The news of the crackdown on securities firms such as Tiger Futu has gone viral today, and its influence on the traditional financial circle should be no less than that of the cryptocurrency circle. The familiar joint action of eight ministries and commissions is grand in scale, capturing the thief first and heading straight to the core securities firms, while also cracking down on online self media and illegal intermediaries. That is to say, not only are core businesses not allowed to be carried out, but also borderline behaviors such as promotion, commission rebates, and recruiting new customers are not allowed. It is intended to completely tighten, further shift from virtual to real, and strengthen foreign exchange controls. To some extent, this may be a good thing for the cryptocurrency industry that is accelerating the adoption of new US stock assets, as both CEX and DEX have already gone global, decentralized, and localized. It's not that we can't investigate, after all, we still need to trust the long arm jurisdiction of the country. If we really want to make tough moves, no matter what overseas entity or overseas identity is used to hold it, it will be invalid. As long as facing Chinese people's business development, they can be investigated and punished. But in specific implementation, it is usually necessary to consider the balance between law enforcement costs and benefits. The cryptocurrency market is relatively safe. Traditional securities firms may receive such notices to honestly rectify and request refunds, but demand will not disappear out of thin air, nor will it be completely eliminated due to a movement. This demand may become a driving force, bringing opportunities for changes to the existing industry landscape. In the short term, the cryptocurrency industry should be able to absorb some of the overflow and transfer traffic, but in the long run, if its size becomes too large to be taken seriously, it may face some form of regulatory strengthening.