SEC專員Hester Peirce提出了與加密相關證券交易的監管豁免框架

美國證券交易委員會（SEC）官方Hester Peirce提出了與加密相關證券交易的監管豁免框架

The U.S. Securities and Exchange Commission (SEC) is considering a regulatory exemption framework for crypto-related securities trading, aiming to balance investor protection with technological innovation, Commissioner Hester Peirce disclosed on May 8, 2025, at an SEC event in Washington D.C.

美國證券交易委員會（SEC）正在考慮針對加密相關的證券交易的監管豁免框架，旨在在2025年5月8日在華盛頓DC舉行的SEC活動中披露，旨在使投資者保護與技術創新之間取得平衡。

Commissioner Peirce highlighted the importance of "sensible regulation" in maintaining the U.S. capital markets' competitiveness. She noted a 20-year decline in public company listings, attributing it partly to overly prescriptive disclosure requirements.

Peirce專員強調了“明智的監管”在維持美國資本市場競爭力方面的重要性。她注意到上市公司上市有20年的下降，部分歸因於過度規定的披露要求。

While stressing the need for strong investor protection, Commissioner Peirce argued that overly rigid rules could stifle business growth and deter firms, especially smaller ones, from going public. She suggested scaling regulations for smaller entities to foster competition.

Peirce專員在強調對強大的投資者保護的需求時，認為過於嚴格的規則可能會扼殺業務增長，並阻止公司，尤其是較小的公司公開。她建議針對較小實體促進競爭的規模規定。

A Key Focus: Tokenized Securities

關鍵重點：令牌證券

A significant focus of Commissioner Peirce's keynote was on a proposed exemption order to facilitate the controlled testing of tokenized securities. These are traditional assets, such as stocks, that are digitized and recorded using blockchain technology.

專員皮爾斯（Peirce）主題演講的重點是提出的豁免令，以促進對代幣化證券的受控測試。這些是使用區塊鏈技術數字化和記錄的傳統資產，例如股票。

The SEC's Crypto Task Force is currently exploring the possibility of granting temporary relief from certain registration rules to permit firms to experiment more rapidly with new technologies, specifically distributed ledger technology (DLT), for issuing, trading, and settling securities.

SEC的加密貨幣工作隊目前正在探索從某些註冊規則中暫時緩解的可能性，以使公司可以更快地使用新技術（專門分發分類帳技術（DLT））進行發行，交易和定居證券進行實驗。

Firms operating under this exemption would still be subject to the SEC's anti-fraud provisions, ensuring the protection of investors. They would also be required to fulfill applicable disclosure mandates and maintain financial solvency.

在此豁免下運營的公司仍將受到SEC的反欺詐條款的約束，以確保對投資者的保護。他們還需要履行適用的披露規定並維持財務償付能力。

"The contemplated exemption would be integrally conditioned. Exempted entities would comply with market integrity conditions for the prevention of fraud and manipulation," stated Commissioner Peirce at the SEC's 31st International Institute for Securities Market Growth and Development event.

SEC第31屆國際證券市場增長和發展事件的專員說：“預期的豁免將是基於條件的。豁免實體將遵守預防欺詐和操縱的市場完整性條件。”

Further elaborating on the conditions for exemption, she added: "Additional conditions might include requirements to provide users with material and relevant disclosures about a platform's products, services, operations, conflicts of interest, and the risks, including smart contract risks; to comply with recordkeeping and reporting requirements; to be subject to monitoring and examination by SEC staff; and to have adequate financial resources for the platform's operations."

她補充說：“其他條件可能包括要求用戶提供有關平台產品，服務，運營，利益衝突以及包括智能合同風險的風險的物質和相關披露的要求，包括智能合約風險；符合記錄保存和報告要求；要受到SEC員工的監控和審查；並有足夠的財務資源；並為平台的經營提供足夠的財務資源。”

This framework, designed for testing and experimentation in a limited capacity, is inspired by global "regulatory sandboxes" where innovators operate in live markets with tailored supervision.

該框架設計用於以有限的容量測試和實驗，靈感來自全球“監管沙箱”，在該框架中，創新者在現場市場上進行了量身定制的監督。

Commissioner Peirce also suggested the possibility of cross-border collaboration to streamline entry for firms targeting multiple jurisdictions. She noted the need for increased regulatory cooperation in today's interconnected financial landscape.

Peirce專員還提出了跨境協作的可能性，以簡化針對多個司法管轄區的公司。她指出，在當今相互聯繫的金融環境中，有必要增加監管合作。

Among the key considerations for the exemption are mandatory risk disclosures to investors, emphasis on operational transparency from the firms involved, and potentially trading volume caps to manage investor exposure.

豁免的主要考慮因素是向投資者進行強制性風險披露，強調有關公司的運營透明度，以及可能交易數量上限以管理投資者的敞口。

Before the SEC finalizes the rules, the aim is to solicit feedback from industry stakeholders and the public. The structure of the exemption could adapt as the market for tokenized securities matures, and the technology used to trade these securities becomes more sophisticated.

在SEC最終確定規則之前，目的是徵求行業利益相關者和公眾的反饋。豁免的結構可以適應令牌化證券的市場，用於交易這些證券的技術變得更加複雜。

Capital Markets in the 21st Century

21世紀的資本市場

Commissioner Peirce's proposal aligns with the SEC's broader efforts to modernize its regulatory approach without compromising the capital markets' integrity.

Peirce專員的提議與SEC在不損害資本市場誠信的情況下對其監管方法進行現代化現代化的更廣泛努力保持一致。

The regulator has been increasingly focused on adapting to technological advancements and ensuring optimal protection for investors in an evolving financial landscape.

該監管機構越來越專注於適應技術進步，並確保為不斷發展的金融環境中的投資者提供最佳保護。