The sky of the big culprits in Po County has collapsed

Overnight BTC continues to play around the 30-day moving average of 105k. Today, the 6.5 Teaching Chain Internal Reference "The First Stable Coin Circle Company's US Stock IPO" mentioned another major industry event, that is, the financial regulatory agency of Po County issued a new regulation at the end of May, which significantly tightened the gap in the encryption/web3 industry. The new regulations will take effect at the end of June, without any buffer period, and are quite tough!

From the so-called "crypto paradise" to the order to expel guests, this cliff- like policy adjustment can't help but make the encryption industry exclaim that the major retreat of Poxian web3 is coming.

The sky of the Dashishi people in Po County collapsed.

Why do you say that?

Jiaolian still remembers that more than three years ago, in February 2022, the Supreme People's Court issued a judicial interpretation (Fashi [2022] No. 5), listing "illegal absorption of funds through virtual currency transactions and other methods" as one of the methods of illegal fundraising, and for the first time, virtual currency transactions were included in the scope of regulatory regulations for illegal fundraising at the criminal legal level.

This is to plug a loophole. Previously, illegal fundraising and fundraising fraud only recognized RMB (and some legally recognized property forms). In other words, it is not illegal to collect RMB from others. It is not illegal to collect BTC, USDT, or other virtual currencies. Why? Because we are a country in the mainland legal system, we only recognize laws and regulations. If the law does not provide for it, it does not count.

These illegal fundraising and fundraising fraud are all crimes in the criminal law. If they are violated, they will suffer the most severe criminal sanctions. But it is precisely because of the above loophole that the big cuts of BTC and USDT that were issued to raise money from the leeks, took advantage of legal loopholes and got away with the law.

It is precisely because of this loophole that our country's judicial crackdown on some of the coin-issuing and fundraising scams back then was far weaker than that of the United States on the other side of the Pacific. The United States is a maritime law system, and does not copy and imposes rules, and focuses on one's flexibility. So don’t you see, the US SEC directly moved out the Howie Test website, and there were many big and small fishes in the net, directly accusing you of illegal issuing securities. You should catch what you should be arrested, and you should be sentenced, and you should be punished. I’m so happy.

Of course, how to grasp the boundaries of protecting innovation and combating fraud is an art. The US SEC has been hit hard for several years and has successfully aroused the disgust of the entire crypto industry. When the crypto industry vigorously promoted Sichuan Emperor to ascend the throne, the first one was to oust SEC Chairman Gary Gensler. This is a later story, press here to not display it.

Let’s talk about our judicial interpretation. The most fatal problem here is that it is a judicial interpretation, not a revision of the law.

Friends who understand the law know that there is a legal principle called "law not retroactively." It means that the laws revised today only apply to the future, and cannot go back to the past, turn back on old accounts, and use the laws revised today to punish yesterday. Otherwise, it would be terrible. The whole society would be in danger of everyone. If the law does not prohibit it, it will completely lose its meaning, because you have no idea whether tomorrow will redefine today's affairs as illegal. Without certainty, society will fall into chaos.

However, there must be exceptions beyond the principles. The principle of not retroactively following the law only applies to amendments to the law and not to judicial interpretations. That is to say, if an existing law is expanded through judicial interpretation, it theoretically allows retroactive action. In other words, it is theoretically feasible to use the judicial interpretation issued in 2022 to crack down on the issuance of coins in 2017.

So, the big slashers who had been shouting and beating in the territory almost overnight, like birds and beasts scattering, fleeing in the wind.

The escaped Dazi looked around. The world is so big, where is the place to live? Go to the United States? I'm afraid of being eaten up by American iron fist. Go to Dubai? Afraid of being kidnapped and sucking her waist. After all, the big sects all took a fancy to Poxian, which has loose supervision. In addition to the higher cost of living, other aspects are almost the same as those in China (such as language, time difference, etc.), which makes the great scholars who are wandering in foreign lands less homesick. As for the cost of living, it is naturally a big deal for those who have already become billionaires.

The key is that there is no bilateral extradition treaty between Po County and mainland China, which makes the sects feel quite at ease. As early as the bull market cycle in 2017, Po County adopted an extremely relaxed policy on issuing coins and raising funds. Simply put, it is just to issue and slice them at will. As long as you block the people of Po County and don’t cut them.

