The policy shift of SEC #加密圆桌会议要点 may attract more institutional funds into the cryptocurrency market (such as giants like BlackRock accelerating their layout in 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 paths for DeFi still need to be addressed further. Industry participants should focus on the following trends: ① SEC rule-making timeline: Within the next 3-6 months, the SEC may issue guidelines for securities token offerings, custody security standards, and registration details 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 operating models of major stablecoins like USDT and USDC.