Before ICOs were banned,

those acting as proxy investors would get coins at 0.5, then resell them for 1 or even 2.
Dozens or even hundreds of projects in a single day.
Groups multiplied like crazy to build communities.
Some would even promise to issue coins verbally and collect money in advance.
I was scammed like this myself.
With things developing like this, how could the country not crack down?

Now, there are always contract profit screenshots,
live streams for traffic,
even promoting rebates and recruiting new users at schools.
Every platform is flaunting wealth like crazy,
creating the illusion that trading coins is better than studying, and that making money doesn't require education, causing countless unsuspecting people to gamble away their futures.
With things developing like this, how could the country not crack down?

So, macro-level crackdowns aren't necessarily a bad thing. When things get out of hand, some correction can help keep the industry from going too far off track.

Look at macro-level regulation rationally; any regulation has two sides.