#加密圆桌讨论 【Cryptocurrency Roundtable Discussion: Analysis of Subsequent Impacts】

1. **Regulatory Tightening**: Many countries may accelerate legislation to clarify the classification of cryptocurrency assets, leading to increased compliance costs for exchanges and short-term market pressure.

2. **Institutional Differentiation**: Traditional capital may delay entry, but remains optimistic about compliant tracks in the long term, such as Bitcoin ETFs and RWA (Real-World Assets).

3. **Acceleration of Technological Iteration**: The demand for privacy coins and Layer 2 solutions is becoming more prominent, with developers shifting towards censorship-resistant and high-performance protocols.

4. **Increased Market Volatility**: Retail investor sentiment is easily influenced by policy fluctuations, liquidity risks for altcoins are rising, and BTC may become the preferred safe haven.

5. **Global Competition**: Regulatory differences between China, the U.S., and Europe create arbitrage opportunities, prompting some projects to relocate to friendly jurisdictions (such as the UAE and Singapore).

Conclusion: Industry growing pains are inevitable, but the trend towards decentralization is irreversible, and compliance and technological breakthroughs are key variables.