The crypto world is playing out a drama of schizophrenia, with one side pursuing the real-world value of RWA and the other turning attention into stakes with meme coins. These two are not mutually exclusive but will push regulation into a dilemma. (Background: Cryptocurrency Analysis: The Church, Amusement Park, and Casino — Three Perspectives on the Public Chain Ecosystem in 2025) (Additional Background: Nobel Prize-winning economist Simon Johnson: A cryptocurrency crisis is imminent) The financial market is being tugged by two forces, including a solid belief in tangible value and a frenzied chase of intangible expectations. At this moment, the crypto world is vividly interpreting this tug-of-war. On one hand, the tokenization wave of Real-World Assets (RWA) is trying to create an anchor for this digital realm previously known as the "on-chain casino," tying it to the physical economy's big ship.