The core of the 2025 Crypto Roundtable Discussion revolves around the restructuring of regulatory frameworks and tokenization technology, with the main trends as follows:

1. Regulatory Shift: The U.S. SEC is shifting from 'enforcement-driven' to 'rules-based', proposing a layered regulatory system, applying securities law to centralized tokens, implementing behavioral regulation for DeFi, and launching a 'regulatory sandbox' to test compliance solutions.

2. Wave of Tokenization: Traditional financial giants like BlackRock and Fidelity are accelerating asset on-chain, with significant growth in the tokenization scale of real-world assets (RWA) such as real estate and government bonds, and Nasdaq plans to launch an on-chain trading platform.

3. Controversies and Challenges: The ambiguity of the SEC's definition of 'securities' raises questions, the feasibility of DeFi compliance is in doubt, and the balance between privacy and transparency has become a focal point (e.g., DART tracking system).

4. Global Impact: U.S. policy adjustments are prompting regulatory coordination in regions such as the EU and Singapore, institutional capital is accelerating entry, and Bitcoin ETFs and compliant DeFi products are gaining favor.

These discussions mark a critical turning point for the crypto industry from wild growth to compliance.