區塊鏈協會敦促SEC停止將股票市場結構應用於加密貨幣行業

區塊鏈協會敦促美國證券交易委員會（SEC）停止將股票市場結構應用於加密貨幣行業。

The Blockchain Association has urged the U.S. Securities and Exchange Commission (SEC) to stop applying equity market structures to the crypto industry.

區塊鏈協會敦促美國證券交易委員會（SEC）停止將股票市場結構應用於加密貨幣行業。

In a formal response to SEC Commissioner Hester Peirce’s request for input on crypto trading practices, the association argued that current approaches are not suitable for the unique features of blockchain technology. The association’s letter, submitted on May 2, 2025, focuses primarily on topics related to trading, clearing, settlement, and custody in the digital asset space. The group represents a range of crypto firms, including Coinbase (NASDAQ:COIN), Ripple and Uniswap Labs.

在對SEC專員Hester Peirce對加密貨幣交易實踐的要求的正式回應中，該協會認為，當前的方法不適合區塊鏈技術的獨特功能。該協會的信件於2025年5月2日提交，主要關注與數字資產領域的交易，清算，和解和監護相關的主題。該小組代表一系列加密公司，包括Coinbase（NASDAQ：COIN），Ripple和Uniswap Labs。

According to a recent thread on X, the Blockchain Association is calling on the SEC to adopt a more flexible and evolving regulatory approach for crypto assets. The existing structure was designed for the traditional equity markets, it says, and it doesn’t factor the decentralized and real time nature of blockchain based systems.

根據X上的最新線程，區塊鏈協會呼籲SEC採用更靈活，不斷發展的監管方法來進行加密資產。它說，現有的結構是為傳統股票市場設計的，它並沒有考慮基於區塊鏈系統的分散和實時性質。

“The Association urged the Commission to refrain from adopting rules, policies, or guidance that would limit who can use blockchain technology or what the technology can be used for.”

“該協會敦促委員會避免採用規則，政策或指導，以限制誰可以使用區塊鏈技術或可以使用技術的方法。”

The association, whose members include Circle, Coinbase, FTX.US, Huobi, and Uniswap Labs, is advising the SEC to consider the role of blockchain technology in an overarching economic and technological context. They also said that blockchain facilitates innovations like real time settlement, disintermediation and lower transaction costs.

該協會的成員包括Circle，Coinbase，FTX.US，Huobi和Uniswap Labs，建議SEC考慮區塊鏈技術在總體經濟和技術環境中的作用。他們還說，區塊鏈有助於創新，例如實時和解，分解和降低交易成本。

Their letter suggests modernizing best execution standards by placing emphasis on the duty of reasonable diligence and increases in transparency. They instead advocate enhanced disclosure instead of imposing strict rules ordering protection as is the case in equities.

他們的信表明，通過重點關注合理勤奮和透明度提高的義務，使最佳執行標準現代化。相反，他們主張增強的披露，而不是像股票那樣強加嚴格的規則訂購保護。

The Blockchain Association also highlighted the importance of blockchain's open and verifiable data structure for enabling real-time monitoring by regulators. They suggest utilizing exchange APIs and publicly available data rather than collecting sensitive personal information from individuals.

區塊鏈協會還強調了區塊鏈開放和可驗證的數據結構的重要性，以實現調節器的實時監視。他們建議利用Exchange API和公開可用的數據，而不是從個人那裡收集敏感的個人信息。

However, the association acknowledged a "privacy risk" in their submission, referencing a June 2024 article by policy executive Marisa Tashman Coppel. They noted that collecting excessive personal data could backfire, potentially increasing its misuse against users.

但是，該協會在其提交中承認“隱私風險”，並提到了政策高管Marisa Tashman Coppel的一篇文章。他們指出，收集過多的個人數據可能適得其反，可能會增加對用戶的濫用。

"The Commission should not assume that it needs to collect large amounts of personal data to achieve its regulatory objectives," part of the letter read.

