The roundtable meeting on May 12, #加密圆桌会议要点 5 marked a shift in the SEC's regulatory attitude towards the crypto industry from 'suppression' to 'guidance', with tokenization technology becoming the core tool for the integration of traditional finance and blockchain. However, technological maturity, privacy protection, and cross-border coordination remain long-term challenges. In the future, attention should be paid to the progress of congressional legislation (such as the stablecoin bill) and the actual synergistic effects of SEC rule implementation.