#加密圆桌讨论 Regulatory Coordination Accelerates: ** Major global economies (US SEC actions, EU MiCA implementation, Asia policy exploration) are accelerating attempts at regulatory coordination, seeking a unified framework to combat regulatory arbitrage.

* ** Market Under Short-term Pressure: ** Policy uncertainty has intensified market volatility, and rising compliance costs may squeeze the survival space for small and medium-sized institutions, leading to suppressed investor risk appetite.

* ** Long-term Compliance Development: ** Clear rules will attract larger and more compliant traditional capital into the market, promoting the industry’s transition from 'barbaric growth' to transparency, institutionalization, and a focus on substantive applications (e.g., RWA). The key lies in balancing innovation and protection.