SEC的最新政策圓桌會議以代碼驅動的創新為焦點，分散財務在華盛頓成為中心舞台

SEC的最新政策圓桌會議的備受矚目

The U.S. Securities and Exchange Commission (SEC) is placing the potential of decentralized finance (DeFi) at the heart of its policy thinking, aiming to balance innovation with investor protection.

美國證券交易委員會（SEC）將分散財務（DEFI）的潛力置於其政策思維的核心，旨在使創新與投資者保護之間取得平衡。

At the final session of the Crypto Task Force’s Spring Sprint roundtable series on June 9, SEC Commissioner Hester Peirce spoke about how DeFi aligns with core U.S. values. The event, titled "DeFi and the American Spirit," marked the culmination of a months-long initiative focused on major regulatory themes in crypto, including custody, tokenization, and trading.

在6月9日，Crypto特遣隊的Spring Sprint圓桌會議系列賽的最後會議上，SEC專員Hester Peirce談到了Defi如何與美國核心價值觀保持一致。該活動的標題為“ Defi and The American Spirit”，標誌著為期一個數月的倡議的高潮，重點是加密中的主要監管主題，包括監護權，令牌化和交易。

The sessions, moderated by former SEC Commissioner Troy Paredes, were instrumental in shaping ongoing SEC policy discussions around digital assets, said Peirce, who is known for her advocacy of crypto regulation.

Peirce說，由前美國證券交易委員會（Troy Paredes）主持的會議在塑造了圍繞數字資產的SEC政策討論中發揮了作用。

DeFi, a term used to describe decentralized financial applications on blockchains, has been a subject of debate within the SEC. Some commissioners, including Peirce, see it as an innovation that could create new markets and services, while others have expressed concerns about potential regulatory arbitrage and the need for centralized oversight.

DEFI是用於描述區塊鏈上的分散財務應用的術語，一直是SEC內的辯論主題。一些專員，包括皮爾斯（Peirce），將其視為一種創新，可以創造新的市場和服務，而另一些則對潛在的監管套利和對集中監督的需求表示擔憂。

The Build Back Better Act, passed by Congress in 2021, tasked the SEC with studying the implications of DeFi and issuing a report within 180 days. The report, released in March, concluded that DeFi presents both opportunities and risks, and that the SEC’s existing authorities are sufficient to oversee this emerging domain.

國會於2021年通過的《更好的改編法案》（Better Back Back Better Act）負責SEC研究DEFI的含義並在180天內發布報告。該報告將於3月發布，得出的結論是，Defi提出了機會和風險，而SEC的現有當局足以監督該新興領域。

During the session, Peirce differentiated DeFi from traditional platforms, highlighting that it's not a service provided and controlled by intermediaries, but rather a system where users interact directly with open-source protocols.

在會議期間，Peirce將Defi與傳統平台區分開來，強調它不是由中介提供和控制的服務，而是用戶直接與開源協議進行交互的系統。

"DeFi is not a place people go to access services that someone else provides and controls; it is software code that people use to engage in the activity of transacting without a centralized intermediary," explained Peirce.

Peirce解釋說：“ Defi不是人們去訪問別人提供和控制的服務；這是人們用來從事交易活動而沒有集中式中介機構的軟件代碼。”

The commissioner also emphasized the constitutional protections for those who write and publish such code. "The SEC must not infringe on First Amendment rights by regulating someone who merely publishes code on the basis that others use that code to carry out activity that the SEC has traditionally regulated," she stated.

專員還強調了那些編寫和發布此類守則的人的憲法保護。她說：“ ​​SEC不得通過規範僅發布代碼的人來侵犯第一修正案的權利，因為他人使用該代碼來開展SEC傳統上監管的活動。”

"If somebody else subsequently violates the law using the software protocol, the user—not the developer of the software—should face the music," added Peirce.

Peirce補充說：“如果其他人隨後使用軟件協議違反了法律，則用戶（而不是軟件的開發人員）應該面對音樂。”

In her remarks, Peirce used the term "DeFi-In-Name-Only (DINO)" to warn against deceptive efforts to brand centralized services as DeFi.

皮爾斯（Peirce）在她的講話中使用“只有名稱（Dino）”一詞來警告欺騙性的努力，以將集中式服務作為Defi品牌。

"We should be wary of efforts to expand the scope of SEC regulation to encompass the activity of software developers or users in a manner that does not closely align with the SEC’s traditional regulatory role or serve the best interests of investors," said Peirce.

Peirce說：“我們應該保持謹慎的努力，以擴大SEC監管的範圍，以不與SEC的傳統監管角色保持一致或為投資者的最大利益而涵蓋軟件開發人員或用戶的活動。”

The commissioner maintained that the SEC’s efforts are best spent protecting investors "from the providers of financial services, rather than from their own use of open-source software code to engage in transactions with their peers, or from the writers of such code."

專員們堅持認為，SEC的努力最好花在保護投資者“免受金融服務提供商免受金融服務的提供者之外，而不是通過自己使用開源軟件代碼來與同行或此類代碼的作者進行交易。”

In the same vein, Paredes highlighted the importance of focusing on clear threats to investors amid the hype surrounding new technologies.

同樣，帕雷德斯強調了在圍繞新技術的炒作中關注對投資者的明顯威脅的重要性。

"We need to be mindful of the SEC’s limited resources and ensure that our regulatory efforts are concentrated on the actors and activities that pose the most significant risks to investors," said Paredes.

帕雷德斯說：“我們需要注意SEC的有限資源，並確保我們的監管工作集中在對投資者帶來最大風險的參與者和活動上。”

The session’s participants discussed the implications of applying traditional financial regulatory frameworks in the context of DeFi. A key theme was the need for a balanced approach that preserves individual rights while ensuring legitimate regulatory oversight of centralized actors.

會議的參與者討論了在DEFI背景下應用傳統財務監管框架的含義。一個關鍵主題是需要保持平衡的方法，以確保個人權利，同時確保對集中演員的合法監管監督。