#特朗普关税进展 Why did the market suddenly change its face? On the surface, it appears to be a technical pullback after a significant rise, but the real trigger is hidden in the political vortex of Washington. On May 28, the U.S. International Trade Court ruled that the Trump administration's imposition of tariffs under the International Emergency Economic Powers Act was illegal! The court stated that the president does not have the authority to impose comprehensive tariffs on almost all trading partners, and that Congress granting the president "unrestricted tariff power" violates the Constitution. Dramatically, just one day later, the Federal Appeals Court urgently halted the ruling, giving the Trump administration a reprieve. Policy changes create instant confusion in market expectations. Capital detests uncertainty the most, and when politicians in Washington engage in a power range-bound struggle, the Crypto Assets market is the first to vote with a big dump.

Ironically, while Bitcoin ETFs are frantically attracting capital, gold ETFs are experiencing a massive outflow of funds. Over the past five weeks, U.S. Bitcoin ETFs have seen inflows exceeding $9 billion, with BlackRock's IBIT leading the way; during the same period, gold ETFs have seen outflows of more than $2.8 billion. This transfer of power between new and old assets becomes even more paradoxical amidst the bloodshed of the big dump.
A global regulatory storm is forming! Amidst the market's cries of despair, regulatory agencies in various countries are accelerating their plans:
The Hong Kong Legislative Council has passed the "Stablecoin Regulation Draft", which will open applications for stablecoin issuance licenses before the end of the year. The U.S. Senate has passed the "GENIUS Act", establishing a regulatory framework for USD stablecoins.
The UK FCA has released a regulatory proposal for stablecoins, requiring the disclosure of reserve asset management methods for stablecoins—this cryptocurrency variant pegged to fiat currency is becoming a new battleground for countries vying for dominance in the digital economy.
U.S. Vice President Vance stated at the Bitcoin conference: "Stablecoins for the U.S. dollar will only help the U.S. economy and the dollar." As traditional financial giants return to the crypto world through stablecoins, the survival space for retail investors is being sharply compressed.