ARK and Securitize collaborate to tokenize holdings of a venture fund investing in OpenAI and Anthropic. The least obvious uncertainty that is easiest to overlook right now is the compliance boundary of this product that has not been disclosed, the type of issuance chain, and the standards for investor eligibility. It is also unclear whether the necessary regulatory approvals have already been obtained. This event belongs to the dynamic developments in the crypto RWA track, which relates to compliance application scenarios for crypto assets such as those associated with BTC and ETH. If, going forward, compliant licensing is implemented and a tokenized product is issued within the permitted chain for qualified investors, it will be a compliant innovation of the traditional venture capital fund transfer mechanism and will also provide a new case for the application of crypto assets in the compliant RWA track. However, if it involves a public chain issuing publicly and regulatory filing has not been completed, there may be compliance risks. The verification criteria are the subsequent disclosure of regulatory approval documents, the product issuance rules, and the intended investor group. $BTC $ETH #加密监管 #RWA track