#加密货币监管发展 The SEC's recent tokenization regulatory meeting is highly noteworthy. From the composition of the attendees, there are clear differences between traditional finance and crypto enterprises. Especially, Citadel Securities' proposal to strengthen DeFi regulation has sparked a strong backlash from the crypto industry. This reflects ongoing uncertainty in regulatory directions. I believe that in the future, differentiated regulatory paths are likely to emerge rather than a one-size-fits-all approach. Moving forward, close attention should be paid to the specific policy developments of the SEC, especially their stance on the DeFi sector. At the same time, the entry of traditional financial giants into the crypto market should also be monitored, as their attitudes could influence regulatory trends. Overall, tokenization regulation remains in the exploratory stage, and it is difficult to reach a definitive conclusion in the short term.