Today's homework is a bit tiring. Last night, the Finance Department and the National Tax Bureau jointly issued the latest explanation for brokers, which will be implemented starting in 2025, with a transition period in 2025 and 2026, and officially enforced in 2027. This will have a certain impact on the front end of the DeFi field, requiring users' KYC and brokers' tax payments. This information has sparked discussions among many overseas friends, as the specific implementation will occur in 2027, and it will be after the transfer of power, so the market generally believes that Trump has the ability to retract this explanation.

It is unclear whether it is a coincidence or has some effect, but almost at the same time it was announced, cryptocurrencies experienced a general decline. Of course, it could also be influenced by the poor performance of the US stock market after it opened. Currently, #BTC has fallen below $95,000, but the market has not shown signs of panic. If this is due to the explanation, then there are still two years before the mandatory enforcement in 2027, so it is normal that the market does not have an extreme reaction.