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The United States may really be taking serious action this time. For the past few years, the two words "regulation" have been like the sword of Damocles hanging over all projects.
As long as the SEC says "this thing is a security," you either have to spend money on lawsuits or run away to the Cayman Islands or Singapore, directly excluding U.S. users from KYC, making the whole industry feel anxious.
But this time, the wind has really changed a bit.