Key insights from the recent crypto roundtable discussion on #加密圆桌讨论 :

1️⃣ Shift in SEC's stance: New chair Paul Atkins supports self-custody rights (referred to as 'American foundational values'), criticizes the previous administration's 'regulatory overreach', and dismisses multiple lawsuits (such as Coinbase, Ripple).

2️⃣ Controversy over regulatory framework: The focus is on whether to continue using traditional securities law (such as the Howey test) or to establish a new framework. A16z advocates for technology-neutral new regulations, while Democratic committee members warn against undermining investor protection.

3️⃣ Progress in technological regulation:

DART system: SEC and CFTC collaborate to develop a trading tracking system to monitor on-chain and off-chain transactions, raising privacy concerns.

New custody regulations: Require crypto custodians to isolate client assets, enforce insurance, and conduct third-party audits to mitigate bankruptcy risks.

4️⃣ NFT and DeFi become focal points: SEC hints at releasing regulatory guidelines for NFTs, while DeFi needs to balance compliance with innovation.

Additionally, mentions of institutions adopting accelerators (such as Bitcoin ETFs) and insufficient deployment of quantum-resistant encryption technology (only 37% of systems meet standards) are noted.