Recently, the risk warning issued by the China Internet Finance Association and six other departments has caused quite a stir, but I think there’s no need to overinterpret it. If you take a closer look at the document, you’ll see the focus is pretty straightforward: It’s targeting things like shitcoins, fake stablecoins, forged RWAs, pyramid schemes, and cross-border money laundering—activities that are already illegal. And if you look back at history, you’ll notice that similar risk warnings were issued in 2013, 2017, 2021, and 2025, always during times when concepts were overheated and scammers started popping up. For regular folks, the takeaway from this kind of document is simple: stay away from scams, don’t touch shitcoins, and don’t join pyramid scheme organizations. The ones who really need to worry are those dealing with shitcoins (like the specifically mentioned Pi coin) and MLM mining schemes.