#监管政策与市场影响 Seeing the CFTC revoke the 2020 digital asset delivery guidelines, I am reminded of a common confusion I’ve had during recent conversations with several investors—regulatory frameworks are adjusting, market rules are evolving, but what does this really mean?

To be honest, such policy changes shouldn’t be overinterpreted as either positive or negative. The US is reevaluating delivery standards and strengthening authority frameworks, which essentially is about clarifying market order. For prudent investors, this serves as a reminder:

**First, don’t be confused by the emergence of new rules and the revocation of old ones.** Regulations are being improved, but the core logic of the market—the risk and reward matching—has never changed. What truly matters is whether your own position management keeps pace with policy developments.

**Second, use this time window to review your asset allocation.** If your investment portfolio needs significant restructuring due to a guideline adjustment, it may indicate over-concentration. A safe allocation should accommodate normal policy evolution.

**Third, in the long run, gradually clarified regulations are often beneficial to the market.** Just like buildings need a solid foundation, mature markets require clear rules. Short-term fluctuations may occur, but this is precisely a test of patience and mindset.

Keep doing what you can control—diversify risks, review regularly, and stay calm. Policies will always change, but a prudent strategy will never go out of style.