美國證券交易委員會（SEC）已開始概述新的

美國證券交易委員會（SEC）已開始概述一個新的，更具建設性的

The U.S. Securities and Exchange Commission (SEC) is rolling out a new, more constructive regulatory direction for decentralized finance (DeFi), signaling a major policy shift toward greater alignment between crypto protocols and federal law.

美國證券交易委員會（SEC）正在推出一個新的，更具建設性的監管方向（DEFI），這表明了加密協議與聯邦法律之間更加一致的重大政策轉變。

At a recent SEC roundtable, Chair Paul Atkins highlighted DeFi’s compatibility with core American values, including freedom, property rights, and technological innovation.

在最近的SEC圓桌會議上，Paul Atkins主席強調了Defi與美國核心價值觀的兼容性，包括自由，財產權和技術創新。

These comments come amid broader structural changes at the SEC that include a reduced reliance on litigation and an increased focus on formal rulemaking to provide clarity to the industry.

這些評論是在SEC的更廣泛的結構變化之中，其中包括減少對訴訟的依賴以及對正式規則制定的越來越多的關注，以為行業提供清晰度。

A Departure from ‘Regulation-by-Enforcement’

與“執法法規”背道而馳

The SEC’s approach to crypto oversight has shifted dramatically since the departure of former Chair Gary Gensler on January 20. Under Gensler, the Commission faced criticism for pursuing its regulatory objectives primarily through enforcement actions and costly litigation.

自從1月20日前主席加里·金斯勒（Gary Gensler）離開以來，SEC對加密監督的方法發生了巨大變化。在Gensler的領導下，該委員會因主要通過執法行動和昂貴的訴訟而面臨批評。

According to Atkins, that strategy is no longer the default. Speaking before a Senate Appropriations Subcommittee on June 3, Atkins stated that the SEC’s rulemaking will now follow a formal “notice and comment” process.

根據阿特金斯的說法，該策略不再是默認值。阿特金斯在6月3日在參議院撥款小組委員會上發表講話時說，SEC的規則制定現在將遵循正式的“通知和評論”程序。

This procedural change is a core mandate of the SEC’s new Crypto Task Force, which was established on January 21 and is expected to issue its first formal report in the coming months.

這種程序變更是SEC新的加密特遣部隊的核心任務，該工作組於1月21日成立，預計將在未來幾個月內發布其第一份正式報告。

What the SEC’s New Stance Means for the DeFi Market

SEC的新立場對Defi市場意味著什麼

Monday’s SEC roundtable marked a turning point in how regulators are characterizing DeFi platforms. Atkins described DeFi as a reflection of American economic values, signalling institutional openness to decentralized financial systems.

週一的SEC圓桌會議標誌著監管機構如何表徵DEFI平台的轉折點。阿特金斯（Atkins）將DEFI描述為美國經濟價值觀的反映，這是對分散金融體系的製度開放性的信號。

Despite the absence of a fully finalized regulatory framework, recent actions by the SEC suggest that developers and investors may soon operate with greater legal clarity.

儘管沒有完全最終確定的監管框架，但SEC的最新行動表明，開發商和投資者可能很快就會以更高的法律清晰度運作。

For example, SEC staff recently provided guidance clarifying that several common staking mechanisms do not violate existing securities laws. Additionally, the Commission has dropped certain long-standing enforcement cases involving crypto firms, indicating a less adversarial stance toward the sector.

例如，SEC員工最近提供了指導，澄清說，幾種常見的企業不違反現有證券法。此外，委員會已經放棄了涉及加密貨幣公司的某些長期執法案件，表明對該行業的對抗性較小。

While comprehensive regulation is still in progress, the SEC’s expanding posture has sparked discussion of potential impacts on the market. As the agency continues to adjust its approach, investors and developers are anticipating changes that could create better compliance pathways and reduce legal uncertainty for DeFi protocols operating in the U.S.

儘管全面的法規仍在進行中，但SEC的不斷擴大的姿勢引發了人們討論對市場的潛在影響。隨著代理商繼續調整其方法，投資者和開發商正在預期變化，這些變化可能會創造更好的合規性途徑，並減少在美國運作的FEFI協議的法律不確定性