#加密货币监管发展 Looking back, the evolution of encryption regulation has been like a long range-bound battle. The recent stalemate in negotiations over the bipartisan market structure bill in the U.S. reminds me of the tightening of regulations in various countries following the ICO boom in 2017. At that time, various forces were vying for power, ultimately leading to a global regulatory storm.

It seems that history is repeating itself. The DeFi regulatory proposal put forward by the Democrats, especially the suggestion to implement KYC for non-custodial wallets, will undoubtedly provoke a strong backlash from the industry. This reminds me of the wallet rules proposed by FinCEN in 2020, which also sparked huge controversy.

In the long run, moderate regulation is an inevitable path for the development of the industry. However, finding a balance between protecting innovation and preventing risks has always been a challenge. Looking back over the past decade, we have experienced a process from disorder to over-regulation and then to rational balance.

The current focus of controversy has shifted from simple compliance to deeper issues, such as where the boundaries of privacy and regulation lie. This indicates that the industry is maturing. Future regulatory frameworks will likely need to seek new balance points between traditional financial rules, the characteristics of emerging technologies, and the protection of user rights.

For industry participants, actively engaging in policy discussions and providing constructive suggestions may be the best way to promote the formation of reasonable regulation. After all, only on the basis of balancing the interests of all parties can policies that truly benefit the long-term development of the industry be formulated.