Brothers, earlier we talked about the Fed's rate hike, which was about funding costs. Today, the SEC's new move on stock tokenization is heading in another direction: how traditional assets can enter the on-chain market. Does this have anything to do with the recent crypto rally? I tend to think it might be one of the emotional catalysts, but we can't just say 'SEC greenlit it' and use that to explain the rise of all tokens. Let me clarify the news first: the SEC has introduced a temporary, conditional 'innovation exemption,' providing a pathway for tokenized U.S. stocks that meet the requirements to trade on specific on-chain platforms. The exemption is valid for five years, with restrictions on trading types, scale, and participant qualifications. This doesn't mean all U.S. stocks are going fully on-chain, nor does it mean every wallet can freely buy them. Securities anti-fraud and anti-manipulation requirements are still in place. But its significance is definitely worth noting. In the past, when people talked about blockchain, it often revolved around token speculation. Now, regulators are starting to provide a concrete framework for using on-chain trading mechanisms for real securities, which means blockchain has the opportunity to take on more practical financial business. If the scale expands in the future, wallets, custody, identity verification, compliance services, and trading infrastructure could all see new demand. This is why I think it could improve industry expectations. However, there's an easily overlooked issue here: tokenizing stocks doesn't mean funds will flow into buying crypto. Some people might put money into on-chain accounts just to hold stocks. Using blockchain doesn't necessarily mean related public chain tokens will gain equivalent value, nor does it mean all RWA (Real World Asset) concept tokens will benefit. The impact on $BTC is likely more related to overall risk appetite; for specific public chains and protocols, it depends on whether they can truly take on business and whether business growth can translate into token value. So, to judge whether this news has lasting impact, I'll be watching three things: which platforms actually go live, whether trading volume and funding scale grow, and whether users continue to engage. As for the recent market rally, we still need to look at funding flows, macro interest rates, and leveraged positions together. News and price increases happening at the same time aren't enough to prove causation. For me, this is an industry development worth tracking, but it's not a reason to chase the rally just because you see the words 'stock tokenization.' Traditional finance being willing to use on-chain technology is an opportunity for the industry; as for who can actually make money, that still needs to be evaluated company by company, protocol by protocol.