In China, cryptocurrency is effectively banned -- mining machines are confiscated, banks are not allowed to do any transaction with crypto exchanges. Effectively you cannot turn money into crypto or the other way via normal means in China. Of course some people still find ways, and pig butchering exists in China, but it is much harder via the crypto route.

I don't know if there will ever be a global crackdown, but I know it's definitely not going to happen in the US, because, well, freedom, and the man in charge is all-in in crypto.

But at least some governments in the world see clearly that crypto does more harm than good and take action accordingly -- surprisingly China in this case.

It may not be the best solution, but it is a solution.