The news discussion of Shanghai State owned Assets Supervision and Administration Commission is very hot, recently about stablecoins and RWA. It is very clear that the top management has set the tone, and Shanghai is determined to promote it. There should be major actions in the future Shanghai/Shanghai Hong Kong linkage. However, it should also be noted that the top management is clearly interested in stablecoins and RWA. Other things, especially money laundering, gambling, and pyramid schemes involving cryptocurrencies, will not be relaxed in the strict crackdown. If we don't understand this boundary, something will happen sooner or later.