Remember when the last bull market was going on—everyone’s attitude toward regulation was basically: the more they control, the more the coin falls. But it seems like things are different now. Regulation is changing, and the market’s understanding of regulation is changing too.
The most explosive regulatory news today is that Fable 5 has returned. If you don’t know who Fable 5 is, in simple terms, it’s a trader/player with a pretty well-known reputation in the circle. After being suspended for a long time, they’re finally back. But after returning, Fable is no longer the same Fable as before—now they’re restricted as a caged bird by regulatory controls, with all kinds of rules and constraints, and they can’t operate as freely as they used to.
This case is quite interesting—regulation on individual limits has been upgraded. Previously, regulation mainly focused on exchanges and project teams; now they’re starting to trace down specific individuals involved in trading. The cost of the compliance era is that—there’s no real freedom anymore.
On the other hand, Upbit today listed USDT trading pairs for two new coins, MPLX and NEX. The listing pace of Korean exchanges has long been viewed as a barometer of market sentiment. Upbit listing after the Non-Farm Payrolls suggests they have confidence in the current market heat.
Another thing worth paying attention to: trade.xyz announced it has already purchased the GIGADEV code and is set to launch contract trading related to MegaDevice Innovation. MegaDevice Innovation is a leading A-share semiconductor company. GIGADEV was previously a MEME coin, and now trade.xyz buys the code to do real-world assets—this path is definitely novel.
Overall, regulation is tightening—Fable 5 has been restricted, and exchange compliance continues to move forward. But the fact that Upbit in South Korea listed new coins and that a crypto bank raised funding shows the market hasn’t been scared off by regulation. Regulation and crypto are adapting to each other rather than confronting each other.