I believe that the issue is not with the model itself, but rather with the insistence on selling dog meat while hanging a sheep's head.

The pre-IPO market is itself very chaotic, and the product structure is entirely based on compliance. Today, we also saw the joint statement from Anthropic and OpenAI, which states that any stock transfers without board approval are invalid, including SPVs, tokens, forwards, etc.

Although the cryptocurrency circle does not talk about these matters, it should be clear to users that if there is not enough compliance, they are accountable for their actions. However, if one claims to be compliant without actually being so, and uses a compliant approach to guide users in purchasing, then it could be considered deception towards the users.

I have always felt that the cryptocurrency circle is a place that does not particularly adhere to rules, and that's fine. But in a place that does not value rules, claiming to be compliant while actually not being compliant is somewhat dishonest.

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