Talking about "deregulation" since taking office at Atkinson, Atkinson only took office as SEC Chairman this week, and the previously anticipated "deregulation" in the market has only begun to take root. With Rick's tweet, there are several points about "deregulation" in the cryptocurrency market: 1. The previous batch litigation was withdrawn; 2. Clear classification of digital assets, which are commodities and which are securities; 3. The jurisdiction division of the US regulatory authorities is clear, and in the past two years, there have been frequent conflicts between the US regulatory authorities, SEC、CFCT、OCC、 The competition between the Department of Justice, the New York Financial Services Authority, and particularly the SEC and CFCT; 4. Clear regulatory boundaries, which are explicitly prohibited, and whether "no prohibition by law is sufficient." An overall clear, complete, and relaxed regulatory framework; 5. The previously passed 21st Century Financial Innovation Act (FIT21), stablecoin bill, and a series of other bills have truly been implemented. In fact, for the entire technology industry, "deregulation" is also of great significance: in the past few years, the Democratic government has formulated quite strict regulatory regulations on artificial intelligence, and the Federal Trade Commission (responsible for antitrust affairs) has frequently initiated antitrust lawsuits against technology giants. It is also a suppression of technological innovation Of course, Besent is still pushing for the relaxation of regulation in the financial industry, and its implementation is of great significance 1) At present, the Basel III final rules of the U.S. banking industry are still under discussion, and Trump Besant may push to delay the implementation of the rules for improving the capital adequacy ratio of the U.S. banking industry. 2) Asset management: The systematic supervision of large asset management institutions may continue to be promoted, but the degree of supervision may be relatively controllable. 3) Consumer finance: or maintain lower scrutiny of consumer finance companies and fintech companies. 4) M&A transactions: There may be a partial relaxation of the implementation of anti-monopoly laws, accelerating investment bank M&A transactions. Of course, "deregulation" is a medium - to long-term benefit for the encryption industry, technology industry, and financial industry, as it relaxes regulations and unleashes innovative vitality. Of course, these cannot immediately produce positive effects and require time to accumulate. But we cannot ignore these potential long-term benefits just because of the chaos of tariffs.