#美SEC加密圆桌会议

1. The conference theme focuses on the definition of securities attributes

The theme of the first roundtable meeting is “How We Got Here and How We Move Forward: Defining the State of Security.” This indicates that the SEC is attempting to clarify the key criteria for whether crypto assets are considered securities, which may involve discussions on the applicability of existing laws (such as the Securities Act of 1933). This is a core issue for the crypto industry as it directly affects token issuance, trading, and compliance requirements.

2. Regulatory approach shifts to open dialogue

This SEC meeting adopted an open format and was broadcast live on SEC.gov, demonstrating a shift from past “enforcement-style regulation” to a more open, two-way communication. SEC Commissioner Hester M. Peirce emphasized the desire to leverage public expertise to develop a “feasible regulatory framework,” which may signal that future policies will be more inclusive and transparent.

3. Involvement of a wide range of crypto asset types

The meeting may discuss mainstream cryptocurrencies like Bitcoin and Ethereum, as well as the regulatory classification of NFTs (non-fungible tokens) and various types of tokens. In discussions on X, some mentioned that Peirce may support NFTs for financing, suggesting that the SEC might be considering differentiated regulatory strategies for different types of crypto assets.

4. Potential impact on ETF approval process

It is widely speculated that this meeting may be related to the approval process of cryptocurrency ETFs (exchange-traded funds). If the meeting sends positive signals (such as Bitcoin not being classified as a security), it could accelerate ETF-related decisions and inject positive sentiment into the market.

5. The game between industry and regulation

The meeting is not only a technical discussion but also a game of rules between the industry and regulatory bodies. Participants include crypto supporters and critics (such as representatives from Better Markets), highlighting the SEC's search for consensus between investor protection and industry innovation. This could lead to a clearer compliance pathway for the Web3 ecosystem.