transfers.

Institutions like Blackstone, Citigroup, and JPMorgan have already begun to lay the groundwork. The SEC has also realized that the old legal framework cannot contain or stop the wheels of new technology.

📜 Where is the problem? The regulations are too outdated, like watching a 4K movie on a black-and-white TV.

For example, one of the SEC's rules states that paper or electronic records of customer transactions and transfer information must be retained. The issue is that all operations on-chain are already auditable and traceable, with records inherently existing on the chain. Do you still need to manually create tables? Isn't that like taking off your pants to fart?

Another example is that some rules stipulate that fund shares cannot be sold at a price higher than the net asset value. This was originally intended to prevent fraud. However, on-chain, you can fully implement a "dynamic, automated, and intermediary-free" pricing mechanism through code. If regulations are not updated, they will become a "roadblock" to the implementation of technology.

📈 For investors, the benefits of tokenization are "real and tangible."

✅ Faster transactions: In the past, it took T+2 to settle; now it could be T+0.

✅ Lower risk: The atomic settlement mechanism ensures that transactions "either complete as a whole or not at all."

✅ Stronger liquidity: 24/7 trading hours open up more opportunities in the secondary market.

✅ Greater transparency: Ownership, transaction records, and rule enforcement are all on-chain, eliminating the fear of tampering.

In other words, the friction in the financial system is being smoothed out, efficiency is skyrocketing, and trust costs are decreasing. This is a systemic evolution.

📣 The article made several key suggestions to the SEC that I find particularly on point:

1️⃣ Don't let technology be "choked" by old rules: For example, it should be recognized that on-chain records are equivalent to legal and compliant records, eliminating the need for redundant "on-chain + off-chain" processes.

2️⃣ Provide a lifeline for secondary trading of tokenized funds: Don't let rigid "pricing rules" prevent fund shares on-chain from being freely traded.

3️⃣ Clarify the leading role of federal regulation: Prevent each state from creating a different set of "crypto licenses," which would deter projects from landing.

4️⃣ Allow brokers to confidently participate in crypto asset businesses: Clearly define how to handle net capital, risk deductions, and collateral processing; otherwise, no one will dare to engage.

5️⃣ Encourage innovation, but the bottom line for investor protection must not waver: This is crucial; regulatory relaxation does not mean laissez-faire; legality and compliance must always be the foundation.

🔮 My judgment: We are currently in the "infrastructure phase" of the #RWA financial revolution.

What we are seeing now is the foundation of the on-chain securities market being laid. From asset digitization, transaction automation, regulatory rule modernization, to infrastructure institutions going on-chain—if these tasks are not done well, the future "on-chain capital market" will not be able to take off.

The response this time was very professional, rational, and clear. I even feel that it provided the SEC with a "technical roadmap"—showing how to proceed, how to amend, and how to avoid a one-size-fits-all approach while not missing out on innovation dividends.

Looking ahead, we can no longer view blockchain as merely a "tool for speculating on coins." It is reshaping the underlying operations of securities and finance. This proposal aims to make the SEC "open its eyes" and not be bound by the systems of the past few decades. Modern financial infrastructure must be accompanied by modern regulatory logic. As long-term investors, we are truly excited to see this response because it indicates that knowledgeable individuals are pushing this revolution in the right direction. 🧐 I am very much looking forward to the grand changes brought by #RWA!

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