SEC，加密貨幣和證券：導航新的邊界

Project Crypto：SEC對數字資產的證券規則進行了現代化，解決了加密貨幣融入金融。這項大膽的主動性會推動美國加密領導嗎？

SEC, Crypto, and Securities: Navigating the New Frontier

SEC，加密貨幣和證券：導航新的邊界

The SEC is making waves in the crypto world, and it's all about securities. Buckle up, because things are about to get interesting. The core of it all? "Project Crypto," an initiative designed to modernize securities regulations for the blockchain age.

SEC在加密貨幣世界中引起了海浪，這全都與證券有關。係好，因為事情將變得有趣。這一切的核心？ “ Project Crypto”，旨在現代化區塊鏈年齡的證券法規的倡議。

Project Crypto: A Bold Step Forward

Project Crypto：向前邁出的大膽一步

Spearheaded by SEC Chair Paul Atkins, Project Crypto aims to integrate digital assets into traditional financial markets. Think of it as the SEC finally acknowledging that crypto isn't going away and needs a proper regulatory framework.

由SEC主席保羅·阿特金斯（Paul Atkins）率領，Project Crypto旨在將數字資產納入傳統金融市場。將其視為SEC最終承認加密貨幣不會消失，需要一個適當的監管框架。

Atkins, in a speech on July 31st, highlighted the importance of clarifying the status of crypto assets. His key point? "Most crypto assets are not securities." This is a game-changer. The goal is to provide clear guidelines, exemptions, and safe harbors for token sales, airdrops, and other crypto distributions.

阿特金斯（Atkins）在7月31日的演講中強調了闡明加密資產狀況的重要性。他的要點？ “大多數加密資產不是證券。”這是一個改變遊戲規則的人。目的是為代幣銷售，空投和其他加密分銷提供明確的準則，豁免和安全的港口。

Bringing Crypto Home

帶加密貨幣回家

For too long, regulatory uncertainty has pushed crypto projects offshore. Atkins is determined to bring them back. He criticized the previous "regulation-by-enforcement" approach, emphasizing the need for clear rules rather than punitive measures. By clarifying the Howey Test and establishing clear categories for digital commodities vs. securities, the SEC aims to create a welcoming environment for crypto innovation in the US.

長期以來，監管不確定性已將加密項目推向海上。阿特金斯決心將他們帶回來。他批評了先前的“逐項法規”方法，強調了對明確的規則而不是懲罰性措施的必要性。通過闡明Howey測試並為數字商品與證券建立明確的類別，SEC旨在為美國的加密創新創造一個熱情的環境。

Self-Custody and Trading Freedom

自我客戶和交易自由

In a nod to crypto's libertarian roots, Atkins is a big proponent of self-custody. He views it as a “core American value.” However, he also recognizes the need for regulated custodians and aims to overhaul archaic rules like SAB 121, which have hindered institutional crypto services. The vision is to allow investors to trade crypto securities alongside traditional assets on unified platforms – imagine a “super-app” for all your investment needs!

為了致敬加密的自由主義者的根源，阿特金斯是自我casustody的主要支持者。他將其視為“美國核心價值”。但是，他還認識到需要受監管的監護人，並旨在對SAB 121等古老規則進行大修，這些規則阻礙了機構加密服務。願景是允許投資者與統一平台上的傳統資產一起交易加密證券 - 想像一下您所有投資需求的“超級應用”！

DeFi Gets a Seat at the Table

Defi坐在桌子上

Perhaps the most surprising aspect of Project Crypto is its embrace of decentralized finance (DeFi). Atkins acknowledges that federal securities laws traditionally assume intermediaries, but he's open to carving out space for “pure software publishers” and creating rules for hybrid models. This could pave the way for regulated decentralized exchanges (DEXs) and other innovative DeFi applications.

Project Crypto的最令人驚訝的方面也許是它對分散財務（DEFI）的擁抱。阿特金斯（Atkins）承認，聯邦證券法傳統上會承擔中介，但他願意為“純軟件出版商”雕刻空間，並為混合模型製定規則。這可以為監管的分散交易所（DEX）和其他創新型應用程序鋪平道路。

The Global Race

全球種族

Atkins frames Project Crypto as a geopolitical imperative. He warns that other countries, like the EU and Singapore, are racing ahead in the crypto space. The US needs to act fast to reshore the businesses and jobs that have fled due to regulatory uncertainty. It’s not just about innovation; it’s about staying competitive on the global stage.

阿特金斯框架將加密計劃作為地緣政治命令。他警告說，其他國家，例如歐盟和新加坡，都在加密貨幣空間前進。美國需要迅速採取行動，以重新建立由於監管不確定性而逃離的業務和工作。這不僅僅是創新；這是關於在全球舞台上保持競爭力。

A Personal Take

個人看法

While Project Crypto is a promising step, it's crucial to remember that regulatory clarity takes time. The SEC's efforts to modernize securities rules are essential for fostering innovation and protecting investors. However, the devil will be in the details. The guidelines, exemptions, and safe harbors must be carefully crafted to avoid stifling innovation or creating loopholes for bad actors.

儘管Project Crypto是一個有希望的步驟，但要記住，監管清晰度需要時間至關重要。 SEC對證券規則進行現代化的努力對於促進創新和保護投資者至關重要。但是，魔鬼將在細節中。必須精心製作準則，豁免和安全的港口，以避免扼殺創新或為壞演員造成漏洞。

It's like trying to teach your grandma how to use TikTok – it's a necessary step to keep her in the loop, but you gotta be patient and explain things clearly. Similarly, the SEC needs to provide clear, concise guidance that crypto entrepreneurs can easily understand and follow.

這就像試圖教您的祖母如何使用Tiktok一樣 - 這是讓她保持循環的必要步驟，但是您必須耐心和清楚地解釋事情。同樣，SEC需要提供清晰，簡潔的指導，加密企業家可以輕鬆理解和遵循。

Looking Ahead

展望未來

The SEC's Project Crypto is a significant move towards integrating crypto into the mainstream financial system. While challenges remain, the initiative signals a willingness to adapt and embrace the potential of blockchain technology. Whether this initiative will propel the US to the forefront of the crypto revolution remains to be seen, but it's definitely a step in the right direction.

SEC的Project Crypto是將加密貨幣集成到主流金融體系的重大舉措。儘管仍然存在挑戰，但該倡議表示願意適應和擁抱區塊鏈技術的潛力。這項倡議是否會推動美國進入加密革命的最前沿還有待觀察，但這絕對是朝著正確方向邁出的一步。

So, keep your eyes peeled and your wallets ready. The future of crypto and securities is unfolding, and it's going to be one wild ride!

因此，請保持眼睛剝皮，並準備好錢包。加密和證券的未來正在發展，這將是一次狂野的旅程！