The Fed chairman's speech tonight is worth pondering.

On the surface, he talked a lot about "trust" and "integrity" at the memorial service, but said nothing about monetary policy. But those who understand know — behind these words lies the regulatory body's true attitude towards the crypto industry.

Why emphasize trust all of a sudden? Because this is the most vulnerable point in the world of cryptocurrency. The sudden collapse of FTX, the continuous explosions of centralized exchanges, and countless projects absconding with funds... Each explosion is overdrawing the entire industry’s credit limit. What regulators are truly concerned about has never been the price fluctuations of a particular coin, but rather the uncontrollable situation that a systemic trust crisis could provoke.

The signal released by this speech is very clear: the end of moral constraints is the starting point of mandatory regulation.

For ordinary investors, what they should do now is not to speculate on the market, but to reassess their holding logic. Projects with vague team backgrounds, empty whitepapers, and relying solely on community hype have reached maximum risk levels. The real assets that can withstand cycles are mainstream assets like Bitcoin and Ethereum, which have actual ecological support.

In the second half of the crypto market, the technical narrative may no longer be the core competitiveness—who can establish a verifiable trust mechanism will be the one qualified to stay at the table. Can the project in your hands withstand this round of "trust stress testing"?