Seeing the current state of the crypto world turning into a pile of dog shit, I suddenly remembered the leaked recording from 2018 where Li Xiaolai said, “Regulation is meant to protect retail investors. Many retail investors think regulation is there to harm them. If this circle had regulation, we wouldn’t dare to recklessly cut leeks.” Thinking about it, that makes sense. In 2023, during the Biden administration, although there was continued crackdown on cryptocurrencies, the industry was still developing normally, and project teams of altcoins were actually working on real projects. Everyone was pushing the industry forward. After Trump took office, with no regulation on cryptocurrencies, all kinds of strange and malicious characters flooded into the crypto space—scam coins, “Miss Coin,” “Girlfriend Coin,” and so on. Many altcoins launched would just decline all the way down, with the leeks uprooted and harvested. Without regulation, retail investors are just lambs waiting to be slaughtered.