The road is long and arduous, and I will go up and down in search of it. I am not afraid of wind and rain; I quietly wait for the blossoms to bloom. The future is all worth looking forward to ✨
💥 Hold the line on your body: staying up late to watch the market and anxiety-driven insomnia are big taboos. Your body is the capital for a comeback—keep a regular schedule and exercise to relieve stress. When you feel low, use exercise to dissolve anxiety.
RWA compliance framework: the three main routes in the United States, the European Union, and China
How MiCA, the Genius Act, and China’s policy from eight departments regulate tokenized assets
RWA compliance framework: the three main routes in the United States, the European Union, and China 1. Why compliance is the first lifeline in RWA: The content in this area is actually relatively sensitive. Some fans commented in the back channel that they want to know about this part. I’ve generally been quite cautious, but I’ll still say a little. In fact, a lot of the details are not for discussion—don’t say it, don’t say it, don’t say it. Native encrypted assets can be “run first, review later.” Once the code is deployed, you can talk. But RWA is tied to real-world assets and the value of fiat currency. Its compliance is not optional; it’s a threshold that must be faced from day one. Once you cross a red line, the consequences are not just “there’s a bug in the code.” It’s that the custody account gets frozen, the product is delisted, and the team bears real legal responsibility. So the first step in doing RWA isn’t writing contracts—it’s figuring out “which market, who you sell to, and how it is regulated.”
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Long winds traverse the wilds, no narrow bounds to bind; they roam the open earth, sweeping mortal ups and downs! Long winds traverse the wilds, no narrow bounds to bind; they roam the open earth, sweeping mortal ups and downs!
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💥 Hold the line on your body: staying up late to watch the market and anxiety-driven insomnia are big taboos. Your body is the capital for a comeback—keep a regular schedule and exercise to relieve stress. When you feel low, use exercise to dissolve anxiety.
“I once said that you should get married early, otherwise all that’s left are the inferior ones—the ‘crooked melons and cracked dates.’ At the same time, Charlie Munger once said that in life you only need to get rich once. Based on my years of observation, I now have to disagree with Mr. Munger: if you don’t marry early and end up with one of those inferior partners, then you’ll need to get rich twice in your life.”
On August 14, Bank of America’s chief investment strategist Michael Hartnett’s team released a report stating that the midterm elections in mid-2026 may become a key turning point for the U.S. stock market’s AI rally. If the Republicans hold the Senate and Texas Governor Greg Abbott successfully wins re-election, the market may view it as a signal that AI capital expenditures and data-center expansion will continue; the U.S. market—especially the AI sector—could then strengthen further, and the rally may evolve into a “bubble-like” trend in 2027. Conversely, if the Democrats win both the Senate and the Texas governorship, AI investment and risk assets would face a repricing, and the U.S. stock market could see a sharp drop of more than 10%, with the U.S. dollar and bond yields also falling. Bank of America defines the Texas governor election as a referendum around “the cost of living and AI data centers”—Texas currently has 335 data centers, with another 247 in the planning stage.
The current bull logic still has fundamental support: S&P 500 earnings growth in Q2 reached 32%, and AI capital expenditures are expected to exceed $1 trillion in 2027. The U.S. stock market is up about 14% year-to-date, and market gains in AI industry supply-chain markets such as South Korea are even higher. However, market optimism is already highly crowded. Bank of America’s “bull and bear indicator” remains in the sell-signal range; private-client equity allocation rose to 66.4%, a record high; bond allocation fell to 17%; and cash allocation is only 9.4%, the lowest on record.
Bank of America believes that an overly high positioning does not necessarily mean the bull market is immediately over, but it makes the market more sensitive to unexpected negative surprises. The bond market is the biggest potential constraint: U.S. government debt is about to exceed $40 trillion. Interest spending over the past 12 months is about $1.4 trillion, and the yield on the 30-year U.S. Treasury recently climbed to 5.126%, a 25-year high. Ending a bull market for real typically requires excessive positioning, overly optimistic earnings, and tighter policy to occur at the same time. The first two conditions are already in place; the election outcome and the interest-rate path will therefore be the key variables in determining whether the bull market can shift from strong gains to a frenzy of bubble-like exuberance.
It’s true that in the crypto market, some of the existing liquidity has been siphoned off by the U.S. stock market, but what’s received in return is on-chain settlement rights for the world’s top assets.
In the short term, the liquidity of shitcoins and knockoffs has been drained—this is the pain you have to go through;
But in the long term, the chain itself is transforming from a “casino” into a “financial infrastructure.” What’s sacrificed is gamblers’ dreams of getting rich quick, and what’s achieved is the ultimate narrative of crypto’s underlying layer serving as a global clearing layer.💡
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