“Jocular narrative” tells the truth, and the drama has just begun

——Read Mr. Zhu Weisha’s “Behind the scenes of SEC approval of Bitcoin ETF

On January 11 this year, a milestone event occurred in the history of cryptocurrency. The U.S. Securities and Exchange Commission (SEC) approved 11 spot BTC ETFs, and the rise of Bitcoin entered an acceleration channel. As of yesterday, Bitcoin hit a new high of $73,000.

Since 2021, the U.S. Securities Regulatory Commission has repeatedly rejected the listing applications of different BTC spot ETFs. What is the reason for this change? I recently read Mr. Zhu Weisha’s article “Behind the scenes of SEC approval of Bitcoin ETF “

“the article analyzes this issue skillfully and makes sense, which is fantastic.

The article grasps the phenomenon and sees the essence, is based on facts, and is logically rigorous. The first half criticizes the fallacies and contradictions of the U.S. Securities and Exchange Commission and its leader, Gensler’s previous understanding of cryptocurrency, as well as the “wild behavior” of “indiscriminate deforestation” in cryptocurrency supervision over the years, and criticizes the U.S. Securities and Exchange Commission’s The insider reasons for this 180-degree turn were analyzed. The second half simulates a dialogue in the form of a “joke” between U.S. Securities and Exchange Commission Chairman Gensler and BlackRock CEO Larry Finger on whether to approve a Bitcoin ETF and the regulatory strategy for future cryptocurrency development. It is said to be a “joke,” but it is pretty consistent with the actual events that happened, and it is cleverly conceived. In fact, through the words of these two people, the reasons for the U.S. Securities and Exchange Commission’s turn are revealed as the important concepts of how the supervision of cryptocurrency should be carried out and where the future of cryptocurrency should be directed.

How did the U.S. Securities and Exchange Commission start regulating cryptocurrency in 2021, causing cryptocurrency to explode frequently?

As a well-known expert in cryptocurrency who has taught cryptocurrency courses at a famous university in the United States, Gensler made mistakes in the concepts of the difference between consensus assets and legal currency assets and whether futures ETFs or spot ETFs are crucial to Bitcoin. Understanding has led to the above serious consequences. Why is this?

What forces caused the SEC and Gensler to make a U-turn on approving Bitcoin spot ETFs? Where does this invisible hand come from?

How should the regulation of Bitcoin and cryptocurrency be improved? What are the prospects and significance of realizing the Bitcoin standard?

After reading Mr. Zhu’s article, I found the answers to the above questions are clear.

Mr. Zhu is a well-known entrepreneur in Hong Kong and an expert and scholar in cryptocurrency. He has always had a deep attachment to Hong Kong and a feeling of giving back to Hong Kong. Although neighboring Asian countries have introduced many new promotion measures and policies for cryptocurrency, Mr. Zhu’s chainless platform, which he has built with years of hard work, is still the first choice to place in Hong Kong.

In March 2023, Mr. Zhu introduced the idea of “inviting Satoshi Nakamoto to welcome the new World” on Hong Kong Sun T.V. and had already predicted the arrival of a new era of Bitcoin. Marked by the launch of Bitcoin spot ETF, Bitcoin has entered the second half, just as Mr. Zhu envisioned in the show. This year, Mr. Zhu’s chainless platform launched the DW20 coin. Simply put, it is to equip Bitcoin with the ruler it lacks, use Bitcoin to measure global economic development and use DW20 to replace stable coins for daily transactions. It is a massive opportunity for new developments in Hong Kong’s crypto technology space.

In this article, Mr. Zhu summarized that one of the reasons that prompted the U.S. Securities Regulatory Commission and Gensler to change is that “Hong Kong’s policy declaration on the development of virtual assets in Hong Kong” in October 2022 challenges the leading position of U.S. cryptocurrency It also reflects Mr. Zhu’s specific expectations and praise for Hong Kong.

However, the author believes that Hong Kong has been lackluster in actual actions since its declaration in October 2022. Especially after the incidents of individual digital currency exchanges in 2023, substantive exploration in this area has been greatly slowed down. From regulatory agencies to industry insiders, when it comes to “coins,” the focus is on doing less and making no mistakes. No matter how good the declaration is, it can only repeat the story of “Ye Gong loves dragons” without actual work and advancement.

Hong Kong’s brilliant achievements in those years depended on its innovation vitality and ability to seize historical opportunities. Without innovation and the failure to seize opportunities, Hong Kong would not be Hong Kong.

In addition to commenting on Gensler’s “random behavior,” Mr. Zhu also criticized Gensler’s performance after the approval, especially his shy and cryptic explanations of “still half-hiding his face with his pipa.” Mr. Zhu criticized: “A man’s mouth has two skins. One day he says this, the next day he says that. It’s a capricious thing “and “The duck is dead, but its mouth is hard.”

The author believes, “If you know your mistakes and you can correct them, there is no greater good.” To untie the bell, you must also tie it. Even if you don’t know your mistakes and don’t admit them, it is still good to change things in response to the general trend or forced by external forces. The vote passed by a vote of 3 to 2. Gensler is worthy of his position. He cast a key vote at a critical historical juncture and determined the future direction. It is still better than the Irresponsible “mediocre” officials. From here, we can see that the United States is not slacking off in the competition in the new economy and cryptocurrency fields, seizing the opportunity and taking the lead.

The world’s trends are overwhelming. Those who innovate and strive to be strong will survive, while those who cling to the weak and remain deficient will die. When Hong Kong encountered a crisis, Hong Kong’s three financial heroes, Mr.John Henry Bremridge, Yam Zhigang, and Donald Tsang, made outstanding contributions and preserved Hong Kong’s achievements as an international financial center.

Today, cryptocurrency opportunities are greater and more critical. Hong Kong has unique conditions that were unparalleled back then. Back then, with its status as one of the Four Asian Tigers, it was only the “little brother” to economic giants such as the United States. Now, it is expected to enter the W e b3 and encryption world. To be at the forefront of monetary innovation is an opportunity not to be missed, and time does not wait for us.

Talented people have emerged from generation to generation, so there is no need to force heroes to reappear. It would be nice even if Hong Kong could produce a “Gensler” at this juncture!

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