RWAs are one of the fastest-growing narratives in crypto, with projects like Ondo Finance recently listing 100+ tokenized stocks, branding it “Wall Street without the wall.” By tokenizing illiquid assets, DeFi gained real utility and new yield opportunities.

Now the SEC has declared tokenized stocks as securities. History shows mixed outcomes with such rulings:

Bitcoin ETFs: SEC approval brought huge inflows and legitimacy (bullish).

ICOs (2017–18): Crackdowns wiped the market (bearish).

Stablecoins & XRP: Regulatory pressure slowed adoption and caused sell-offs.


For DeFi protocols like Maker, Aave, and Ondo that already integrate RWAs, this could go two ways:

Bullish: Clear rules attract institutions, boosting liquidity and legitimacy.

Bearish: Heavy compliance could push projects offshore and restrict retail access.

So, is this going to be bullish or bearish?