On one side, Wall Street and the SEC (U.S. Securities and Exchange Commission) treat crypto giants as a "thorn in their side," imposing fines, lawsuits, and arrests, eager to thoroughly cleanse the industry; on the other side, developing countries like Pakistan regard them as honored guests, rolling out the red carpet, granting licenses, hoping they will revitalize the economy.
This sense of fragmentation may become the norm in the coming years.
Although the traditional financial order is powerful, it is not friendly to everyone. When the Swift system becomes a tool for sanctions, and when the Federal Reserve's interest rate hikes can reap gains globally, those marginalized countries will naturally seek alternatives. Even if these alternatives seem a bit barbaric, a bit risky, or even somewhat gray.
The appearance of Sun Yuchen and Zhao Changpeng this time is like a microcosm. It tells us that in this world, not all rules are set by Washington. In those corners overlooked by mainstream perspectives, another set of financial logic is growing wildly.
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