In the "Finance of Finance" column of Guangming.com, Yang Bin, director of the third department of the China Internet Finance Association, said that the so-called token financing essentially means that there is a trading market through the raising of Bitcoin or Ethereum. By raising these coins, Financing, the financier can essentially sell these coins to obtain fiat currency. Therefore, more than 90% of token financing is suspected of illegal fundraising because it is a variant. Illegal fundraising has traditionally attracted more cash or bank deposits, and now it has become a virtual currency. No matter how the situation changes, the substance behind it has not changed, and it still conforms to the characteristics of the judicial interpretation of the Supreme Law for illegal fundraising.