SEC，加密監管和數字資產：一個新時代？

Project Crypto：深入了解SEC的倡議，其對加密監管的影響以及美國數字資產的未來

SEC, Crypto Regulation, and Digital Assets: A New Era?

SEC，加密監管和數字資產：一個新時代？

The SEC's "Project Crypto" signals a shift in digital asset regulation, aiming to modernize frameworks and position the U.S. as a blockchain finance hub. Let's dive in.

SEC的“加密項目”標誌著數字資產法規的轉變，旨在使框架現代化並將美國定位為區塊鏈金融集線器。讓我們潛水。

Project Crypto: A U.S. Crypto Renaissance in Motion

Project Crypto：美國加密文藝復興時期

SEC Chair Paul Atkins has made it clear: the U.S. is done playing defense on crypto. "Many of the Commission’s legacy rules do not make sense for on-chain markets," Atkins stated, launching Project Crypto to rebuild the regulatory foundation for blockchain-based finance.

SEC主席保羅·阿特金斯（Paul Atkins）明確表示：美國已經在加密貨幣上進行防守了。阿特金斯說：“委員會的許多遺產規則對於鏈上市場沒有意義。”他推出了加密貨幣項目以重建基於區塊鏈的金融基金會。

This initiative follows a 160-page report by the President’s Working Group on Digital Assets, supporting the vision to make the U.S. the "crypto capital of the world." Atkins plans to use this report as a blueprint for regulatory transformation.

該計劃遵循總統工作組關於數字資產的160頁報告，支持使美國成為“世界的加密之都”的願景。阿特金斯計劃將此報告用作監管轉換的藍圖。

Token Clarity: Ending the "Security or Not?" Debate

象徵性的清晰度：結束“安全與否？”辯論

One of the most immediate effects of Project Crypto will be eliminating ambiguity around token classification, a major issue that has paralyzed the industry for years. Atkins sharply diverges from former SEC Chair Gary Gensler, who maintained that nearly all crypto assets were securities.

Project Crypto最直接的影響之一是消除有關令牌分類的歧義，這是一個多年來該行業癱瘓的主要問題。阿特金斯（Atkins）與前美國證券交易委員會主席加里·加斯勒（Gary Gensler）急劇分歧，他堅持認為幾乎所有加密資產都是證券。

Under the new vision, not all tokens will be classified as securities. New interpretative guidelines will clearly distinguish utility tokens, stablecoins, and collectibles from investment contracts, reducing regulatory uncertainty for developers and investors.

在新願景下，並非所有令牌都將被歸類為證券。新的解釋指南將清楚地將公用事業令牌，穩定幣和收藏品與投資合同區分開來，從而減少開發商和投資者的監管不確定性。

Atkins emphasized that founders shouldn’t be compelled to form DAOs or relocate simply to avoid regulatory risk. "Projects should not be forced to decentralize prematurely if it’s not part of their plan," he stated. This move is likely to reshape how early-stage projects launch, fundraise, and scale, potentially pulling billions in developer and investor capital back to U.S. soil.

阿特金斯（Atkins）強調，不應僅僅以避免監管風險而被迫形成Daos或搬遷。他說：“如果不屬於計劃的一部分，則不應強迫提前分散。”這一舉動可能會重塑早期項目的推出，籌款和規模，並有可能吸引數十億美元的開發商和投資者資本回到美國。

The Rise of Financial "Super-Apps"

財務“超級應用”的興起

Perhaps the most revolutionary element of Project Crypto is its endorsement of on-chain financial "super-apps." These are platforms where users can trade, custody, stake, and make payments all in one place.

加密項目中最革命性的要素也許是對鏈上財務“超級應用”的認可。這些是用戶可以在一個地方進行交易，監護，股份和付款的平台。

Atkins proposed that the SEC grant single-entity licenses to firms offering multi-function platforms, reducing regulatory friction and spurring app innovation. This paves the way for launches like Coinbase’s upcoming "Everything Exchange," which is expected to integrate tokenized stocks, prediction markets, and derivatives all compliant under U.S. law.

阿特金斯（Atkins）建議SEC授予提供多功能平台的公司，從而減少監管摩擦和激發應用程序創新。這為發射鋪平了道路，例如Coinbase即將推出的“一切交易所”，預計將根據美國法律遵守令牌化的股票，預測市場和衍生品。

If implemented, this approach could rival Asia’s leading fintech super-apps and firmly anchor DeFi inside the U.S. financial system.

如果實施，這種方法可以競爭亞洲領先的金融科技超級應用程序，並在美國金融體系內牢固地錨定Defi。

Macro Impact: Fed Policy, Inflation, and Crypto’s Resilience

宏觀影響：聯邦政策，通貨膨脹和加密貨幣的彈性

While Project Crypto sets the tone for structural reform, macroeconomic headwinds continue to play a role. Yet, as analysts at The Motley Fool noted, crypto’s current bull phase may be less rate-sensitive than in previous cycles. Institutional adoption, network upgrades, and tokenization of real-world assets are creating durable demand that doesn’t rely solely on monetary policy.

儘管Project Crypto為結構改革定下了基調，但宏觀經濟的逆風繼續發揮作用。然而，正如莫特利傻瓜的分析師所指出的那樣，加密當前的牛階段可能比以前的周期更少。機構採用，網絡升級和現實資產的令牌化正在創造不僅依賴貨幣政策的持久需求。

Atkins’ approach could amplify these fundamentals by simplifying token issuance, encouraging institutional custody of crypto, and removing unnecessary regulatory friction in on-chain markets.

阿特金斯的方法可以通過簡化令牌發行，鼓勵對加密貨幣的機構監護以及消除鍊鍊市場中不必要的監管摩擦來擴大這些基本面。

Final Thoughts

最後的想法

So, is this the dawn of a new era for crypto in the U.S.? It certainly seems like it. With Project Crypto, the SEC is signaling a more open and innovation-friendly approach. Buckle up, folks—it looks like things are about to get interesting!

那麼，這是美國加密貨幣的新時代的曙光嗎？當然似乎是這樣。借助Project Crypto，SEC指示了一種更開放和更具創新的方法。伙計們，搭扣，看起來事情將變得有趣！