$ETH 【Cryptocurrency Roundtable Discussion: Subsequent Impact Analysis】

1. **Tighter Regulations**: Many countries may accelerate legislation, clarify the classification of cryptocurrency assets, compliance costs for exchanges will rise, putting pressure on the market in the short term.

2. **Divergence in Institutional Participation**: Traditional capital may delay entry, but still has a positive outlook on compliant sectors in the long term, such as Bitcoin ETFs, RWA, etc.

3. **Accelerated Technological Iteration**: The demand for privacy coins and Layer 2 solutions is highlighted, and developers are turning to censorship-resistant, high-performance protocols.

4. **Increased Market Volatility**: Retail sentiment is easily influenced by policy fluctuations, the liquidity risk of altcoins rises, and BTC may become the preferred safe haven.

5. **Global Competition**: Regulatory differences between China, the U.S., and Europe create arbitrage opportunities, leading 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.