#加密圆桌会议要点 marks the entry of U.S. cryptocurrency regulation into a new phase of clarity and predictable compliance. 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 clarification of the regulatory framework will facilitate the coordination of global cryptocurrency governance (such as the mutual recognition of MiCA and SEC rules), but issues like the stalemate in stablecoin legislation and unclear compliance pathways for DeFi still need to be addressed.

Industry participants should pay close attention to the following trends:

① SEC rulemaking timeline: In the next 3-6 months, the SEC may release guidelines for the issuance of security tokens, custodial safety standards, and registration rules for DeFi platforms.