I’ve seen a lot of voices saying that the 100x rally is being investigated, while zeroing-out coins are just left alone and ignored.

First, I partly agree. Plainly speaking, the crypto world is basically a gray-zone edge-of-the-road casino. Without these 100x pull-up-and-draw rallies, how would new retail investors even get in? These days, even CEXs are all getting into tradefi—things like pre-IPO—everyone wants to go “by the rules” and do things properly. But think back to why things ended up like this in the first place—wasn’t it because, back then, Bitcoin rose hundreds of times in a single year, or even dozens of times, and that’s what pulled in a huge number of people? So CEXs can’t be both “doing this” and then pretending they’re above it all.

If you want regulation, it’s simple. Like Big A, you set a price-move limit, limit trading time, use T+1—there are plenty of ways.

As for listings, that’s something you do yourself—why didn’t you handle it earlier? And now the defects of perpetual contracts are becoming more and more obvious. Why list large-cap products? Because the spot prices of large-cap assets can’t be manipulated easily, but the spot prices of small coins are way too easy to manipulate.

Why is it that in Web2 there are only futures and no perpetual contracts? The industry has known about this flaw for a long time—it's just that no one listed it. $RAVE