#加密圆桌讨论

# Key Points of the Crypto Roundtable Discussion (Analysis of Impact on the Crypto Industry)

* **Accelerated Regulatory Coordination:** Major global economies (US SEC actions, EU MiCA coming into effect, Asia policy exploration) are accelerating attempts at regulatory coordination, seeking a unified framework to combat regulatory arbitrage.

* **Short-term Market Pressure:** Policy uncertainty is causing increased market volatility, and rising compliance costs may squeeze the survival space for small and medium-sized institutions, suppressing investor risk appetite.

* **Long-term Compliance Development:** Clear rules will attract larger and more compliant traditional capital to enter the market, driving the industry from "barbaric growth" towards transparency, institutionalization, and a focus on substantive applications (such as RWA). The key lies in balancing innovation and protection.