#加密圆桌会议要点 Below are the key points from the U.S. SEC cryptocurrency roundtable on May 12, 2025, focusing on tokenization and new regulatory directions:

### **1. Potential and Advantages of Tokenization**

- **Increased Liquidity**: Tokenization can break down low liquidity assets like real estate and private equity, attracting more investors.

- **Automation of Smart Contracts**: Such as automatic dividends and voting, reducing intermediary costs.

- **New Market Activities**: Blockchain technology may give rise to innovative securities applications not covered by existing SEC rules.

### **2. New SEC Regulatory Framework**

- **Farewell to “Enforcement Regulation”**: SEC Chairman Paul Atkins criticized former Chairman Gensler's “enforcement first, inquiry later” model, promising to provide clear guidance through rulemaking and exemption policies.

- **Issuance Reform**: Adjusting traditional securities registration forms (like S-1), simplifying crypto asset disclosure requirements, and exploring safe harbor policies.

- **Custody Relaxation**: Abolishing SAB 121, which hinders banks from custodizing crypto assets, and researching self-custody solutions and qualified custodian standards.

- **Trading Innovations**: Allowing brokers to offer “paired trading” of securities and non-securities (like cryptocurrencies), supporting a “super app” model.

### **3. Participation of Institutions and Traditional Finance**

- **Institutions like BlackRock, Fidelity, and Nasdaq** attended, indicating a growing interest in tokenization on Wall Street.

- **On-chain Securities Trend**: Drawing a parallel to the transformation of the music industry from vinyl to digital, tokenizing securities may reshape issuance and trading methods.

### **4. Policy and Market Impact**

- **Collaboration with the Trump Administration**: Atkins emphasized working with the government to position the U.S. as the “global crypto capital,” promoting regulatory friendliness.

- **Market Reaction**: After the meeting, Bitcoin briefly rose by 3%, and crypto-related stocks (like Coinbase) followed suit, reflecting market optimism towards regulatory clarity.

### **5. Future Directions**

- **Acceleration of Real Asset Tokenization**: For instance, BlackRock may lead innovations like on-chain U.S. stocks.

- **Institutional Capital Inflow**: Regulatory easing could drive more crypto ETFs and the integration of blockchain technology into traditional financial products.

This meeting marks a shift for the SEC from strict enforcement to framework building, which may profoundly influence the integration process between the crypto market and traditional finance.