This roundtable meeting marks a new stage in the clarification of rules and predictable compliance for crypto regulation in the United States. In the short term, the SEC's policy shift may attract more institutional funds into the crypto market (such as giants like BlackRock accelerating their layout of ETFs and staking products) and promote the construction of tokenized financial infrastructure. In the long term, the clarity 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 further resolution.

Industry participants should focus on the following trends:

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

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

③ Results of token property re-evaluation: The SEC's classification of mainstream public chain assets (such as whether XRP and SOL are excluded from being classified as securities) will determine their market liquidity and compliance costs.

In summary, this roundtable meeting provides a key path for the crypto industry to transition from 'barbaric growth' to regulated development, but the release of regulatory dividends still relies on legislative progress and a deep integration of technological compliance.