Recalling the rush of ICO coin issuance from 2017 to 2018, various methods of issuing coins were invented. Fork coins, public chain coins, ERC-20 coins, even pure air coins, the issuance speed cannot keep up with the speed of leeks rushing. Grab it means making money. The so-called private equity quota must be obtained through the back door. If you buy it at a low price, sell it to the next company and make a profit of more than ten times or dozens of times. The entire crypto market fell into an irrational carnival. It was not until the end of 2018 that Shenxiong used cold losses to calm the leeks' hot minds.

In such a crazy market, there may be only two types of people: one is a gambler and the other is a liar. Perhaps there are some people who are both gamblers and liars.

No one can keep his head calm in the face of the vivid examples of lost friends getting rich overnight. No one can hold a sickle and watch billions of wealth in front of him without harvesting it. Holding a sharp weapon in your hand, the murderous intention arises. What's more, in such a market where everyone loses their minds, the so-called powerful tool only requires a clever mouth with a brilliant tongue.

Everyone is lost in the flying money. "I'm not a gamble or a fraud. If you have money, you won't make a bastard" has become a motto and life creed in many people's minds.

There is a banquet that will last forever in the world. The joy of violence will surely usher in a violent ending. When the drum beats the drums suddenly stopped, the trampling began to appear. Private equity funds cut public equity, project parties cut private equity, and sickle mutual cutting became the last rebirth before the industry entered a bear market. Those who lock their positions become idiots. Those who sell at high levels become winners. The big money-raising of money-raising made a fortune, while the gambler who chased the rise at a high level lost his underwear.

Gamblers accuse scammers of playing with the market for being unethical. The scammer accused the gambler of not following the rules of the casino and willing to accept the loss.

The so-called "compliance" that was popular back then was to go to Po County to register a so-called foundation as the subject of coin issuance. This is what is said, the rules of Po County are the ones who are cut off from the mainland. But who are harvested leeks, who don’t give their heads to thousands of miles away? Going over the wall and registering a fake identity is just to exchange the precious pie in your hands for other people's air coins. Who is not lard that is so confused that he wants to sell it to the stupid leeks behind with low-priced chips at a high price? Can he cut off the future generations and become rich?

Zhou Yu beat Huang Gai, one is willing to fight and the other is willing to be beaten. After all, no one is purer than any one, no one is kinder than any one, no one is just.

So the great culprits back then were also at ease - "They were all gamblers with bad intentions. If they were cut off, they could be considered as practicing the way for heaven!"

Whenever a leek wants to do a big fight, it will be done. If you are a little leek, God is too lazy to end up in person. You have various styles of big cuts, hackers, running away platforms, telecom fraud, etc., to harvest you.

The mantis stalks the cicada, and the oriole is behind. As the saying goes, the way of heaven is good for reincarnation, who will the heaven bypass?

In February 2022, the judicial interpretation came, and the big slashers ran away with their heads in their arms.

For a moment, Po County gathered in crowds, and cafes and five-star hotels were filled with voices of talking about web3 and encrypted topics in Chinese or Chinese. A large number of KOLs also praised the prosperous scene in Po County on various social platforms, and did not forget to pull each one and devalue Hong Kong, which was still in a dirt and insisted on strict supervision, saying that it may miss its position as an Asian financial center in the web3 era because of its lack of openness in thought and supervision.

Po County embraces encryption without defense, perhaps because it has not been beaten by the market and has not felt the power of the big cuts without bottom line.

In November 2022, FTX, the former popular and second largest crypto trading platform in the world, burst into pieces. The wealth of countless investors was wiped out overnight. Temasek, wholly-owned sovereign wealth fund, invested a total of US$275 million in FTX in two rounds from October 2021 to January 2022. After FTX went bankrupt, Temasek announced a full write-down and admitted that his trust in founder SBF was "misjudgmented".

In addition, there are a series of other cases of crypto fraud, money laundering, etc., which may have led to the Po County government's beginning to reflect on whether the past unprepared policy attitude is really beneficial.

These reflections eventually formed the new regulations issued at the end of May 2025, the "Guidelines for Licensing for Digital Token Service Providers". The wild era of unlicensed web3 business in Poxian closed the door.