紐約之爭：DeFi、Citadel 和代幣規則的未來點燃

華爾街巨頭 Citadel 和 DeFi 倡導者之間就代幣化股票監管引發了激烈爭論，塑造了華盛頓數字金融的未來。

New York, NY – A spirited debate has erupted in the digital finance world, pitting Wall Street titan Citadel Securities against a formidable coalition of decentralized finance (DeFi) organizations. At the heart of the matter? The future of tokenized stock trading and the regulatory framework that will govern it, a conversation that’s quickly becoming a main event in Washington’s policy circles.

紐約——數字金融界爆發了一場激烈的辯論，華爾街巨頭 Citadel 證券與強大的去中心化金融 (DeFi) 組織聯盟展開對立。問題的核心是什麼？代幣化股票交易的未來以及管理它的監管框架，這一話題很快成為華盛頓政策圈的一個主要事件。

Citadel Calls for Tighter Reins

城堡呼籲加強控制

The skirmish began in earnest after Citadel Securities, a major player in traditional markets, sent a 13-page letter to the U.S. Securities and Exchange Commission (SEC). Their core argument: DeFi protocols handling tokenized securities should be subjected to stricter regulatory oversight, much like their traditional financial counterparts. Citadel contends that many DeFi platforms function akin to exchanges or brokerages, and without proper registration and regulation, investor protections could be compromised, and an uneven playing field created.

傳統市場主要參與者 Citadel 證券向美國證券交易委員會 (SEC) 發送了一封長達 13 頁的信件後，這場小衝突正式開始。他們的核心論點是：處理代幣化證券的 DeFi 協議應該受到更嚴格的監管，就像傳統的金融協議一樣。 Citadel 認為，許多 DeFi 平台的功能類似於交易所或經紀商，如果沒有適當的註冊和監管，投資者保護可能會受到損害，並造成不公平的競爭環境。

A spokesperson for Citadel reiterated their stance, stating, “Citadel Securities strongly supports tokenization and other innovations… but this does not require sacrificing the rigorous investor protections that have made U.S. equity markets the global gold standard.” In essence, they're advocating for innovation within established guardrails.

Citadel 的發言人重申了他們的立場，表示：“Citadel 證券強烈支持代幣化和其他創新……但這並不需要犧牲嚴格的投資者保護，正是這些保護使美國股市成為全球黃金標準。”從本質上講，他們提倡在既定的框架內進行創新。

DeFi Fights Back, Crying Foul

DeFi 反擊，喊冤

However, the DeFi community wasn't about to take this lying down. A joint letter, signed by heavyweights like the DeFi Education Fund, Andreessen Horowitz (a16z), The Digital Chamber, and the Uniswap Foundation, swiftly landed on the SEC’s desk. Their message was unequivocal: Citadel’s arguments are “baseless” and demonstrate a fundamental misunderstanding of how decentralized systems operate.

然而，DeFi 社區並不打算就此罷手。一封由 DeFi 教育基金、Andreessen Horowitz (a16z)、The Digital Chamber 和 Uniswap 基金會等重量級人物簽署的聯名信迅速送到了 SEC 的辦公桌上。他們的信息是明確的：Citadel 的論點是“毫無根據的”，並且表明了對去中心化系統如何運作的根本誤解。

DeFi advocates argue that their platforms are not traditional intermediaries. Instead, they rely on peer-to-peer networks, automated protocols, and smart contracts, where users maintain direct control over their assets. Applying conventional securities laws to these decentralized structures, they warn, would be akin to fitting a square peg into a round hole, potentially stifling innovation and unfairly targeting software developers who never handle customer funds.

DeFi 倡導者認為，他們的平台不是傳統的中介機構。相反，它們依賴於點對點網絡、自動化協議和智能合約，用戶可以直接控制自己的資產。他們警告說，將傳統的證券法應用於這些分散的結構，就像將方釘插入圓孔，可能會扼殺創新，並且不公平地針對從不處理客戶資金的軟件開發人員。

Jennifer Rosenthal, a spokeswoman for the DeFi Education Fund, didn't mince words, suggesting a pragmatic motive behind Citadel's push: “It is convenient for Citadel to question the existence of a technology that threatens its business and significant market share.” This sentiment was echoed by crypto analyst Walter Peppenberg, who posited that Citadel's actions might be more about protecting its own market-making turf than genuine investor protection, especially as DeFi aims to remove the very middlemen that generate billions for firms like Citadel.

DeFi 教育基金發言人 Jennifer Rosenthal 毫不拐彎抹角，暗示了 Citadel 推動背後的務實動機：“Citadel 質疑一項威脅其業務和重要市場份額的技術的存在是很方便的。”這種觀點得到了加密貨幣分析師 Walter Peppenberg 的回應，他認為 Citadel 的行為可能更多的是為了保護自己的做市地盤，而不是真正的投資者保護，特別是因為 DeFi 的目標是消除為 Citadel 這樣的公司創造數十億美元的中間商。

Uncle Sam’s Balancing Act

山姆大叔的平衡法

This heated exchange plays out against a backdrop of evolving regulatory thought within the SEC. Chairman Paul S. Atkins has been vocal about Project Crypto, an initiative aimed at creating clearer structural guidance for digital assets. Atkins has stated his belief that “most crypto tokens trading today are not themselves securities” and that the agency is working towards rules that differentiate non-security tokens from tokenized securities, while also facilitating capital formation and innovation.

這場激烈的交鋒是在美國證券交易委員會內部不斷變化的監管思想的背景下進行的。董事長保羅·S·阿特金斯 (Paul S. Atkins) 一直對加密項目表示讚賞，該項目旨在為數字資產創建更清晰的結構性指導。阿特金斯表示，他相信“當今交易的大多數加密代幣本身並不是證券”，該機構正在努力製定規則，將非證券代幣與代幣化證券區分開來，同時促進資本形成和創新。

Adding another layer of intrigue, there appears to be growing political support for the DeFi ecosystem. White House crypto adviser Patrick Witt recently posted on social media, signaling his office’s support for the “need to protect software developers and DeFi.” This suggests a more nuanced, potentially crypto-friendly approach emerging from Washington.

更有趣的是，對 DeFi 生態系統的政治支持似乎越來越多。白宮加密貨幣顧問 Patrick Witt 最近在社交媒體上發帖，表示他的辦公室支持“保護軟件開發人員和 DeFi 的需要”。這表明華盛頓正在採取一種更加細緻、可能對加密貨幣友好的方法。

What’s Next for Digital Dollars?

數字美元的下一步是什麼？

As the debate rages on, one thing is clear: the future of tokenized assets and DeFi’s role in the broader financial landscape hangs in the balance. Will traditional regulatory frameworks adapt to the unique architecture of decentralized systems, or will a new, bespoke set of rules emerge? Market participants are keenly watching, hoping for clarity that can foster both innovation and investor confidence. For now, it seems the Big Apple’s digital finance scene is anything but dull, as the lines between old and new money continue to blur, making for quite the show.

隨著爭論的激烈進行，有一點是明確的：代幣化資產的未來和 DeFi 在更廣泛的金融格局中的作用懸而未決。傳統的監管框架會適應去中心化系統的獨特架構，還是會出現一套新的定制規則？市場參與者正在密切關注，希望情況明朗，從而促進創新和投資者信心。就目前而言，紐約的數字金融場景似乎一點也不乏味，因為新舊貨幣之間的界限繼續模糊，非常引人注目。