Since April, the banner of regulation has begun to move towards the currency market. The reason is that everyone knows that FTX and the Democratic Party are too close. The green light has almost allowed FTX to advance many drafts related to cryptocurrency, but FTX’s thunder has also It has indeed embarrassed the Democratic Party for a long time, so since then both the SEC and the CFTC have increased their management of the currency market, and the biggest collateral damage this time is on the market makers. The departure of the market makers has caused a downturn in itself. The liquidity problem is even worse, which is why institutions are so looking forward to BlackRock's successful application for ETFs. If BTC and ETH can be traded directly on Nasdaq, then the liquidity problem can be alleviated to a great extent. Now it seems that the ETF should still be postponed to September. So you still need to wait patiently