In 2013, 2017, and 2021, documents related to the Bitcoin space always had the People's Bank of China listed first. This time, not only is the number of ministries involved at a record high, but for the first time, the Ministry of Public Security is listed first, and the Cyberspace Administration of China is ranked ahead of the central bank. This shows that the focus has shifted from financial regulation issues to public security + cyber + criminal issues. At the end of the article, there’s a line about 'improving policy and legal basis,' which suggests that in the next 1-2 years, we might see legislative drafts and judicial interpretations, with the latter being slightly more likely. Stablecoins were specifically called out, probably because they’re too convenient and essentially an extension of the US dollar, so they’re likely to face heavy crackdowns. For the first time, there’s a focus on both information flow and capital flow, aligning with the US and EU’s approach, emphasizing on-chain enforcement strategies.