It is quite obvious that China ( or even India and some other countries ) has a different approach towards Crypto vs the US. Those countries are imposing a ban or restricting crypto trading and mining while the US is just trying to regulate Crypto. Why?
Just look at the trading volume and value of Crypto daily and remember most of the trading is done in the US market and transacted in USD.
At the highest point, total market capitalization for Crypto was more than $ 2 Trillion in Apr 2021 and represent about 17% of the global total Gold value.
Again, if you look at the below chart, the highest daily trading value for crypto could reach as high as $3.18 Billion, even at this moment, the daily trading value is more than $450
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