On February 24, 2022, the Supreme People's Court ("SPC") issued its Decision on Revising the Interpretations of the Supreme People’s Court on the Specific Application of Law in the Trial of Criminal Cases involving Illegal Fundraising (Fa Shi [2022] No. 5, the "New Rules"). The addition of "virtual currency trading" related content in the New Rules has aroused waves of guesswork, inundating the market with eye-grabbing headlines such as "crypto trading defined as illegal fundraising" and "virtual currency traders to be sentenced to fixed-term imprisonment". Why do the New Rules touch on virtual currency? Will it substantially affect the risk of virtual currency practices? This commentary seeks to answer these questions.