#加密圆桌会议要点

The U.S. Securities and Exchange Commission (SEC) held the latest round of cryptocurrency roundtables on May 12, 2025, marking a new phase in U.S. crypto regulation with clearer rules and predictable compliance. This meeting was led by new Chairman Paul Atkins and focused on three key areas: issuance, custody, and trading.

🔑 Key Points of the Meeting

1. Clear Regulatory Pillars

Issuance: The SEC plans to establish clear and reasonable guidelines for the issuance of crypto assets, particularly those considered securities or investment contracts.

Custody: The SEC is considering allowing registered broker-dealers to trade non-security digital assets, such as Bitcoin and Ethereum, through alternative trading systems (ATS) to promote broader market participation.

Trading: The SEC is exploring how to create rules applicable to crypto asset trading within the existing securities law framework to ensure fairness and transparency in the market.

2. Policy Shift and Market Impact

Policy Shift: Chairman Atkins emphasized that the SEC will shift from the past model of "enforcement first, guidance later" to a regulatory approach that establishes clear rules, providing greater legal certainty.

Market Impact: In the short term, the SEC's policy shift may attract more institutional funds into the crypto market, promoting the development of tokenized financial infrastructure.

3. Regulatory Outlook for Stablecoins and DeFi

Stablecoins: The SEC is pushing for the federalization of stablecoin regulation, and if the "GENIUS Act" is revived for negotiation, its reserve requirements and disclosure standards will directly impact the operational models of major stablecoins like USDT and USDC.

DeFi Platforms: The SEC plans to release registration details for DeFi platforms within the next 3-6 months to clarify their compliance pathways.

🧭 Future Outlook

This roundtable provided a critical path for the crypto industry to transition from "wild growth" to regulated development. However, the release of regulatory benefits still relies on legislative progress and deep integration with technological compliance. Industry participants need to closely monitor the related guidance and rules released by the SEC in the future to ensure their business compliance and competitiveness.