#ICO合规化趋势 Looking back on the dramatic changes of the past ten years of ICOs, I can't help but feel a lot of emotions. From the initial wild growth to the current trend toward compliance, the market has gone through countless ups and downs. Most of those early projects that recklessly raised funds have now faded into obscurity. In contrast, today's SEC divides crypto assets into digital commodities, collectibles, utilities, and tokenized securities, with only the last category considered as securities. This shift in regulatory attitude is clear evidence of the industry's gradual maturation.

Thinking back to the frenzy of 2017, who could have predicted the situation we see today? In hindsight, those flash-in-the-pan projects turned out to be stepping stones for the industry's progress. Each reflection and adjustment after a bubble bursts pushes the entire ecosystem toward a more regulated and sustainable direction.

Now, we can already see more high-quality projects thriving within a compliant framework. For example, the recent approval of an XRP ETF listing in the US is undoubtedly an important step toward mainstream adoption. Although it may not bring significant price impact in the short term, in the long run, initiatives like this are building a stronger foundation for the entire industry.

History always repeats itself. In this rapidly changing field, keeping a clear and rational mind is more important than anything else. For those of us veterans who have witnessed the industry's ups and downs, we must cherish the lessons of the past while embracing change with an open mind. After all, only by keeping up with the times can we remain undefeated in this world full of opportunities and challenges.