Here’s the translation: "Here’s a breakdown: 1. The impact on mainstream coins is definitely minimal. Even if there’s a pullback, it won’t be because of this—it’s because a pullback was already due. 2. The main targets will definitely be scams and Ponzi schemes based on digital currencies. Ever since offshore fishing was banned last year, these Ponzi schemes have been growing rampant across regions. Plus, due to issues with evidence collection and jurisdiction, they’ve become somewhat unregulated. This will definitely be a key focus for crackdowns. 3. Exchanges using platforms like Douyin and Xiaohongshu for user acquisition will face stricter risk controls. In the current economic downturn, there’s a push to curb the trend of everyone speculating on crypto. 4. Bank accounts involved with digital currencies will face tighter risk controls, and there will likely be more account freezes. 5. Domestic exploration of stablecoins and RWA will continue to stagnate. However, this also means more resources will be allocated to Hong Kong. Additionally, with Hainan’s upcoming customs closure, it’s possible Hainan could become a new hub for digital currency exploration. 6. Industry talent might further migrate overseas. Previously, many project teams and institutions had returned to China, but this trend might reverse, and many people might leave again."