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A man walks past a mall in Beijing. Photo: Wang Zhao/AFP via Getty Images

Regulators in China are tightening their grip on industries at a dizzying pace — ratcheting up pressure that’s spared few sectors.

Driving the news: The country’s most powerful regulators banded together for the first time to outlaw all cryptocurrency activity on Friday, Reuters reports — intensifying its years-long war.

One reason for the move: To stamp out competition to its own digital currency before a potential rollout next year, Nikkei Asia reports.

  • Think of it like "Beijing bulldozing an apartment building so they can build a new superhighway," the Atlantic Council's Josh Lipsky tells Axios.

It’s not just crypto: Among others in China’s regulatory crosshairs recently…

  • Education: In July, officials banned companies that teach school subjects from making profits, going public or raising money.
  • Gaming: Earlier this month, new rules vastly curbed the amount of time minors can game.
  • Casinos: Last week kicked off an unexpected review of industry supervision in Macao, the world’s biggest gambling hub.

The bottom line: "No one really knows how far Beijing is willing to go to put the state back in the center of China's economic future," says Jordan Schneider, a senior analyst at Rhodium Group.

Go deeper

The China whisperer

Nick Burns. Photo: Chen Mengtong/China News Service via Getty Images

President Biden's nominee for ambassador to China will face aggressive questioning Wednesday about the most important, and potentially perilous, bilateral relationship in the world.

Why it matters: While Nick Burns is an experienced diplomat with support on both sides of the aisle, lawmakers want to use his confirmation hearing to force the administration into some tough positions on China.

Updated 2 hours ago - Science

Nor'easter slams East Coast with flooding rain and powerful winds

A residential area in Middlesex County as floodwater from the nor'easter covers streets in New Jersey on Tuesday. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

A monster storm was slamming the Northeast with record rainfall and powerful winds over Tuesday night — causing flash flooding that resulted in people having to be rescued in New Jersey and New York roads to close.

Threat level: All of southern New England westward to New York City and northern New Jersey was under the threat of flash flooding and coastal flooding from the nor'easter through Tuesday night into early Wednesday, per the National Weather Service.

3 hours ago - World

Blinken speaks with Sudan prime minister after his release

Sudan's Prime Minister Abdallah Hamdok. Photo: Ebrahim Hamid/AFP via Getty Images

Secretary of State Tony Blinken spoke on the phone on Tuesday evening with Sudan’s Prime Minister Abdalla Hamdok after the military released him from custody.

Why it matters: Hamdok’s release was a result of pressure on Sudan’s military leader General Abdul Fattah al-Burhan from the U.S. and other countries but also from the different political parties in Sudan and massive protests in the streets.