戴維斯·波爾克（Davis Polk＆Wardwell）會見了美國證券交易委員會的加密委員會工作隊

這些會議的重點是為發行令牌證券的結構選擇和監管方面的考慮，尤其是那些引用諸如美國股票和固定收入工具等資產的資產。

The U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force met with Ondo Finance and legal counsel from Davis Polk & Wardwell on April 24 to discuss regulatory pathways for tokenized versions of publicly traded U.S. securities, according to a meeting summary viewed by the agency’s staff.

根據該機構工作人員的會議摘要，美國證券交易委員會（SEC）加密委員會於4月24日與Davis Polk＆Wardwell的Ondo Finance和法律顧問會面，討論了該機構工作人員的會議摘要。

The meeting minutes, dated April 24, offer insights into the ongoing efforts of the SEC to navigate the intersection of digital assets and traditional securities.

日期為4月24日的會議記錄，提供了有關SEC在數字資產和傳統證券交匯處的持續努力的見解。

The meeting focused on structuring options and regulatory considerations for issuing tokenized securities, particularly those referencing assets such as U.S. equities and fixed-income instruments.

會議的重點是針對發行令牌證券的結構選擇和監管方面的考慮，尤其是那些參考美國股票和固定收入工具等資產的人。

Topics listed saw Ondo’s presentation highlight the regulatory challenges posed by tokenized securities, including registration requirements under the Securities Act, broker-dealer obligations under the Exchange Act, market structure rules, financial crimes compliance, and the application of state corporate laws.

列出的主題看到了Ondo的演講突出了令牌化證券提出的監管挑戰，包括根據《證券法》規定的註冊要求，《交易所法》規定的經紀交易者義務，市場結構規則，金融犯罪遵守情況以及國家公司法律的適用。

The firm proposed discussing structuring approaches that would facilitate the compliant issuance and distribution of tokenized securities, while also exploring possibilities for participating in a regulatory sandbox or obtaining targeted relief to streamline the process further.

該公司提出了討論結構化方法，以有助於促進令牌化證券的合規性發行和分配，同時還探索參與監管沙箱的可能性，或獲得有針對性的救濟以進一步簡化該過程。

Additionally, Ondo’s legal team from Davis Polk & Wardwell illuminated key considerations around investor protection, anti-money laundering compliance, and the application of the Exchange Act to token-based issuance models.

此外，來自戴維斯·波爾克（Davis Polk＆Wardwell）的Ondo法律團隊闡明了有關投資者保護，反洗錢合規性以及《 Exchange Act》在基於代幣的發行模型中的應用。

Expanding institutional-grade tokenization

擴大機構級令牌

This initiative marks another step in Ondo’s broader push to integrate traditional financial assets into blockchain-native environments. The firm currently manages over $1 billion in tokenized products, rendering it a leading player in the space.

這項計劃標誌著Ondo更廣泛地將傳統金融資產納入區塊鏈本地環境的又一步。該公司目前管理著超過10億美元的令牌化產品，使其成為該領域的領先參與者。

Out of the $6.15 billion tokenized U.S. Treasuries market, Ondo’s products comprise 16.4%.

在61.5億美元的美國國債市場中，Ondo的產品佔16.4％。

The Ondo Short-Term US Government Bond Fund (OUSG) is a blockchain-based fund that provides tokenized exposure to short-term U.S. Treasuries. Its primary backing is the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), and the fund endeavors to deliver yield at all times while maintaining liquidity.

ONDO短期美國政府債券基金（OUSG）是一個基於區塊鏈的基金，可為美國短期美國財政部提供令牌化的風險。它的主要支持是BlackRock USD機構數字流動性基金（BUIDL），以及該基金在維持流動性的同時始終促進產量。

Meanwhile, a combination of short-term Treasuries and demand deposits held with banks secures Ondo’s US Dollar Yield Token (USDY).

同時，與銀行持有的短期國庫和需求存款的結合在一起，確保了Ondo的美元收益令牌（USDY）。

Designed to mimic the accessibility of stablecoins, USDY is targeted at non-U.S. investors seeking exposure to U.S. dollar-denominated returns without engaging traditional financial intermediaries.

USDY旨在模仿Stablecoins的可及性，是針對非美國投資者，尋求在不吸引傳統金融中介機構的情況下接觸以美元計價的回報。

Both products fall within a broader and rapidly expanding asset class in tokenized finance, which essentially consists of applying blockchain infrastructure to wrap and manage real-world securities in a digitally native format.

兩種產品都屬於令牌化財務中更廣泛，迅速擴展的資產類別，基本上包括應用區塊鏈基礎架構以數字本機格式包裝和管理現實世界證券。

Despite the growing interest in tokenized versions of traditional assets, the legal and regulatory landscape remains unclear, posing challenges to firms like Ondo seeking to launch and operate such products.

儘管對傳統資產的代幣版本越來越興趣，但法律和監管環境仍不清楚，這對諸如Ondo尋求推出和運營此類產品等公司構成了挑戰。

This meeting with the SEC’s Crypto Task Force is a part of a broader industry effort to seek clarity on regulatory guidelines since SEC leadership changed in January.

自從SEC領導層在一月份發生變化以來，與SEC的加密特遣部隊的這次會議是更廣泛的行業努力的一部分，以尋求監管指南。

Since rolling out its Crypto Task Force on January 21, the regulator has reportedly held 81 meetings with key figures from the crypto industry. The meetings covered a broad range of subjects, including the possibility of implementing staking in exchange-traded products (ETPs) and the impact of market manipulation on centralized platforms.

自從1月21日推出加密貨幣工作隊以來，據報導，該監管機構與加密貨幣行業的關鍵人物舉行了81次會議。會議涵蓋了廣泛的主題，包括實施交易所買賣產品（ETP）的可能性以及市場操縱對集中式平台的影響。

These moves highlight how the regulator is now engaging with the crypto industry more openly since President Donald Trump's administration began its term.

這些舉動強調了自從唐納德·特朗普總統開始任期以來，監管機構現在如何更公開地與加密貨幣行業互動。