In April - June 2023, the U.S. Securities and Exchange Commission (SEC) held a crypto roundtable discussion, covering core topics such as crypto trading, asset custody, the integration of asset tokenization with traditional finance, and decentralized finance. The SEC abandoned the 'enforcement regulation' model to construct a new regulatory framework, clarifying issuance rules, expanding custody autonomy, and opening up the trading ecosystem, aiming to balance innovation and regulation.