The most important regulatory update for inter-exchange transfers since 2019 has been the introduction of the travel rule. This means when Exchange A transfers funds to Exchange B, it includes KYC and account information from Exchange A. Generally, if both exchanges comply with the travel rule, any issues with the funds can be identified immediately. The impact of the HTX situation could be significant. The reason is that exchanges are inherently like mixing pools for funds. Once under investigation, all incoming and outgoing transactions related to HTX are no longer trusted. It's clear that the complexity and efficiency of inter-exchange transfer reviews are on completely different levels now.