In the cryptocurrency domain, tokenization is becoming an emerging trend that not only changes the way assets are traded but also becomes a new avenue for projects, foundations, and companies to obtain funding. According to Gabor Gurbacs, strategist at Tether and advisor at VanEck, who posted on the X platform, the main purpose of creating tokens is to provide financial support for these entities while attracting stockholders through the creation of token value. However, regulatory bodies failed to establish corresponding issuance and brokerage rules early on, which provided opportunities for unscrupulous individuals and led to a series of issues. Therefore, it is particularly important to strengthen industry norms and regulation to protect investor rights and promote healthy market development.