Looking at Trump's move to potentially replace the Federal Reserve Chair, many people think this is just Washington's usual internal struggle. In fact, this could be a signal for holders—political winds are shifting, and regulatory crackdowns will follow suit.

In the crypto world over the past decade, we've never truly escaped the influence of power. Every major policy change has been an opportunity for big capital to reshuffle. The pattern is well understood.

**How aggressive are regulatory actions? Just look at the data.**

In 2017, a joint notice from seven ministries declared ICOs as illegal fundraising, and all exchanges ceased operations. Bitcoin dropped 14% within half an hour, and various altcoins were cut in half; 12 platforms shut down that day. Those who believed "crypto is unregulated" mostly ended up liquidating in liquidation. The quick-reactors? They hoarded stablecoins during the panic, and their assets tripled in six months.

The 2022 Canada crackdown was even harsher. When the "Freedom Convoy" incident occurred, the government directly froze crypto donation accounts using the Emergency Measures Act, even freezing ordinary donors' wallets. After this, Monero (already known for its privacy features) surged 20%, and downloads of decentralized wallets tripled. That’s when it became clear that the so-called "on-chain anonymity" is actually very fragile in the face of policy sticks.

**What if the Fed Chair is replaced?**

The Federal Reserve Chair controls the main gate of the financial system. When a new chair takes over, regulatory priorities and red lines could be redrawn. If the new chair aligns with the government’s high-level goals, the so-called "regulatory harvest" will only intensify. At that point, those coins without KYC verification or wallets with insufficient decentralization could become targets for freezing.

It may seem like political struggles are far from us, but in reality, they are deciding the fate of the digital assets in your wallet.