$BTC Bitcoin, as a typical representative of cryptocurrency, has its policy environment constantly in the global spotlight. The policy adjustments in different countries and regions reflect a complex trade-off regarding the role of cryptocurrency in the financial system, economic security, and technological innovation. The essence of the policy game surrounding Bitcoin is the conflict between 'free innovation' and 'controlled order.' In the short term, tighter regulations may lead to growing pains, but in the long term, clear rules will drive the industry towards maturity rather than stifling its potential. The key is to find a balance: to prevent risks while allowing space for technological experimentation.