重新定義數字資產調節的歷史性建議

在一年一度的SEC演講會議上，一項歷史性提議發揮了作用，旨在重新定義數字資產的監管。

During the annual SEC Speaks conference, a historic proposal came into play that looked to redefine the regulation of digital assets.

在一年一度的SEC演講會議上，一項歷史性提議發揮了作用，旨在重新定義數字資產的監管。

Coming from Hester Peirce, today head of the SEC’s Crypto Task Force, a time-limited safe harbor framework would offer U.S. crypto innovators regulatory breathing room. This proposal focused on granting limited-term exemptions from registration for the issuance and initial distribution of certain crypto assets.

來自SEC的加密特遣部隊負責人Hester Peirce，一個限時的安全港框架將為我們提供加密創新者的監管呼吸室。該提案的重點是授予有限期的豁免，以簽署某些加密資產的發行和初步分配。

The proposal would permit the issuance and initial distribution of certain crypto assets without immediate securities registration, contingent on specific disclosure and investor protection commitments. The intent is to allow crypto projects time to either develop operational functionality or achieve sufficient decentralization. These transition periods are absolutely critical to enabling early blockchain projects that might otherwise qualify as an investment contract at launch but can grow into self-sustaining digital assets down the line.

該提案將允許不立即證券註冊的某些加密資產發行和初始分配，取決於特定的披露和投資者保護承諾。目的是允許加密計劃有時間發展運營功能或實現足夠的權力下放化。這些過渡期對於實現可能在發射時有資格成為投資合同的早期區塊鏈項目至關重要，但可以發展成為自我維持的數字資產。

This framework seeks to find an optimal balance between fostering innovation and safeguarding investors, offering a solution to years of varied application and lackluster direction that has impeded the development of responsible crypto endeavors within the U.S.

該框架旨在在培養創新和保護投資者之間找到最佳平衡

The Status Of Crypto Assets: Securities Or Not?

加密資產的狀態：證券是否？

One of the key issues discussed at the conference was the continued uncertainty about whether crypto assets were to be classified as securities or not. The Commission has traditionally depended on litigation decisions and enforcement actions as opposed to affirmative rulemaking to define the status of digital assets.

會議上討論的關鍵問題之一是關於是否將加密資產歸類為證券的持續不確定性。傳統上，委員會取決於訴訟的決定和執法行動，而不是確定數字資產地位的肯定規則制定。

Peirce’s comments stressed that the federal securities laws were framed to catch financial instruments that provide economic interests in a company, not digital collectibles or decentralized network tokens.

皮爾斯（Peirce）的評論強調，聯邦證券法的構建是為了捕獲公司在公司而不是數字收藏品或分散網絡令牌中提供經濟利益的金融工具。

“Congress did not intend for the federal securities to apply to, say, NFTs that are used like trading cards or other collectibles, or to tokens that are used like currency on a decentralized network. Yet, we have seen these types of digital assets discussed in the context of securities law.

“國會不打算讓聯邦證券申請，例如，像交易卡或其他收藏品一樣使用的NFT，或用於分散網絡上貨幣的代幣。但是，我們已經看到了在證券法上討論的這些類型的數字資產。

The proposal calls for explicit criteria to draw the line of demarcation of when exactly a crypto asset is an investment contract and when not, especially preliminary token distributions that entail expectations of future utilities or network development. Once these expectations get realized and decentralization is attained, the crypto asset is no longer treated as a /^\/eurity. The Commission is also reviewing how economic realities, not merely terminology, should determine a crypto asset’s classification.

該提案要求明確的標準，以劃定何時確切的加密資產是一項投資合同，何時不是投資合同，尤其是初步的代幣分佈，這需要對未來公用事業或網絡開發的期望。一旦實現這些期望並實現了權力下放，加密資產就不再被視為a /^\ /eurity。委員會還正在審查經濟現實，不僅是術語，還應決定加密資產的分類。

New Exemptions For Modern Asset Forms

現代資產形式的新豁免

In addition to the safe harbor framework, Peirce proposed regulatory exemptions for airdrops, NFTs, and stablecoins that do not function like traditional securities.

除了安全港框架外，Peirce還提出了對不像傳統證券的空調，NFTS和Stablecoins的監管豁免。

NFTs that include automatic royalty schemes, meme coins, and stablecoins pegged to fiat values tend to be used for reasons other than capital creation. Such digital goods are closer to being collectibles, means of payment, or digital rights than to debt instruments or shares.

包括自動版稅計劃，模因硬幣和與菲亞特值掛鉤的NFT往往是出於資本創造以外的其他原因使用。此類數字商品比債務工具或股票更接近收藏品，付款方式或數字權利。

By acknowledging this line of distinction, regulators can better target resources for optimal deployment in optimal areas.

通過確認這一區別，監管機構可以更好地針對最佳領域中最佳部署的資源。

The commission’s novel path, based on real-world use cases and decentralization measures, is designed to establish sharper delineations to protect legitimate crypto innovations while upholding investor safeguards where warranted.

該委員會的新穎道路基於現實世界的用例和權力下放措施，旨在建立更清晰的描述，以保護合法的加密創新，同時保留有必要的投資者保護措施。