#加密货币监管框架 After reading this 12-year regulatory review, I can't help but feel a bit amused—every time a policy storm hits, we keep asking the same question: will this really crush the market this time?

The answer has actually been written in history. After the 2013 ban, Bitcoin dropped from 1100 to 755; we thought it was over. In 2017, when ICOs were banned, the price halved to 3000 USD; we thought it was over again. By 2021, with the "full blockade" of mining and even shutdowns of exchanges... and yet? Bitcoin still surged to 68,000 USD.

This time, stablecoins and RWA are targeted, USDT shows negative premium, and the market is indeed bleeding. But I want to remind everyone of a key change—**Chinese capital has long ceased to be the market’s pricing power**. Wall Street ETFs, Middle Eastern sovereign funds, global institutional holdings—these are the real supports of current prices. The East enforces strict controls, the West sets prices—this is the new normal.

Regulatory policies are reasonable and necessary—protect investors, prevent risks, maintain financial stability—these make sense. But the long-term binding effect of policies is waning, and this is an unavoidable trend. What should genuine projects and teams do? Go overseas—that’s the only solution.

Storms cannot change the direction of the tide, only the course of navigation. The next rebound signal might be closer than we think.