The SEC's 2023 series of encrypted roundtable meetings has triggered a paradigm shift in the industry, with the following core trends and impacts:

Regulatory Framework Reconstruction

The SEC has shifted from "enforcement-driven" to "rules-first," proposing a dual-layer regulatory system: centralized tokens are subject to traditional securities laws and must disclose on-chain governance risks; decentralized protocols will adopt "behavioral regulation," focusing on anti-money laundering and market manipulation prevention. A "regulatory sandbox" has also been introduced, allowing DeFi protocols to test compliance solutions in a controlled environment, and simplifying securities token issuance standards, providing a temporary exemption mechanism for RWA (real-world asset tokenization).

Acceleration of Technological Integration

Tokenization technology has become a breakthrough for traditional finance on-chain. Institutions like BlackRock and Fidelity have already promoted the on-chain migration of assets such as real estate and government bonds, with BlackRock's tokenized private fund reaching $18.85 billion. Nasdaq plans to launch an on-chain trading platform by the end of the year, aiming to increase the liquidity of traditional assets by 30%. The combination of smart contracts and AI technology enables automated issuance, real-time settlement, and dynamic risk management, with transaction costs expected to decrease by 70%.

Market Impact and Challenges

Clear policies are accelerating institutional capital entry: Bitcoin ETFs have attracted $23 billion this year, and companies like MicroStrategy plan to increase their holdings of crypto assets by $33 billion. However, controversies remain, with the SEC's ambiguity in defining "securities" raising questions, and how DeFi protocols will fit into the regulatory sandbox still needs exploration, while NFT regulatory rules have yet to be clarified.

Global Competitive Landscape

The U.S. is attempting to strengthen cross-border regulatory cooperation through DART (Digital Asset Tracking System) and is negotiating a mutual recognition framework with the EU and Singapore to compete for discourse power in the tokenized era. Goldman Sachs predicts that by 2026, the crypto allocation ratio of sovereign funds will rise from 0.3% to 5%, with on-chain asset size potentially exceeding $50 trillion.