On May 12, 2025, the U.S. SEC held a cryptocurrency roundtable focusing on the integration of tokenization with traditional finance (TradFi) and decentralized finance (DeFi), with the following key points:

1. **Tokenization Potential**: SEC Chairman Paul S. Atkins emphasized that on-chain securities can enhance liquidity (such as fractionalizing low-liquidity assets), automate dividends and voting through smart contracts, and foster new types of market activities, analogous to the transformation of the music industry by digital audio.

2. **Regulatory Framework Adjustment**: The SEC will abandon the 'enforcement over regulation' model, shifting towards issuing clear guidelines for the issuance and trading of crypto assets, exploring registration exemptions and safe harbor policies, and simplifying compliance pathways.

3. **Custody and Trading Reforms**: The withdrawal of the SAB 121 restriction on banks holding crypto assets will promote 'qualified custodian' standards and self-custody solutions; brokers will be allowed to mix securities and non-securities transactions through alternative trading systems, supporting the 'super app' model.

4. **Inter-agency Collaboration**: Collaborating with the Trump administration and Congress to advance crypto-friendly policies, solidifying the U.S. position as a global crypto hub.

The meeting gathered institutions such as BlackRock, Fidelity, and Nasdaq, demonstrating traditional finance's significant attention to tokenization. #交易经验 #交易故事 #加密圆桌会议要点