信函中的一部分寫道：“委員會不應假設它需要收集大量個人數據以實現其監管目標。”

In addition, the Blockchain Association further explained that blockchain's transparency permits regulators to track activity in real-time without intruding on user privacy. The association believes this offers a better path for regulatory compliance compared to traditional recordkeeping methods.

此外，區塊鏈協會進一步解釋說，區塊鏈的透明度允許監管機構實時跟踪活動，而不會侵犯用戶隱私。該協會認為，與傳統的記錄保存方法相比，這為監管合規性提供了更好的途徑。

In their submission, the Blockchain Association criticized past SEC leadership for attempting to fit crypto markets into equity-based models. Under former SEC Chair Gary Gensler, the agency often treated most digital assets as securities and pursued strong enforcement actions against several major firms.

區塊鏈協會在提交中，批評過去的SEC領導力試圖將加密貨幣市場適合基於股票的模型。在前SEC主席Gary Gensler的領導下，該機構經常將大多數數字資產視為證券，並針對多家主要公司採取強有力的執法行動。

The association claims this approach failed to account for blockchain’s distinct features.

該協會聲稱，這種方法未能說明區塊鏈的獨特功能。

“The previous administration tried to mold crypto market structure along the lines of a stylized view of the equity markets, which does not take into account the unique characteristics of blockchain technology or the new paradigms in finance that it is driving.”

“以前的政府試圖按照股票市場風格化的視圖來塑造加密貨幣市場結構，這並未考慮區塊鏈技術的獨特特徵或它正在駕駛的新金融範式的獨特特徵。”

The group now supports the direction of the current administration. Chair Paul Atkins, who replaced Gensler, has expressed support for working with lawmakers to build a crypto-friendly framework. Since taking over, Atkins and former acting Chair Mark Uyeda have launched a new crypto task force and hosted public roundtables to gather feedback.

該小組現在支持當前管理的方向。取代Gensler的Paul Atkins主席保羅·阿特金斯（Paul Atkins）表示支持與立法者合作建立一個友好的加密友好框架。自接手以來，阿特金斯（Atkins）和前代理主席馬克·烏耶達（Mark Uyeda）發起了一個新的加密工作組，並主持了公共圓桌會議以收集反饋。

As the SEC is seen to be readjusting its strategy, other major crypto-related events have unfolded. This week, the agency closed its investigation into PayPal’s PYUSD stablecoin without any further enforcement action. The agency described its discussions with PayPal as productive.

由於SEC被認為正在調整其策略，因此其他主要的與加密相關的事件也展開了。本週，該機構關閉了對PayPal的Pyusd Stablecoin的調查，而無需採取任何進一步的執法措施。該機構將其與PayPal的討論描述為富有成效。

In parallel, Ripple co-founder Chris Larsen is set to meet with SEC Chair Atkins. Although the agenda for their meeting wasn’t disclosed, analysts believe they may discuss the ongoing XRP lawsuit. Meanwhile, the SEC and Binance have jointly requested more time in their legal case, asking for a 60-day pause to pursue settlement talks.

Ripple聯合創始人Chris Larsen並行與SEC Atkins會面。儘管未披露會議的議程，但分析師認為他們可能會討論正在進行的XRP訴訟。同時，SEC和Binance在法律案件中共同要求更多時間，要求進行60天的停下來進行和解談判。

Across the Atlantic, the UK’s Financial Conduct Authority is also collecting feedback from the public and the industry. The UK regulator is looking at how to best define and manage crypto-related services in national law. The aim is to bring more clarity to the fast-moving digital asset space.

在整個大西洋地區，英國的金融行為管理局也正在收集公眾和行業的反饋。英國監管機構正在研究如何最好地定義和管理國家法律中與加密相關的服務。目的是為快速發展的數字資產空間帶來更明確的清晰度。