There’s really no need to panic about that recent risk warning jointly issued by the seven departments.

If you read the whole document carefully, you'll see the main target is exactly those things that have always been in the gray area—air coins with no real application, shady stablecoins, illegal issuances under the RWA banner, Ponzi-style schemes, and money laundering activities involving virtual currencies. Even without this document, these things should have been cracked down on long ago.

A quick look at history reveals an interesting pattern: the first Bitcoin boom in 2013, the ICO frenzy in 2017, NFTs going mainstream in 2021, and now this new round in 2025—every time a concept gets so hot that even grandmas start talking about it, regulatory warnings always show up right on cue.

For regular investors like us, the core takeaway from this kind of document is simple: stay away from projects that sound unreliable, steer clear of Ponzi schemes, and stick with compliant platforms.

The ones who really need to worry are the teams running Ponzi schemes and issuing air coins. For example, the document specifically called out that Pi Coin project—sooner or later, what’s doomed will fail.