The encrypted roundtable discussion on #加密圆桌讨论 reveals a paradigm shift among regulators from confrontation to cooperation, with tokenization technology becoming a bridge between traditional finance and the cryptocurrency ecosystem. In the next three years, the improvement of compliance frameworks, the increase in institutional allocation ratios (with pension funds expected to allocate 5% to crypto assets), and cross-border regulatory mutual recognition will together promote the cryptocurrency market into a new stage of 'deep integration of on-chain assets and traditional finance.' However, achieving a dynamic balance between technological innovation and investor protection remains a long-term challenge faced by global regulators.