The encrypted roundtable discussion on #加密圆桌讨论 revealed a paradigm shift from confrontation to cooperation among regulators, with tokenization technology becoming a bridge between traditional finance and the crypto ecosystem. In the next three years, the improvement of compliance frameworks, the increase in institutional allocation ratios (with an expected 5% allocation of crypto assets by pension funds), and cross-border regulatory mutual recognition will collectively drive the crypto market into a new stage of 'deep integration of on-chain assets and traditional finance.' However, achieving a dynamic balance between technological innovation and investor protection remains a long-term challenge for global regulators.