SEC、代幣分類法和加密項目：以時尚的方式穿越監管迷宮

解讀 SEC 在加密貨幣、代幣分類以及 BlockDAG 等項目如何適應方面不斷變化的立場。這是數字金融的一次瘋狂之旅！

Alright, crypto fam! Ever feel like the SEC is speaking a different language? You're not alone. Let's break down the latest buzz around the SEC, token taxonomy, and how crypto projects are trying to make sense of it all. Think of it as your cheat sheet to navigating the regulatory rollercoaster.

好吧，加密貨幣家族！有沒有感覺 SEC 在說不同的語言？你並不孤單。讓我們來分析一下有關 SEC 的最新動態、代幣分類法，以及加密項目如何試圖理解這一切。將其視為應對監管過山車的備忘單。

The SEC's Crypto Clarity Quest

SEC 的加密貨幣清晰度探索

The SEC is on a mission—a mission to define what's what in the digital asset world. Back in November 2025, SEC Chairman Paul Atkins hinted at a more flexible approach. No more treating every token like a stock! Atkins emphasized that economic reality trumps labels. If it walks like a duck and quacks like a duck, well, you get the idea.

SEC 肩負著一項使命——定義數字資產世界的使命。早在 2025 年 11 月，SEC 主席保羅·阿特金斯就暗示了一種更靈活的方法。不再將每個代幣都視為股票！阿特金斯強調，經濟現實勝過標籤。如果它像鴨子一樣行走並且像鴨子一樣嘎嘎叫，那麼您就明白了。

Atkins proposed a token taxonomy, dividing assets into categories. Network tokens, digital collectibles (NFTs!), and digital tools (think memberships) might dodge the securities bullet. Tokenized stocks and bonds? Still securities, baby! The goal? To separate decentralized, functional tokens from those promising ownership or profits. It's all about creating room for innovation without sacrificing investor protection.

阿特金斯提出了一種代幣分類法，將資產分為幾類。網絡代幣、數字收藏品（NFT！）和數字工具（比如會員資格）可能會避開證券子彈。代幣化的股票和債券？還是證券，寶貝！目標？將去中心化的功能性代幣與那些承諾所有權或利潤的代幣分開。這一切都是為了在不犧牲投資者保護的情況下創造創新空間。

Token Taxonomy: Decoding the Crypto Dictionary

代幣分類：解碼加密字典

Let's be real, the crypto world has its own language. Staking ecosystems, liquidity pools, zero-sum-proofs—it's a mouthful! This jargon has made it tough to fit digital assets into traditional frameworks. But the SEC's taxonomy is trying to change that.

說實話，加密世界有自己的語言。質押生態系統、流動性池、零和證明——太拗口了！這些術語使得數字資產很難融入傳統框架。但美國證券交易委員會的分類法正試圖改變這一現狀。

Atkins laid out four categories: digital commodities (like decentralized network tokens), digital collectibles, digital tools, and tokenized securities. This could mean less regulatory burden for many tokens, potentially boosting the U.S. digital-asset ecosystem.

阿特金斯列出了四個類別：數字商品（如去中心化網絡代幣）、數字收藏品、數字工具和代幣化證券。這可能意味著許多代幣的監管負擔減輕，從而有可能促進美國數字資產生態系統的發展。

Crypto Projects in the Spotlight: A Tale of Three Tokens

聚光燈下的加密項目：三種代幣的故事

When evaluating top crypto projects, the contrast between categories becomes clear when reviewing their performance and structure between January 2024 and November 2025.

在評估頂級加密貨幣項目時，在回顧 2024 年 1 月至 2025 年 11 月期間的表現和結構時，類別之間的對比變得清晰起來。

• TRUMP Coin: The wild child of crypto. High on speculation, short on stability. It's the kind of token that gives you adrenaline rushes and sleepless nights.
• Internet Computer (ICP): Ambitious and techy, but slow to translate vision into price appreciation. It's the marathon runner in a world of sprinters.
• BlockDAG: Enter BlockDAG, a project trying to blend structure with scarcity. With a presale at $0.005, a confirmed jump to $0.0078 and over $435 million raised in batch 32, BlockDAG positions itself as a structured, scarcity-based opportunity for investors seeking clearer upside.

BlockDAG: A Different Approach

BlockDAG：不同的方法

BlockDAG offers a structured, measurable model that contrasts sharply with both TRUMP coin’s sentiment-driven swings and ICP’s long development cycles. Its entry point of $0.005 and confirmed increase to $0.0078 establishes a clear percentage gain for those entering before the next adjustment.

BlockDAG 提供了一個結構化的、可測量的模型，與 TRUMP 幣的情緒驅動波動和 ICP 的漫長開發週期形成鮮明對比。其入場點為 0.005 美元，並確認上漲至 0.0078 美元，為那些在下一次調整之前入場的人建立了明顯的百分比收益。

With over $435 million raised and batch 32 currently active, BlockDAG has built one of the strongest presale track records in recent cycles. The supply metrics also create a sense of urgency, because only 4.2 billion coins remain. This scarcity is further reinforced by $86 million worth of institutional allocations, suggesting long-term interest in the project’s infrastructure.

BlockDAG 籌集了超過 4.35 億美元資金，目前有 32 批活動，已建立了最近週期中最強勁的預售記錄之一。供應指標也營造了一種緊迫感，因為只剩下 42 億枚代幣。價值 8,600 萬美元的機構撥款進一步強化了這種稀缺性，表明對該項目基礎設施的長期興趣。

For investors reviewing top crypto projects with an eye on structured upside potential rather than hype cycles or extended build timelines, BlockDAG provides a more defined entry framework. As the remaining supply narrows and the presale advances, BDAG positions itself as a project where timing, demand and development activity all work in favour of early participants.

對於關注結構化上行潛力而不是炒作週期或延長構建時間表的頂級加密項目的投資者來說，BlockDAG 提供了一個更明確的進入框架。隨著剩餘供應量的減少和預售的推進，BDAG 將自己定位為一個時間、需求和開發活動都對早期參與者有利的項目。

The Road Ahead

未來之路

The SEC's evolving stance and projects like BlockDAG signal a shift in the crypto landscape. Whether it leads to more clarity or just more jargon remains to be seen. But one thing's for sure: it's gonna be an interesting ride!

SEC 不斷變化的立場和 BlockDAG 等項目標誌著加密貨幣格局的轉變。它是否會帶來更多的清晰度或只是更多的術語還有待觀察。但有一件事是肯定的：這將是一次有趣的旅程！

So, what’s the takeaway? The SEC is trying to bring order to the crypto chaos, token taxonomy is the new buzzword, and crypto projects are adapting in their own unique ways. Stay informed, stay curious, and remember: in the world of crypto, anything is possible!

那麼，要點是什麼？美國證券交易委員會正試圖給加密貨幣的混亂帶來秩序，代幣分類法是新的流行語，加密貨幣項目正在以自己獨特的方式進行調整。保持信息靈通，保持好奇心，並記住：在加密世界中，一切皆有可能！

Disclaimer: This is not financial advice. Always do your own research before investing in crypto.

免責聲明：這不是財務建議。在投資加密貨幣之前，請務必先進行自己的研究。