#加密圆桌会议要点

- SEC Regulatory Direction Shift: SEC Chairman Gary Gensler stated that the SEC will abandon the previous practice of making policy through temporary enforcement actions and instead adopt a more systematic regulatory framework. They are considering three key reforms, including clarifying the identification criteria for security tokens, updating custody rules to allow self-custody under specific conditions, and establishing a conditional exemption mechanism for new products.

- Impact of Blockchain Technology: Securities are migrating from traditional databases to blockchain ledger systems, similar to how digital audio disrupted the music industry. On-chain securities have the potential to reshape various aspects of the securities market, including issuance, trading, holding, and usage. For instance, dividends can be automatically distributed through smart contracts, and financing opportunities can be increased, turning illiquid assets into liquid investment opportunities.