#数字货币市场洞察 Recently, seven domestic departments jointly issued a risk warning, and a lot of people started to panic. But if you calmly read through the document, you’ll see that the targets are very clear—those things that are already illegal or non-compliant.

Shitcoins, non-compliant stablecoin projects, illegal RWA issuance, pyramid-scheme mining, cross-border money laundering… These have always been cancers of the industry and should have been cleaned up a long time ago. Regulation is just making the targets even clearer.

If you look back at history, you’ll notice a pattern: in 2013, 2017, and 2021, every time the market got most hyped up, a risk warning would come out. It’s not aimed at the whole industry, but because there are too many scammers, and the public needs a heads-up.

So regular investors only need to remember three words: **Don’t Get Scammed**. Stay away from those “air projects” promising high returns, don’t touch pyramid-scheme mining scams, and avoid projects like Pi Coin that were specifically named in the document.

Who should really be worried? The project teams launching shitcoins to raise money, and the operators running pyramid recruitment schemes. They’re the main targets of this crackdown—it has nothing to do with people doing things legitimately.

The market will weed out bad actors, and regulation will get rid of the rotten apples. In the long run, that’s actually a good thing.