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). The key points are as follows:

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

2. **Regulatory Framework Adjustment**: The SEC will abandon the model of 'enforcement as regulation' and shift towards issuing clear guidelines for cryptocurrency asset issuance and trading, exploring registration exemptions and safe harbor policies, while simplifying compliance pathways.

3. **Custody and Trading Reform**: The withdrawal of the SAB 121 restriction on banks holding cryptocurrency assets, promoting 'qualified custodian' standards and self-custody solutions; allowing brokers to process both securities and non-securities transactions through alternative trading systems, supporting the 'super app' model.

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

The meeting brought together institutions like BlackRock, Fidelity, and Nasdaq, indicating traditional finance's high level of interest in tokenization. #交易经验 #交易故事 #加密圆桌会议要点