#加密行业监管 SEC ends two-year investigation into Ondo Finance. This seems like good news, but I have to say a few honest words.

A two-year investigation with an innocent verdict on the surface appears to be a regulator-friendly signal, but what does it really reflect? It indicates a drastic shift in policy direction. From the strict scrutiny during the Gensler era to the current case withdrawal, what does this 180-degree turn mean for retail investors—uncertainty. I have experienced many such reversals, and each time someone gets caught in the crossfire.

Ondo itself is a relatively compliant project, focusing on the RWA track and following a compliant route. But that doesn’t mean it’s safe. The end of scrutiny doesn’t mean the risk disappears; it only indicates that it currently meets existing rules. The problem is, these rules can change at any time.

What I want to emphasize is: don’t get blinded by regulatory good news. History shows that whenever there’s talk of a "policy shift favorable" to the industry, it’s often a false breakout before a major market move. The market creates hope to attract FOMO buyers to buy in.

The truly reliable approach is: focus on the project’s fundamentals and risk indicators, rather than relying on regulatory救命稻草. Even if Ondo passes the review, you need to understand how much RWA risk, token liquidity risk, and policy reversal risk you can bear. Nothing is truly safe just because "the SEC said it’s okay."

Those who live long never believe a single document can guarantee safety; only a clear understanding of risks can.