The bear market has become quite evident, and there are many rules and market uncertainties in the cryptocurrency market ahead.

① How the U.S. SEC distinguishes between token classifications.

② The implementation of the 1099-DA form for taxation on January 31, 2026, in the U.S. may inevitably trigger some CEX exchanges' runs, leading users to turn to DEX.

③ Whether the U.S. government will halt operations again on January 31, 2026.

④ The weakness of the U.S. economy leads to an increase in fiscal deficits; when will this trigger a financial storm that bursts the tech stock + AI bubble?

⑤ Will China introduce a new cryptocurrency ban at some point?

The principle of cryptocurrency is decentralization; if rules are imposed on cryptocurrency, it loses its principle, and thus loses its meaning and the so-called four-year cycle.