SEC，液體堆積和加密：新黎明？

瀏覽SEC法規，液體積分和更廣泛的加密貨幣市場不斷發展的景觀。 SEC正在柔和加密的立場嗎？

The intersection of the SEC, liquid staking, and the broader crypto market is always a hot topic. Is the SEC finally offering some clarity, or is it just a mirage in the regulatory desert? Let's dive in.

SEC，液體蒸發和更廣泛的加密市場的交集始終是一個熱門話題。 SEC終於提供了一些清晰度，還是在監管沙漠中的海市rage樓？讓我們潛水。

Liquid Staking Gets a Green Light (For Now)

液體佔有綠燈（目前）

In early 2025, the SEC dropped a bombshell: major liquid staking protocols like Ethereum's Lido and Solana's Jito aren't subject to securities laws. This guidance essentially says that liquid staking receipt tokens (think stETH and JITOSOL) aren't investment contracts under the Howey Test. Translation? No need to register under the Securities Act of 1933 or the Securities Exchange Act of 1934. This is huge!

在2025年初，SEC放棄了重磅炸彈：以太坊的Lido和Solana的Jito等主要的液體固定協議不遵守證券法。該指南本質上說，在Howey測試下，液體藏有收據令牌（認為Steth和Jitosol）不是投資合同。翻譯？無需根據1933年的《證券法》或1934年的《證券交易法》進行註冊。這是巨大的！

For years, crypto companies and investors tiptoed around liquid staking, unsure if the SEC would come knocking. This decision removes that uncertainty, potentially unlocking institutional investment and further innovation in the space. Rebecca Rettig at Jito Labs nailed it when she said, "It's what we've been waiting for. Liquid staking does not create a securities transaction as there’s no entrepreneurial or managerial activities.”

多年來，加密貨幣公司和投資者圍繞著液體的積分而tip腳，不確定SEC是否會敲門。這一決定消除了不確定性，可能釋放機構投資以及在該領域的進一步創新。 Jito Labs的Rebecca Rettig說：“這是我們一直在等待的。液體存放不會創建證券交易，因為沒有企業家或管理活動。”

The Ripple Effect: A Crack in the SEC's Armor?

連鎖反應：SEC盔甲中的裂縫？

Ripple Labs' Chief Legal Officer, Stuart Alderoty, has been vocal about the SEC's overreach. In a formal response to the U.S. Senate Committee on Banking, Housing, and Urban Affairs in August 2025, Alderoty criticized proposed digital asset market structure, arguing that it could lead to more confusion and push many digital assets under the SEC’s permanent control, even for transactions unrelated to fundraising. Referencing Judge Analisa Torres’s ruling in the Ripple vs. SEC case, Alderoty highlighted that routine sales of XRP on exchanges aren't investment contracts, a point often missed in regulatory discussions. Ripple is pushing for a "safe harbor" rule, treating a crypto token as a commodity after five years in strong market circulation. Sounds reasonable, right?

Ripple Labs的首席法律官Stuart Alderoty對SEC的超越人發聲。在2025年8月對美國參議院銀行，住房和城市事務委員會的正式回應中，Alderoty批評了擬議的數字資產市場結構，認為這可能會導致更多的混亂，並將許多數字資產推向SEC的永久性控制，即使是因為與Fundraising無關的交易。提及Analisa Torres法官在Ripple vs. SEC案中的裁決，Alderoty強調說，XRP在交易所的常規銷售不是投資合同，這在監管討論中常常錯過。 Ripple正在推動“安全港”規則，在強大的市場流通五年後將加密代幣視為商品。聽起來很合理，對吧？

Caveats and Considerations

警告和注意事項

Before we pop the champagne, let's remember the SEC's guidance comes with strings attached. Companies must stick to administrative tasks and can't make investment decisions for users or guarantee returns. These receipt tokens must genuinely represent ownership, not independent investments. The SEC is watching closely, and anything beyond basic admin work could still trigger securities laws. SEC Commissioner Caroline Crenshaw has even voiced concerns about the directive's clarity and potential inconsistencies.

在我們彈出香檳之前，讓我們記住SEC的指導帶有附加的弦。公司必須堅持行政任務，不能為用戶做出投資決策或保證收益。這些收據令牌必須真正代表所有權，而不是獨立投資。 SEC正在密切關注，基本管理員工作以外的任何事情仍然可以觸發證券法。 SEC專員Caroline Crenshaw甚至對該指令的清晰度和潛在不一致表示擔憂。

A Broader Shift? Project Crypto

更廣泛的轉變？ Project Crypto

This announcement is part of Chairman Atkins’ “Project Crypto,” launched in July 2025, which aims to modernize securities rules for digital assets. This initiative signals a move towards clearer regulations and fostering innovation in the US. This is a stark contrast to the previous SEC leadership's enforcement-heavy approach. The goal? To bring more crypto innovation back to America.

該公告是2025年7月啟動的Atkins主席“ Project Crypto”的一部分，該公告旨在將數字資產的證券規則現代化。這項倡議標誌著朝著更清晰的法規邁進，並促進了美國的創新。這與以前的SEC領導人的執法強度形成了鮮明的對比。目標？將更多的加密創新帶回美國。

The Future Looks... Cautiously Optimistic

未來的外觀...謹慎樂觀

The SEC's recent moves offer a glimmer of hope for the crypto industry, particularly in the liquid staking sector. Major players like Lido Finance and Rocket Pool can breathe a little easier. Plus, the potential for staking-enabled ETFs is becoming more real. However, it's not a free pass. Companies need to play by the SEC's rules, and the industry must remain vigilant about regulatory developments.

SEC最近的舉動為加密貨幣行業提供了一線希望，尤其是在液體儲存領域。諸如Lido Finance和Rocket Pool之類的主要參與者可以輕鬆呼吸。另外，啟用固定性ETF的潛力變得越來越真實。但是，這不是免費通行證。公司需要按照美國證券交易委員會的規定發揮作用，並且該行業必須對監管發展保持警惕。

So, is the SEC turning a new leaf? Maybe. It's a start, and it's certainly better than the regulatory hammer we've seen in the past. One thing's for sure: the world of SEC, liquid staking, and crypto is never boring. Buckle up, folks!

那麼，SEC正在轉動新葉子嗎？或許。這是一個開始，當然比我們過去見過的監管錘子更好。肯定是一件事：SEC，液體散落和加密貨幣的世界永遠不會無聊。搭扣，伙計們！