The central bank just spoke out on cryptocurrency regulation yesterday, and today the Solana offline event in Shenzhen was intervened by "relevant departments". Does this mean a shift in the mainland's crypto policy? I don't think so—if the wind really changed, how could the Shanghai Wanxiang Blockchain Week still have many vibrant events? The latest news also confirms that this "tea meeting" was indeed caused by reports from some individuals with ulterior motives. In fact, I had predicted early this year that offline Web3 events would return to pre-pandemic levels, and now this is indeed the case: apart from Beijing, first-tier cities like Shanghai, Hangzhou, Shenzhen, and Chengdu see overseas project roadshows everywhere, with events happening almost every weekend. After all, the major tone set by the private enterprise symposium will not change. As for the central bank's notice yesterday, the core is aimed at RWA and stablecoins, which may affect foreign exchange controls and trigger capital flight in traditional financial sectors, requiring enhanced regulation to avoid being harvested by Western capital. The so-called "crypto circle" has, in my view, a relatively clear regulatory attitude: after several rounds of rectification, whether it's VC coins, meme coins, leveraged contracts, technology development, or pure speculation, those who do not wish to participate will naturally not enter the market, and those with a real intention also find it hard to be completely stopped. As long as the risks are controlled within a reasonable range, the regulatory goals have been achieved; appropriate loosening will also help stabilize and recover the economy, just like now, there are more offline promotional activities targeting the middle-aged and elderly—whether it’s promoting virtual currencies, micro-business products, or health products, the retired population needs to find a spiritual outlet in their leisure time, which is similar to playing mahjong or pushing Pai Gow, mostly as a form of entertainment, and is better than causing other problems. Therefore, I judge that the trend of VC coin-related business regulation returning to pre-pandemic levels will not change, and practitioners can conduct business normally; however, for areas involving the on-chain of traditional financial assets, it is still recommended to watch and wait. $BTC

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