Singapore is driving away unlicensed institutions in the cryptocurrency industry, while Hong Kong has introduced the world's strictest stablecoin law, requiring holders to provide real name KYC. Both places have poured cold water on the Web3 industry. At the same time, the US SEC has released the Project Crypto plan, which is a particularly inspiring article. There is a significant difference in temperature between the two sides of the ocean. It is said that many SG HK institutions have also fled to the United States.