If I were HashKey's boss Xiao Feng, I would do this: 1、 Best strategy: Franchise license business, strategic layout first 1. Occupying the policy high ground: License business is essentially franchising. The primary task is to lobby the Hong Kong government to clarify the upper limit of the number of licenses and lock them in advance. If investing $100 million annually is a fixed cost, it would be better to allocate some of the resources to lobby relevant departments in mainland China, promote the mechanism of "mainland users legally opening accounts in Hong Kong", and leverage policy dividends to legally acquire customers. 2. Crackdown on grey industry and enhance the status of compliance platforms: Promote the mainland to classify illegal encryption platforms as "gambling like platforms". Once the classification is successful, regulatory authorities can legitimately crack down on and confiscate assets. This legal and compliant platform, such as HashKey, is equivalent to receiving a "dimensionality reduction strike" dividend. Don't underestimate mainland Chinese users. Trump's encrypted meeting has already shown that mainland Chinese users account for at least 40% of global retail investors, and this market cannot be ignored. 2、 Central strategy: Control fundraising, build momentum, bind interests, and empower platforms in one (1) Platform Coin Strategy: Control the funding situation and provide price support Utilize market expectations to release moderate bearish sentiment, lower prices and concentrate on attracting funds. Re negotiate with existing employees and departing staff to retrieve unlocked and pending chips. After controlling the market, an announcement was made to destroy the unsold portion in one go, forming a price turning point. After the price shows performance, enter the "empowerment" stage to strengthen the expected value of the platform coin. (2) User Growth: Creating Profit Making Effect, Rapid Fission The platform currency will be deeply bound with the project airdrop, and priority will be given to allocating resources from the hot projects jointly invested with other exchanges. The first wave of motivation must be 'simple and rough' - others give 100U, we give 1000U. Continuously carry out 3-5 hot selling projects+AMA, creating the expectation of "project side queuing for welfare"; Naturally attracting a large number of users to enter through "identity packaging" and "overseas account opening" methods. After the user base is stable, gradually set participation thresholds (asset volume, trading volume, open position, pending order volume, etc.). Binance sends out millions of dollars a day, and HashKey's current base is small, making it easier to create a profitable effect and leverage user growth. (3) Public Chain Breakthrough: Stablecoins or Hotspot Chains Preferred path: Issuing Hong Kong dollar stablecoins. If you want to shake up USDT, you can reverse the mainland policy, classify USDT as "illegal foreign exchange", increase its usage cost, and guide exchanges to migrate to Hong Kong dollar stablecoins. Alternative path: On chain ecology that focuses on the "money making effect". Find anonymous developers to create projects, increase user activity, and naturally have exchanges listing and developers following up, achieving a positive cycle. 3、 Bottom line: Hold the bottom line and wait for the opportunity If none of the above paths are feasible at the moment, then maintain the license, cut expenses, and wait until the mainland accepts before taking action. If a suitable candidate appears midway, it is not ruled out to replace them at a critical point and restart with a new identity and strategy.