#加密圆桌会议要点

In April to June 2025, the U.S. Securities and Exchange Commission (SEC) held four roundtable discussions on cryptocurrency regulation. The meetings marked the SEC's shift from an enforcement-led model to a collaborative regulatory framework.

The SEC Acting Chair clearly stated the intention to abandon the 'enforcement regulation' model and to construct a regulatory framework suitable for the characteristics of crypto assets, clarifying whether crypto assets are securities in issuance rules, adjusting registration exemptions, etc.; expanding custodial autonomy, supporting new custodial solutions; opening up the trading ecosystem, and supporting products like spot ETFs.

Each meeting focused on different topics such as cryptocurrency trading regulation, custodial institution issues, asset tokenization and integration with traditional finance, and DeFi regulation. Concepts such as layered regulation, clear technical standards, on-chain securities issuance standards, and regulatory sandboxes were proposed. This series of initiatives will accelerate the inflow of institutional capital, promote the tokenization of real assets, and reshape the global regulatory landscape, but there are also controversies regarding the ambiguous definition of 'securities' in the implementation of these rules.