#加密货币监管政策# The recent news about Hong Kong promoting real-name regulation for stablecoins has caught my attention. This regulatory policy may have a more far-reaching impact on the market than expected. In the short term, the rising compliance costs may drive some small players out of the market, but in the long run, it could benefit the healthy development of the industry. I have observed that some leading traders have started to adjust their strategies to reduce reliance on Hong Kong stablecoins. However, the U.S. SEC's easing of Bitcoin ETP policies seems to have injected a boost into the market, with institutional funds continuing to flow in. This divergence in regulatory attitudes is worth following, as it may hint at the future development pattern of the global crypto market. Currently, I tend to copy trade those operators who can maintain stable returns even in a tightening regulatory environment, as they often possess stronger risk management capabilities. Of course, how to allocate positions specifically will require further observation of market reactions, after all, practice is the only criterion for testing truth.