The latest crypto asset regulation proposal allows projects to conduct compliant on-chain fundraising, similar to ICOs. Although the Fundraising Exemption requires the project to be U.S.-based, the Startup Exemption does not. We can expect more Chinese projects to head to the U.S., apply for the Startup Exemption, and join the wave of compliant ICOs. Especially those projects that can't reach IPO but have potential—they might turn to on-chain TGE + fundraising. The scenario I envisioned before—'compliant on-chain ICOs, secondary IPO stocks returning to the chain, and eventually primary equity + secondary tokenized stocks all on-chain'—has a better chance of becoming reality. https://(x.com)/Sea_Bitcoin/status/1965787639694647510 Instead of RWA moving assets 'onto the chain,' why not have assets start directly on-chain from the first step? For retail investors, the key is to focus on the emergence of new narratives and new assets on-chain during this process and seize the opportunities. As for the secondary market, this is bullish for compliant stablecoins (used as vehicles for ICOs), U.S.-based compliant exchanges (where retail investors participate in projects), and leading projects in on-chain DEXs (permissionless token listings/trading).