In the field of crypto assets, regulations are often evolving, leaving some assets in the so-called "grey area". When investing in these assets, you need to be particularly cautious because the legal environment may have a significant impact on their value and liquidity. The following are some crypto assets that may be in the regulatory gray area: 1. **Privacy coins**: including Monero, Zcash, etc. These currencies are often the focus of regulators due to their high privacy and anonymity characteristics, as they may be used for money laundering or other illegal activities. 2. **Initial Coin Offering (ICO)-related tokens**: Many ICO projects are unclear whether they are securities at the time of issuance, and may face legal risks of unregistered securities issuance in countries such as the United States. 3. **Decentralized Finance (DeFi) tokens**: Some DeFi projects provide financial services through smart contracts and lack traditional financial intermediaries, and the transparency and accountability mechanisms of supervision may be insufficient. 4. **Stablecoins**: Although some stablecoins have high compliance, the reserves and management methods behind them are not transparent enough or subject to strict regulatory challenges in some jurisdictions. 5. **NFT (Non-Fungible Token)**: Although NFT is mainly used to represent digital artworks, collectibles, etc., in some cases, it may involve copyright, intellectual property or securities law issues. When investing in these assets, you need to pay close attention to the regulatory situation in the country and region where you are located, because changes in regulations may have a profound impact on the trading, holding and use of these assets. In addition, consulting legal and financial professional opinions is also an important step to avoid risks.