The roundtable meeting of #加密圆桌会议要点 marks a new stage in the clarification of rules and predictable compliance in U.S. cryptocurrency regulation. In the short term, the SEC's policy shift may attract more institutional funds into the cryptocurrency market (such as giants like BlackRock accelerating their layout of ETFs and staking products), and promote the construction of tokenized financial infrastructure. In the long term, the clarity of the regulatory framework will facilitate the coordination of global cryptocurrency governance (such as the mutual recognition of MiCA and SEC rules), but issues such as the legislative deadlock on stablecoins and unclear compliance paths for DeFi still need to be further addressed.