Traditional financial institutions have been caught somewhat off guard by the rapid development of cryptocurrencies. Cryptocurrencies are eroding the market share of traditional financial institutions; they possess all the advantages of traditional finance, but also have advantages that traditional financial institutions lack. Ultimately, cryptocurrencies will completely replace traditional finance, which would be a devastating blow to traditional financial institutions. But this is inevitable; it's the process of human progress. Just as the advent of the automobile over 100 years ago completely destroyed the horse-drawn carriage market, it's irreversible. So-called regulation is precisely aimed at curbing the development of cryptocurrencies.