Policy change: Federal Reserve's "withdrawal order" ignites frenzy in the cryptocurrency industry We have no right to purchase Bitcoin, but we are dismantling the fence for the encrypted world. "- Powell made his first clear statement at a congressional hearing on June 25th. Recently, the Federal Reserve announced the withdrawal of multiple regulatory guidelines on cryptocurrencies since 2018, including the "suffocating" policy that required banks to report 45 days in advance before engaging in cryptocurrency business. This means: Banks are free to participate in the cryptocurrency market, from custody of Bitcoin to issuance of stablecoins, without the need to apply to regulatory authorities. Traditional financial institutions entering the market are accelerating the large-scale deployment of cryptocurrency assets by giants such as JPMorgan Chase and Standard Chartered. The regulatory logic has undergone a major transformation from "strict prevention and strict defense" to "innovation inclusiveness with controllable risks". Market reaction: Bitcoin surged 8% in a single day, and the stock prices of licensed institutions such as Guotai Junan International surged nearly 200% in a single day. BTC