The roundtable meeting on #加密圆桌会议要点 marks a new stage in the clarification of rules and predictable compliance in U.S. crypto regulation. In the short term, the SEC's policy shift may attract more institutional funds into the crypto market (as giants like BlackRock accelerate their layout of ETFs and staking products) and promote the construction of tokenized financial infrastructure. In the long term, the clarification of the regulatory framework will facilitate the coordination of global crypto governance (such as the mutual recognition of MiCA and SEC rules), but issues such as the legislative deadlock on stablecoins and unclear compliance pathways for DeFi still need to be further addressed.

Industry participants should pay close attention to the following trends:

① SEC rule-making timeline: Within the next 3-6 months, the SEC may issue guidelines for the issuance of security tokens, custodial security standards, and registration rules for DeFi platforms.

② The federalization process of stablecoin regulation: If the GENIUS Act negotiations are restarted, its reserve requirements and information disclosure standards will directly impact the operational models of leading stablecoins like USDT and USDC.