The SEC is starting to re-examine Defi, rather than enforcing it in a tough way by applying traditional finance: -Uniswap wins lawsuit -Robinhood case settlement -Settlement with Coinbase -Terminate Gemini investigation What did it explain? Regulatory agencies are beginning to realize that decentralized mechanisms require specialized regulatory frameworks, Instead of simply applying traditional financial rules, regulatory agencies have recognized the need for retail investors to enter the digital asset market and regard it as an important bridge connecting traditional finance and emerging financial systems. The withdrawal of the lawsuit against Coinbase reflects the SEC's recognition that CEX cannot be classified as a traditional securities market, but rather as a centralized infrastructure in the cryptocurrency field. What does it mean? Defi, the head of encryption, may be the first to be accepted by regulatory agencies and demonstrate the advantages of decentralization by solving its own internal problems, thus better adapting to future regulatory frameworks. This means that 2025 will be a turning point for Defi from complete chaos to mainstream adoption, which will endow the chain with richer traditional assets and more users. At the same time, the SEC has also withdrawn its lawsuit against Consensys, declaring that Metamask has no securities violations, which indirectly confirms the new government's attitude towards promoting the Defi regulatory framework and adoption. In terms of Defi, Uniswap has started offering native fiat currency exports, allowing users to convert cryptocurrencies in Uniswap wallets into fiat currency and deposit it into their bank accounts. This is also related to the shift in regulatory attitudes towards Defi, where excellent Defi projects will be recognized. Sam Liccardo's MEME bill, which prohibits the issuance of political currencies like TRUMP, also reflects regulatory intervention and correction of Defi's development.