Powell's speech releases important signals, especially regarding cryptocurrency regulation. Powell's remarks tonight can be broken down into two parts: Macro part (my understanding):

"The issue with U.S. debt does exist, but we can still bear it; employment and economic data are performing well, so there is no need to cut interest rates at this time."

Crypto part: "Cryptocurrency assets are becoming increasingly mainstream, stablecoins need a legal framework, and banks will have more lenient regulations regarding cryptocurrency."

In translation: We can't stop cryptocurrency; we are starting to consider how to incorporate it into the regulatory system and it won't be a blanket liquidation.