FIT21：美國數字資產監管的新時代

該法案旨在製定有關美國比特幣交易所的新立法。

House Republicans on May 5, 2025, released a legislative discussion draft of the Financial Innovation and Technology for the 21st century Act (FIT21). The bill, which is being drafted with the joint leadership of the House Financial Services Committee and House Agriculture Committee, aims to create new legislation governing bitcoin exchanges in the U.S. It seeks to forge a regulated structure for digital assets while resolving long-standing regulatory ambiguities.

眾議院共和黨人於2025年5月5日發布了《 21世紀法案》（FIT21）的金融創新和技術的立法討論草案。該法案是由眾議院金融服務委員會和眾議院農業委員會的聯合領導人起草的，旨在在美國製定新的管理比特幣交易所的立法。

The draft, which is an amendment to the previous version of FIT21 passed by the House in 2024, brings forth major changes in the landscape of cryptocurrency governance. It classifies digital assets on the basis of functionality and decentralization. The assets that would be considered decentralized by the Commodity Futures Trading Commission (CFTC) can be labeled digital commodities, which are governed by the CFTC; the assets that will still be considered centralized, however, will be coming under the ambit of the Securities and Exchange Commission (SEC) as restricted or unregistered assets.

該草案是對2024年眾議院通過的先前版本的FIT21的修正案，對加密貨幣治理的景觀進行了重大變化。它根據功能和權力下放對數字資產進行分類。商品期貨交易委員會（CFTC）認為將被認為是由CFTC管轄的數字商品的資產；但是，仍將被視為集中的資產將被視為證券交易委員會（SEC）作為受限製或未註冊的資產的範圍。

The new legislation will place the primary responsibility for registering and regulating bitcoin exchanges on the Commodity Futures Trading Commission (CFTC). It is also expected to streamline the process for registering digital asset trading platforms with the CFTC. This agreement provides legal certainty that platforms can list decentralized assets without the fear of SEC enforcement. Moreover, decentralized finance (DeFi) protocols with no central control may be untethered from registration with exchanges, which is great news for open source developers.

新的立法將對商品期貨貿易委員會（CFTC）註冊和規範比特幣交易所的主要責任。預計還將簡化使用CFTC註冊數字資產交易平台的過程。該協議提供了法律確定的，即平台可以列出分散資產而不必擔心SEC執行。此外，沒有中央控制權的分散融資（DEFI）協議可​​能不會與交易所註冊有關，這對開源開發人員來說是個好消息。

Crypto Oversight Key Updates in FIT21

FIT21中的加密監督密鑰更新

The updated draft of FIT21 builds on a clean division of responsibilities between the SEC and CFTC.

FIT21的最新草稿建立在SEC和CFTC之間的清潔責任劃分的基礎上。

It also tightens rules governing affiliate sales in an attempt to avoid such insider control and ownership. Every six months, projects will need to disclose important information, like tokenomics, names of token holders, network development, and governance structures. The requirements are those of transparency that parallel public company reporting but are tailored for the Web3 space to induce accountability in lieu of stifling innovation.

它還收緊了管理會員銷售的規則，以避免這種內部控制和所有權。每六個月，項目都需要披露重要信息，例如令牌，令牌持有人的名稱，網絡開發和治理結構。這些要求是透明度的要求，該要求是平行的上市公司報告，但是針對Web3空間量身定制的，以代替扼殺創新的責任。

This will streamline the registration process for exchanges to operate as Digital Commodity Platforms with the CFTC.

這將簡化與CFTC作為數字商品平台運行的交流的註冊過程。

The draft legislation marks a significant step towards providing much-needed clarity on the regulatory status of bitcoin exchanges in the U.S. It is still early stages, and the bill is expected to face scrutiny from both industry stakeholders and consumer advocates.

該立法草案標誌著在美國仍處於早期階段，對比特幣交易所的監管狀況提供急需的明確性邁出的重要一步，預計該法案將面臨行業利益相關者和消費者擁護者的審查。

The updated draft of FIT21 includes several key changes from the previous version of the bill, which was passed by the House in 2024. Most notably, the bill no longer requires the SEC to certify the decentralization status of crypto tokens. Instead, this task will be assigned to a newly created body, which will be responsible for developing and maintaining a regime for determining and certifying the decentralized nature of a network on a permanent basis.

FIT21的更新草稿包括與上一張賬單的幾個關鍵更改，該法案於2024年通過了該賬單。最值得注意的是，該法案不再要求SEC證明加密代幣的權力下放狀態。取而代之的是，該任務將被分配給新創建的機構，該機構將負責制定和維護一個制度，以永久確定和認證網絡的分散性質。

This new regime, which will be known as ‘mature blockchain,’ will be tasked with creating a set of criteria that must be met by a crypto network in order to be deemed decentralized. The criteria could include factors such as the number of nodes on the network, the level of community participation in decision-making, and the purpose and use case of the network.

這種新的製度將被稱為“成熟區塊鏈”，將任務創建一組標準，以通過加密網絡滿足，以便被認為是分散的。這些標準可能包括諸如網絡上的節點的數量，社區參與決策的水平以及網絡的目的和用例。

Once a network has met the criteria set by the mature blockchain body, it will be placed on a list maintained by the CFTC. Tokens sold on a network that appears on the list will be classified as digital commodities by the CFTC, while any remaining tokens will fall under the SEC’s jurisdiction as restricted or unregistered assets.

一旦網絡符合成熟區塊鍊主體設定的標準，它將放置在CFTC維護的列表上。 CFTC在列表中出售的網絡上出售的代幣將被歸類為數字商品，而剩餘的代幣將屬於SEC管轄範圍內的限製或未註冊的資產。

In addition to the changes in cryptocurrency regulation, the updated draft of FIT21 also includes several new provisions related to stablecoins and custody providers. The bill requires stablecoins to maintain higher reserve mandates and enforces clearer disclosures. These rules are meant to mitigate the risk of runs on stablecoin issuers and to promote greater transparency in the stablecoin industry.

除了加密貨幣法規的變化外，FIT21的最新草案還包括與Stablecoins和監護權提供者有關的幾項新規定。該法案要求Stablecoins維持更高的儲備金任務並執行更清晰的披露。這些規則旨在減輕穩定發行人的跑步風險，並促進Stablecoin行業的透明度。

The legislation exempts non custodial DeFi protocols who do not exercise discretion over user funds from the same regulatory onus that may be placed on centralized platforms.

該立法免除了非監護權規程，這些方案不對可能放在集中式平台上的同一監管責任中行使酌處權。

The draft of FIT21 has been hailed by industry insiders as a first step away from the “regulation by enforcement” that has been widely criticized by members of the crypto industry. It remains to be seen whether the bill will be able to gain the necessary support in the Senate to be passed into law.

FIT21的草案被行業內部人士稱讚，這是距離加密貨幣行業成員廣泛批評的“執法法規”的第一步。該法案是否能夠獲得參議院的必要支持以通過法律還有待觀察。

The full text of the bill is available on the House Financial Services Committee website here. For more information about the CFTC’s role in digital asset regulation, please visit the CFTC’s official site.

該法案的全文可在此處的眾議院金融服務委員會網站上找到。有關CFTC在數字資產法規中的作用的更多信息，請訪問CFTC的官方網站。