the attitude of the SEC rather than Wall Street is more critical. Only by allowing Web3 projects to use tokens in a natural and reasonable way for user incentives and governance, and at the same time implementing effective supervision and resolutely cracking down on the sickles and fraudsters who issue coins and cut leeks, can Web3 obtain a longer development cycle and actually grow a business flywheel. Only in this way can the industry truly get out of the cycle of ups and downs.