The encrypted roundtable discussion on #加密圆桌讨论 #加密圆桌讨论 revealed a paradigm shift for regulators from confrontation to cooperation, with tokenization technology becoming a bridge between traditional finance and the crypto 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 recognition will jointly promote the crypto market into a new stage of deep integration between 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.