On May 12, 2025, the U.S. SEC held a cryptocurrency roundtable focusing on tokenization and regulatory frameworks, with the impact on the crypto market summarized in the following four aspects:

1. **Clarification of Regulations Boosts Market Confidence**

SEC Chairman Paul Atkins clearly stated that the agency will abandon the "enforcement-first" regulatory model and shift towards establishing clear rules for the issuance, custody, and trading of crypto assets, while exploring registration exemptions and safe harbor policies to provide practical guidance for compliant projects. This move is expected to alleviate the long-standing regulatory uncertainty faced by the industry and attract more institutional capital.

2. **Tokenization Accelerates Integration with Traditional Finance**

The conference focused on the potential of on-chain securities to reshape capital markets, such as achieving automated dividends through smart contracts and enhancing the liquidity of low-liquidity assets (like real estate). The deep involvement of institutions like BlackRock and Fidelity indicates that traditional finance will accelerate its layout of tokenized assets, driving an explosion in the RWA (real-world assets) sector.

3. **Relaxation of Custody and Trading Restrictions**

The SEC announced the repeal of SAB 121, which restricted institutional custody of crypto assets, and plans to reform the "special purpose broker" framework to allow more compliant custody solutions and the development of "super app" trading platforms. This will lower the barriers for institutional participation and promote innovative mixed trading of securities and non-securities assets.

4. **Short-term Volatility and Long-term Structural Opportunities**

Although favorable policies drove Bitcoin to rise over 3% on the day, technical indicators show that some investors took profits. In the long run, the improvement of the U.S. regulatory framework may reshape the global crypto landscape, promoting the repatriation of compliant projects to the domestic market, while remaining cautious of the phased volatility brought by the pace of policy implementation.

In summary, the meeting marks a shift in U.S. crypto regulation from confrontation to collaboration, with tokenization and institutionalization becoming the core drivers of market growth in the next phase.