#资产代币化 The CFTC revokes the 2020 "actual delivery" guidance, which is worth paying attention to. From an on-chain perspective, this means that the standards framework for digital asset delivery is being redefined, which will have a direct impact on the regulation of asset tokenization.

The previous guidance indeed had issues such as complex structure and vague definitions, which constrained institutional-level derivatives innovation. Now that it has been revoked, the CFTC will establish clearer standards based on the Dodd-Frank Act—this is a positive signal for tokenized assets entering mainstream financial markets.

Key points to watch: First, the timing of the new framework's release, which typically involves a 3-6 month policy vacuum period, during which capital flows may be proactively positioned; second, observe how institutional whales adjust their positions in related derivatives, as on-chain contract data will preemptively reflect market expectations; third, the asset tokenization track may see a policy certainty premium.

It is recommended to focus on tracking large wallet fund flows in RWA and staking derivatives, as they often provide early signals of policy implementation ahead of time.