DeFi, at the crossroads of entering the institutional system… Will the outline of the year-end guidelines be revealed?

In June 2025, the U.S. Securities and Exchange Commission (SEC) held a roundtable on DeFi regulation in Washington D.C. Titled 'DeFi and the American Spirit', this meeting was the final stage of a series of policy dialogues conducted in the first half of the year, organized by the SEC's Crypto Task Force. At the meeting, SEC Chairman Paul Atkins stated, "We need to move away from past restrictive regulations and adopt a rule-based approach that prioritizes innovation" and that "it is time to build an on-chain regulation based on clear accountability and disclosure while respecting the technological potential of DeFi." He particularly emphasized American values and noted that digital assets are redefining asset ownership and transfer methods. Afterward, until the end of July, various opinions were exchanged within the SEC. Commissioner Hester Peirce supported the autonomy and innovation potential of decentralized technology, emphasizing that "we must respect approaches different from the existing financial system." In contrast, Commissioner Caroline Crenshaw argued for a more cautious regulatory approach, stating that "consumer protection is the top priority." Despite internal differences, the SEC is expected to draft official guidelines by the end of the year. Based on the SEC's discussions, new rules are anticipated for key areas such as Token issuance, custody, and on-chain exchange operations. The cryptocurrency industry views this roundtable as a turning point that will integrate DeFi into the institutional framework while determining the direction of the U.S. digital asset industry. Global cryptocurrency exchange BlockFin commented that "substantive discussions are ongoing for the coexistence of DeFi and TradFi" and that "if a transparent and predictable regulatory framework is established, it will serve as a positive signal for global user and capital inflows." They added that "platform credibility and investor protection are linked to regulatory acceptance" and that "if regulations are based on risk control rather than technology, it will greatly help long-term global expansion." BlockFin is a global premium exchange specializing in spot and perpetual futures trading, offering over 400 USDT-M futures pairs, an intuitive interface, and staking products, and has successfully integrated with Gopax and Upbit SG this month.