Key Points Analysis of the May 2025 SEC Crypto Roundtable

Regulatory Shift: From Confrontation to Dialogue

SEC Chairman Paul Atkins clearly expressed support for the integration of crypto assets and traditional finance, proposing a 'tailored' regulatory framework for on-chain securities, including optimizing the registration process (such as simplifying the S-1 form), relaxing custody restrictions (allowing self-custody and expanding the range of qualified custodians), and exploring conditional exemption mechanisms to encourage innovation. This move marks a shift from enforcement regulation to cooperative governance by the SEC, aiming to balance compliance with market vitality.

Technological Integration: Tokenization and Efficiency Enhancement

The meeting focused on asset tokenization technology, arguing that blockchain can reshape securities issuance and trading models, such as achieving automatic dividends through smart contracts and improving settlement efficiency (T+0). Supporters (such as Commissioner Hester Peirce) emphasized that tokenization can enhance liquidity and lower investment thresholds, but opponents (such as Commissioner Caroline Crenshaw) questioned the performance of public chains and suggested that T+0 may undermine retail investors' risk control capabilities.

Institutional Impact and Potential Risks

Traditional financial institutions (such as BlackRock and Fidelity) are accelerating their layout of tokenized assets, promoting the on-chain process of RWA (such as U.S. Treasuries and real estate). However, regulatory ambiguity still exists, such as the compliance boundaries of DeFi and cross-border jurisdiction issues, which may trigger short-term market volatility. The SEC warns of the need to remain vigilant regarding technological immaturity and systemic risks, advising investors to focus on clearly compliant sectors (such as custodial partners and RWA infrastructure).

Summary: This meeting injects favorable policies into the crypto market, but the practical implementation of technology and regulatory details still require time for verification, which may intensify the tug-of-war between bulls and bears in the short term.