Key Points from the #加密圆桌讨论 Encrypted Roundtable Discussion (Analysis of Impact on the Cryptocurrency Sector)

* **Accelerated Regulatory Coordination:** Major global economies (U.S. SEC actions, EU MiCA implementation, Asian policy exploration) are accelerating attempts at regulatory coordination, seeking a unified framework to combat regulatory arbitrage.

* **Short-term Market Pressure:** Policy uncertainty is leading to 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 traditional capital to enter on a larger and more compliant scale, pushing the industry from “wild growth” to transparency, institutionalization, and a focus on substantive applications (e.g., RWA). The key lies in balancing innovation and protection.