Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?
China is very smart. They play a big game with world and saved money of their citizens. China banning News outcomed when Btc price was above 50k and at one time it was looking that Btc will hit 100k this time. All theirs citizens sold their btc above 50k and other world was dumped to 40k-30k-20k and finally 15k. China knows that they cannot make fully banned on btc but they saved their fund.
USA presented many bills to regulate or ban on crypto but they not win over Btc yet and it's looking impossible and you are saying right thay its looking complete joke when any ban news outcome.
This does raise the question as to whether this was the intention or not. In light of FTX recently finding majority of the apparently lost capital, it has been made clear that the FTX debacle was more market manipulation than it was true bankruptcy. Did Chinese officials know what was coming and truly protected their citizens? Did CZ know and inform his allies? CZ was close with SBF at some stages, so the latter is definitely not unlikely. The other side of the coin is that a parabolic rally was on the horizon
if FTX were not to have collapsed and China did not want their citizens to be involved in it. I think that is a lot more unlikely given the circumstances however.