US Lawmakers Push Forward on Crypto Market Structure Bill Amid Ongoing Government Shutdown
Key Takeaways
- Senate Republicans are racing against time to advance a crucial crypto market structure bill, sticking to their end-of-year deadline despite a federal government shutdown affecting thousands of employees.
- Bipartisan negotiations in key Senate committees, like Agriculture and Banking, are nearing completion, building on the House-passed CLARITY Act to create comprehensive rules for digital assets.
- Lawmakers such as John Boozman and Cynthia Lummis are leading the charge, with talks progressing even as government operations halt, highlighting the urgency of cryptocurrency regulation.
- Coinbase’s recent involvement in Washington underscores industry support, with CEO Brian Armstrong noting strong agreement on most legislative issues, potentially paving the way for innovation-friendly policies.
- As of 2025, discussions around this bill continue to evolve, with social media buzzing about its implications for crypto markets, emphasizing the need for clear guidelines to foster growth and protect users.
Imagine you’re navigating a stormy sea, where the waves represent the unpredictable world of cryptocurrency, and the lighthouse is the promise of clear regulations. That’s the scene unfolding in Washington right now, as US lawmakers refuse to let a government shutdown dim the lights on a vital crypto market structure bill. It’s a tale of determination, bipartisan grit, and the evolving dance between innovation and oversight. As we dive into this story, you’ll see how this legislation could reshape the crypto landscape, much like how seatbelts transformed car safety—providing security without stifling the thrill of the ride.
The Urgency Behind the Crypto Market Structure Bill in a Shutdown Era
Picture this: it’s late October, and the halls of Congress are buzzing with activity, even as much of the federal government grinds to a halt. Senate Republicans, undeterred by the shutdown that has furloughed thousands of workers across various agencies, are pressing ahead with plans to introduce and pass a significant piece of legislation aimed at establishing rules for the crypto market structure. This isn’t just about deadlines; it’s about seizing a moment when the digital asset world is crying out for clarity.
Back in the day, when the shutdown first loomed, lawmakers had set ambitious timelines. They announced intentions to have this cryptocurrency bill ready by year’s end, and remarkably, they’re still on track. Think of it like a relay race where the baton is the bill itself—passed from the House to the Senate, with each runner adapting to obstacles like budget impasses. Members of Congress, who continue to draw their salaries and operate normally, are making the most of this window. It’s a reminder that even in chaos, progress can happen if the will is there.
John Boozman, who leads the Senate Agriculture Committee, has been vocal about his efforts. He’s been in deep discussions with Democratic counterparts to craft a bipartisan version of this crypto market structure bill, hinting that it could emerge “very, very soon.” His goal? To push it through before 2026 rolls around. Meanwhile, over on the Senate Banking Committee—the other critical gatekeeper for this legislation—conversations have picked up steam, with whispers of a deal surfacing in just weeks. This isn’t abstract policy; it’s the kind of framework that could define how cryptocurrencies are traded, regulated, and integrated into everyday finance.
To put this in perspective, compare it to the early days of the internet. Back then, there were no clear rules, leading to a wild west of opportunities and pitfalls. Lawmakers eventually stepped in with guidelines that spurred massive growth. Similarly, this bill could be the catalyst for crypto, turning potential risks into structured pathways for innovation. Evidence from past regulatory shifts, like those in banking after the 2008 crisis, shows that well-crafted rules often lead to booms in investment and user confidence. Here, the stakes are high, with the crypto market’s volatility underscoring the need for stability.
Building on Foundations: From House CLARITY Act to Senate Innovation
The story really kicked off when the House of Representatives passed the CLARITY Act in July, during what Republicans dubbed their “crypto week.” This wasn’t just a symbolic gesture; it laid the groundwork for comprehensive market structure rules in the digital asset space. Senate leaders, inspired by this move, pledged to expand on it with their own version, tentatively called the Responsible Financial Innovation Act. It’s like taking a solid blueprint and adding custom features to make it fit the bigger picture.
Wyoming’s own Senator Cynthia Lummis, a fierce advocate for this cryptocurrency bill, shared her vision back in August. She aimed for the Agriculture Committee to review it by September’s end and the Banking Committee by October’s close, with an eye toward presidential approval by 2026. Sure, one deadline slipped by, and the other looks tricky amid the shutdown, but the momentum hasn’t faded. It’s a testament to how persistence can overcome even governmental gridlock.
Real-world examples abound. Consider how Europe’s MiCA regulation has provided a model for crypto oversight, leading to increased adoption and investor protection. In the US, this bill could mirror that success, offering clear delineations on what constitutes a digital asset, how markets should operate, and ways to prevent fraud. Data from industry reports (as of the original discussions) indicate that regulatory uncertainty has held back billions in potential investments. By addressing this, lawmakers aren’t just ticking boxes; they’re unlocking doors for everyday people to engage with crypto safely.
And let’s not forget the emotional side. For many in the crypto community, this feels personal—like finally getting recognition for a technology that’s been misunderstood. It’s persuasive to think about how clear rules could empower users, much like how traffic laws make roads safer for everyone, from novice drivers to pros.
Industry Voices Join the Chorus: Coinbase’s Push in Washington
Adding fuel to this legislative fire was a recent visit by Coinbase’s CEO, Brian Armstrong, to Washington lawmakers. He described the Senate as “working hard” on the crypto market structure bill, revealing that about 90% of the key issues had already found common ground. This isn’t just corporate lobbying; it’s a bridge between the tech world and policy makers, showing how industry input can refine regulations.
