Recently, I've seen several risk warnings jointly issued by different departments, and a lot of people are starting to panic. But if you look at it calmly, the focus of this action is very clear.

What is the regulator targeting? Aircoin projects, gray-area stablecoins, illegal RWA asset issuances, and those pyramid schemes and money laundering channels disguised as blockchain projects. To put it bluntly, they're cracking down on things that were never legal to begin with.

A look at history makes this clear. The 2013 wave, the 2017 ICO craze, the 2021 mining crackdown, and now—every time regulators step in, it's at the same point: when the market is overheated and scammers are swarming in.

Ordinary investors just need to remember three "don'ts": don't touch scam projects, don't buy aircoins with no real use, and don't get involved in pyramid schemes.

Who really needs to worry? Project teams issuing junk coins—like the Pi coin mentioned in the document—and those running pyramid-style mining schemes. They are the core targets of this crackdown.

Market clean-up is actually a good thing; the projects that survive will be of higher quality.