Severe penalties, confiscation of illegal gains, and even higher fines. But it may not be a bad thing. Previously, by voluntarily giving up the world's largest Bitcoin mining power and exchanges, the U.S. only dared to hold Bitcoin as national reserves, and Wall Street only started to get involved in market making. The same applies to Hong Kong and U.S. stocks. Censorship, restrictions, and taxes can't stop those with genuine investment needs; they will only lead more people to learn about Web3 and stablecoins.