SEC 在 2025 年審查重點中加強對加密貨幣的審查

美國證券交易委員會 (SEC) 本週發布了 2025 財政年度考試部門的「考試優先事項」。

The U.S. Securities and Exchange Commission (SEC) is ramping up its scrutiny of crypto assets in 2025, intensifying examinations of firms involved in offering, trading, and advising on these assets. The agency will focus on how these assets are handled as securities, ensuring compliance with standards and assessing technological risks tied to blockchain.

美國證券交易委員會 (SEC) 將於 2025 年加強對加密資產的審查，加強對涉及這些資產的發行、交易和諮詢的公司的審查。該機構將重點關注如何將這些資產作為證券處理，確保符合標準並評估與區塊鏈相關的技術風險。

The SEC’s Division of Examinations is closely monitoring firms involved in the offer and sale of crypto assets, with specific attention to how these assets are recommended, traded, and handled as securities. According to the Division, “The Division continues to observe the proliferation of investments involving crypto assets and their associated products and services.” The SEC further detailed:

美國證券交易委員會的考試部門正在密切監視參與加密資產發行和銷售的公司，特別關注這些資產如何作為證券推薦、交易和處理。該部門表示，“該部門繼續觀察涉及加密資產及其相關產品和服務的投資激增。” SEC 進一步詳細說明：

Given the volatility and activity involving the crypto asset markets, the Division will continue to monitor and, when appropriate, conduct examinations of registrants offering crypto asset-related services.

鑑於加密資產市場的波動性和活動，該部門將繼續監控並在適當時對提供加密資產相關服務的註冊人進行檢查。

Examinations will concentrate on activities like the sale, trading, and advising of crypto assets, including widely known products such as bitcoin and ether exchange-traded offerings. The Division will assess whether firms adhere to their standards of conduct, particularly in dealing with retail investors, including those approaching retirement. Furthermore, firms are expected to routinely update their compliance frameworks, especially in areas related to crypto wallet management and custody practices. This includes ensuring their operations are resilient to disruptions and maintaining sound business continuity plans.

考試將集中在加密資產的銷售、交易和諮詢等活動，包括比特幣和以太坊交易所交易產品等眾所周知的產品。該部門將評估公司是否遵守其行為標準，特別是在與散戶投資者（包括即將退休的散戶投資者）打交道時。此外，公司應定期更新其合規框架，特別是在與加密錢包管理和託管實踐相關的領域。這包括確保他們的營運能夠抵禦幹擾並維持健全的業務連續性計劃。

The SEC’s Division of Examinations is responsible for ensuring that firms regulated by the SEC, such as investment advisers, broker-dealers, and investment companies, comply with federal securities laws. Through its risk-based examination program, the Division identifies potential risks to investors and market integrity.

美國證券交易委員會的考試部門負責確保受美國證券交易委員會監管的公司（例如投資顧問、經紀自營商和投資公司）遵守聯邦證券法。透過基於風險的檢查計劃，該部門識別投資者和市場誠信的潛在風險。

The SEC is also emphasizing the technological risks inherent to the crypto space. Acknowledging the importance of secure technology, the Division stated:

美國證券交易委員會也強調加密貨幣領域固有的技術風險。該部門承認安全技術的重要性，並表示：

The Division will assess registrant practices to address the technological risks associated with the use of blockchain and distributed ledger technology, including risks pertaining to the security of crypto assets.

該部門將評估註冊人的做法，以解決與使用區塊鏈和分散式帳本技術相關的技術風險，包括與加密資產安全相關的風險。

This examination of blockchain risks underlines the SEC’s commitment to protecting investors by ensuring that the platforms and technologies underpinning crypto transactions are secure. The regulatory focus on crypto assets is part of the SEC’s broader effort to manage emerging financial technologies and safeguard investors in a volatile market. By prioritizing crypto-related services, the agency aims to enhance market integrity and investor protection.

此次對區塊鏈風險的檢查突顯了 SEC 透過確保支持加密交易的平台和技術安全來保護投資者的承諾。對加密資產的監管重點是 SEC 管理新興金融技術並在動蕩的市場中保護投資者的更廣泛努力的一部分。透過優先考慮加密相關服務，該機構旨在增強市場誠信和投資者保護。