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

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

2. **Institutional Divergence**: Traditional capital may pause entry, but remains optimistic about compliant sectors in the long term, such as Bitcoin ETFs and RWA.

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

4. **Increased Market Volatility**: Retail sentiment is easily influenced by policy swings, liquidity risks for altcoins are rising, and BTC may become the preferred choice for hedging.

5. **Global Game of Strategy**: Regulatory differences between China, the US, and Europe create arbitrage opportunities, with some projects relocating to friendly jurisdictions (such as the UAE and Singapore).

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