#加密货币监管框架 Recently, I have seen several major risk alerts from regulators, and I have some thoughts I want to share with everyone.

From the 2021 statement that "virtual currency trading contracts are not protected by law," to the rapid cooling of the NFT market in 2022, and now to this new warning after three years— I can feel that the regulatory attitude is actually very clear: **For non-compliant and speculative activities, regulation must be enforced**.

This may sound like bad news, but I believe that in the long run, this is precisely the necessary path for Web3 to mature. Looking at the development of traditional finance, it is precisely because of clear rules and frameworks that genuine innovation can be protected from being drowned by speculative bubbles.

The key is to distinguish two concepts: **Regulatory hype and speculative behavior ≠ Regulating Web3 technology itself**. Underlying innovations and concepts like DeFi, DAO, and smart contracts will not be negated just because regulators oppose NFT financialization. Truly valuable applications will eventually find a healthy coexistence with regulation.

The opportunity before us now is: projects that focus on solid technology, ecosystem development, and practical applications will stand out in a regulated environment. The emergence of regulation is actually helping us filter out the real from the fake.

I remain confident about the future of Web3. As long as we focus on technological value and social significance, rather than the illusion of getting rich overnight, we can see through the true story behind this regulatory storm.