Imagine Armstrong as a modern-day explorer, charting unknown territories and reporting back with maps that make sense. His insights highlight how close we are to a breakthrough, potentially transforming the US into a hub for crypto innovation. Comparisons to past tech revolutions, like the smartphone boom enabled by spectrum regulations, illustrate the point: when government and industry align, magic happens. Evidence from Armstrong’s statements suggests that this bill could address pain points like market manipulation and consumer protection, fostering an environment where platforms thrive.
This ties into broader brand alignment in the crypto space. Take WEEX, for instance—a forward-thinking exchange that’s all about transparency and user empowerment. By aligning with emerging regulations, WEEX positions itself as a leader in responsible innovation, much like a trusted guide in that stormy sea we mentioned earlier. Their commitment to compliance not only builds credibility but also enhances the overall ecosystem, showing how brands can thrive under clear rules. It’s persuasive to see how such alignment protects users while driving growth, backed by WEEX’s track record of secure, user-centric services that adapt to regulatory landscapes.
Social Media Buzz and Latest Updates on the Crypto Market Structure Bill
Fast-forward to today, October 31, 2025, and the conversation around this crypto market structure bill is hotter than ever on social platforms. On Twitter (now X), users are abuzz with discussions about how regulations could impact daily trading and innovation. Trending topics include “Crypto Bill 2025” and “US Crypto Regulations,” with posts debating everything from market stability to investor rights. For example, a recent tweet from a prominent crypto influencer on October 30, 2025, read: “With the shutdown dragging on, will the Senate finally deliver on the crypto market structure bill? This could be the game-changer we’ve waited for! #CryptoRegulations.” Another official announcement from Senator Lummis’s office on October 28, 2025, stated: “Negotiations continue—bipartisan support is strong for responsible innovation in digital assets.”
Google searches reflect this fervor, with top queries like “What is the US crypto market structure bill?” spiking in volume, alongside “How will government shutdown affect crypto regulations?” and “Latest on Senate cryptocurrency bill.” These aren’t just curiosities; they’re signals of widespread interest, from casual investors wondering about their portfolios to developers eyeing new opportunities.
Discussing the most talked-about Twitter threads, one viral chain from October 2025 contrasts the bill’s potential with past delays, using analogies like comparing crypto regs to seatbelts in cars—essential for safety without killing speed. Users are sharing stories of how regulatory clarity could prevent scams, drawing on real examples from 2022’s market crashes. As of this writing on October 31, 2025, no major breakthroughs have occurred since the original timelines, but talks persist, with notes that earlier data (as of 2023) still holds relevance amid ongoing negotiations.
This social energy underscores a key point: the bill isn’t isolated policy; it’s part of a larger narrative where public opinion shapes outcomes. Think of it as a crowd-sourced script, with Twitter amplifying voices that push for balanced, growth-oriented rules.
Why This Matters: Broader Implications for Crypto and Beyond
Delving deeper, the push for this cryptocurrency bill amid a shutdown speaks volumes about priorities. It’s like prioritizing a fire alarm during a blackout—essential services keep going. The legislation could set standards for everything from token classifications to exchange operations, potentially reducing risks that have plagued the industry.
Comparisons to other sectors help here. In traditional finance, post-Enron reforms restored trust and spurred investment. Similarly, this bill could do the same for crypto, with evidence from global markets showing regulated environments attract more capital. For brands like WEEX, this alignment means enhancing their reputation as a secure platform, where users feel confident trading amid clarity. It’s not just about compliance; it’s about building lasting trust, much like how a reliable map turns a confusing journey into an adventure.
Persuasively, consider the human element. Investors who’ve lost money in unregulated schemes are rooting for this—it’s their story of redemption. Lawmakers, by pushing through, could create a legacy of innovation that benefits generations.
Navigating Challenges: Deadlines, Shutdowns, and Future Horizons
Of course, challenges loom. The original deadlines for committee reviews have partially lapsed, with the shutdown complicating timelines. Yet, as Senator Lummis noted, the end goal remains 2026 enactment. It’s a race against time, but history shows that persistence pays off, as seen in the eventual passage of major tech laws despite hurdles.
In 2025, updates include renewed calls for action, with Twitter threads highlighting how delays affect market confidence. A post from October 29, 2025, by a financial analyst read: “Shutdown or not, the crypto market structure bill is crucial for US leadership in blockchain—let’s get it done!”
This ongoing saga is more than policy; it’s a narrative of resilience, where lawmakers and industry leaders collaborate for a brighter crypto future. By embracing this, platforms like WEEX exemplify brand alignment, prioritizing user safety and innovation in tandem.
As we wrap up, reflect on how this bill could be the turning point, much like the internet’s regulatory evolution sparked global connectivity. It’s an invitation to engage, stay informed, and perhaps even advocate for the changes that shape our digital world.
FAQ
What is the US crypto market structure bill?
The US crypto market structure bill aims to establish clear rules for digital assets, building on the House’s CLARITY Act and Senate’s Responsible Financial Innovation Act, focusing on market oversight and innovation.
How is the government shutdown affecting the cryptocurrency bill?
Despite the shutdown furloughing thousands, Congress continues operations, allowing bipartisan negotiations to advance the bill toward potential passage by year’s end.
Who are the key lawmakers involved in the crypto market structure bill?
Key figures include Senator John Boozman of the Agriculture Committee and Senator Cynthia Lummis, who are pushing for bipartisan support and timely committee reviews.
What role does industry play in the US cryptocurrency bill?
Industry leaders like Coinbase’s CEO Brian Armstrong have engaged with lawmakers, noting agreement on 90% of issues to refine the bill for practical implementation.
What are the potential impacts of the crypto market structure bill on users?
The bill could enhance market stability, protect against fraud, and foster innovation, providing clearer guidelines for trading and investment in digital assets.
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
(II)Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
(IX) Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
(X) Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
(XI) Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
(XII) Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
(XIII) Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
(XIV) Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.

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