On June 11, 2023, the U.S. SEC's crypto working group announced it would hold four roundtable discussions focusing on topics such as exchange regulation, stablecoin compliance, and DeFi frameworks. This move marks a shift in regulatory thinking from 'enforcement-led' to 'dialogue governance,' aiming to provide clear rules for the industry. The first meeting was held on March 21, discussing the classification of tokens as securities, where SEC Commissioner Hester Peirce proposed a 'non-security' classification to reduce market uncertainty.

Industry giants like Coinbase and Uniswap participated in discussions, calling for technology-neutral regulation. Meanwhile, the Trump administration pushed for policy loosening, withdrawing some lawsuits and establishing a crypto protection zone. Analysts believe that clearer regulation may accelerate institutional entry, but caution is needed regarding policy volatility in the short term. The global crypto market is approaching a critical turning point.