Recently, the risk warning from the China Internet Finance Association and seven other departments has been making waves, but I believe there is no need for excessive interpretation.
If you look closely at the document, you'll find the key points are quite simple:
The crackdown is on air coins, illegal stablecoins, illegal issuance of RWA, pyramid schemes, and cross-border money laundering, which are all inherently illegal activities.
Moreover, if you look back at history, you'll find that the risk warnings in 2013, 2017, 2021, and 2025 all occurred during periods when concepts were overheated and scammers began to emerge.
For ordinary people, the significance of such documents is singular: stay away from scams, avoid air coins, and do not get involved with CX organizations.
The ones that truly need to be cautious are those dealing with air coins (such as the highlighted π coin), OTC U traders, pyramid mining, etc.
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