#美国加密货币监管动向 Looking back at the past, I can't help but feel a surge of emotions. Today, I saw Hong Kong's Financial Secretary Paul Chan's speech at Fintech Week, which reminded me of those turbulent days in the past. The balance between regulation and innovation has always been a core issue in the encryption industry. Hong Kong's attitude towards stablecoins this time clearly indicates a lack of support for speculation, instead focusing on practical applications, which is reminiscent of the regulatory approach taken by the United States back then.

I remember during the 2017 ICO boom, regulators in various countries were still in a wait-and-see state. By 2018, the US SEC began to scrutinize ICO projects rigorously, leading many projects to be forced to shut down. Then came the DeFi summer of 2020, when regulators started to pay more attention to DEX and stablecoins. Nowadays, countries' attitudes towards stablecoins are becoming increasingly clear, emphasizing their essential properties as a payment tool.

The evolution of this regulatory approach actually reflects the entire industry's shift from fervent speculation back to a focus on value. Every tightening of regulation brings short-term pain to the market, but in the long run, it is establishing a healthier ecosystem for the industry. Hong Kong's recent statement undoubtedly positions it for the status of an Asian crypto hub.

Looking globally, from the United States to the European Union, and then to Asia, stricter regulations have become an inevitable trend. At the same time, countries are actively exploring how to leave space for innovation within regulations. For those of us who have witnessed the ups and downs of the industry, the most important thing is to maintain rational optimism and find a balance between risk and opportunity. After all, history always progresses in a spiral.