Looking back at the regulatory journey of the crypto industry—it’s quite interesting.

In 2022: the SEC sued everywhere; people said, "Regulation is trying to kill crypto."

In 2023: Bitcoin futures ETFs got approved; people said, "It’s just futures, not spot."

In 2024: spot ETFs got approved; institutional capital moved in aggressively.

In 2025: RWA took off, and stablecoin legislation advanced.

In September 2026: the SEC opened up pilot programs for tokenized stocks.

Did you notice? With every step forward, there were always people saying back then that it was "not enough," "too slow," or "not useful."

But when you look back and connect the dots, this path has actually kept extending forward the whole time—it never stopped.

From "Is crypto a scam?" to "Can crypto be regulated?" to "Can ETFs get approved?" to "Can tokenization be done?"—the level of the questions kept getting higher, and the industry’s boundaries kept getting wider.

Many people like to ask, "When will the bull market come?"

But a bull market isn’t a single time point—it’s a road.

As you keep walking along the road,

and then look back,

you realize you’ve already come this far.

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