美國最高的監管機構昨天明確推動了變革

美國最高的監管機構昨天為變革做出了明確的努力，稱將股票和債券轉移到加密貨幣和區塊鏈上可以打開新的購買，出售和擁有股票的方式。

A top US regulator on Wednesday (August 9) signaled a strong intent for change, suggesting that moving stocks and bonds onto crypto and blockchain could open the door to new ways of buying, selling and owning shares.

美國最高的監管機構於週三（8月9日）表示有強烈的變革意圖，這表明將股票和債券轉移到加密貨幣和區塊鏈上可以打開新的購買，出售和擁有股份的新方法。

Speaking at a Washington roundtable on tokenization, the official, newly appointed US Securities and Exchange Commission (SEC) Chair Paul Atkins, drew a simple parallel to how music shifted from vinyl to digital files.

官方，新任命的美國證券交易委員會（SEC）主席保羅·阿特金斯（Paul Atkins）在華盛頓關於令牌化的圓桌會議上發表講話，與音樂從乙烯基轉變為數字文件的簡單相似。

Atkins added that sticking with old rules could push innovation offshore, and vowed to work with his fellow commissioners to quickly set fresh guidelines.

阿特金斯（Atkins）補充說，堅持舊規則可能會將創新推向海外，並發誓要與他的同事們合作以迅速制定新的指導方針。

Issuance Guidelines Under Scrutiny

審查的發行指南

According to Atkins, only four crypto issuers have used the SEC’s full registration or “Regulation A” since these tokens first appeared.

根據阿特金斯（Atkins）的說法，由於這些令牌首次出現以來，只有四個加密發行人使用了SEC的完整註冊或“法規A”。

The small number, he said, shows that current forms—like the long Form S-1—can feel like “a square peg in a round hole.” He suggested carving out clear paths, including new exemptions or safe harbors, so token offerings can meet basic disclosure needs without pages of irrelevant details.

他說，少數數字表明，當前的形式（例如S-1的長形式）可能感覺就像是“圓孔中的正方形釘”。他建議制定清晰的途徑，包括新的豁免或安全的港口，因此代幣產品可以滿足基本的披露需求，而無需無關緊要的細節。

Rethinking Custody Rules

重新考慮監護權規則

As reported, the SEC has already scrapped Staff Accounting Bulletin No. 121, which had tangled up firms wanting to hold digital assets. The speaker called that move just the first step.

據報導，SEC已經取消了員工會計公告121，該公報糾纏了希望持有數字資產的公司。說話者稱之為第一步。

He urged a fresh look at who can act as a “qualified custodian,” noting that some funds and advisers now use self-custody tools that may offer strong safeguards. Only two “special purpose broker-dealers” exist today, and he hinted that their narrow rules might be replaced with a more sensible model.

他敦促對誰可以充當“合格的託管人”的嶄新審視，並指出一些資金和顧問現在使用可能提供強大保障措施的自我顧客工具。當今只有兩個“特殊目的經紀交易者”，他暗示他們的狹窄規則可能被更明智的模型所取代。

«We may need to consider whether the existing framework for "special purpose broker-dealers" is sufficiently flexible to accommodate the evolving landscape of digital asset trading. This is an area where we can work together to ensure that our rules are keeping pace with the times and that our goal of investor protection remains paramount,» said Atkins.

«我們可能需要考慮現有的“特殊用戶經紀交易商”的框架是否足夠靈活，以適應數字資產交易的不斷發展的景觀。阿特金斯說，這是我們可以共同努力的領域，以確保我們的規則與時代保持同步，並且我們的投資者保護目標仍然至關重要。 ”

Trading Platforms Get New Focus

交易平台獲得新的重點

Atkins said it’s time to let brokers build “super apps” where customers can trade stocks, crypto and other products in a single place. He pointed out that nothing in current law bars broker-dealers from listing non-security tokens alongside shares.

阿特金斯說，是時候讓經紀人建立“超級應用程序”，客戶可以在一個地方交易股票，加密貨幣和其他產品。他指出，當前法律中沒有什麼都沒有列出與股票一起列出非安全令牌的。

To make that happen, he’s asking staff to update the rules for alternative trading systems, and to weigh whether national exchanges might host tokenized equity listings in the future.

為了實現這一目標，他要求員工更新替代交易系統的規則，並權衡國家交流是否可能在將來託管令牌股權上市。

«We are also examining the scope of the term 'security token' and how it relates to the broader category of tokens. As we coordinate our efforts, I believe we can quickly provide clear signals to investors and businesses, facilitating the efficient deployment of capital and the development of innovative financial products and services.»

«我們還在研究“安全令牌”一詞的範圍及其與更廣泛的令牌類別的關係。當我們協調我們的努力時，我相信我們可以快速向投資者和企業提供明確的信號，從而促進資本的有效部署以及創新的金融產品和服務的發展。

Task Force Drives Coordination

工作隊驅動協調

Atkins also highlighted a newly formed Crypto Task Force, led by two fellow commissioners and focused on coordinating the SEC’s work in crypto. He said this group fixes years of agency silos by pooling policy, legal and technical teams.

阿特金斯還強調了一個新成立的加密特遣部隊，由兩名專員領導，並致力於協調SEC在加密貨幣的工作。他說，這個小組通過集合政策，法律和技術團隊來解決多年的代理孤島。

The effort follows a call from US President Donald Trump to make the US «the crypto capital of the planet.»

這項努力是在美國總統唐納德·特朗普（Donald Trump）的呼籲之後，使美國“地球的加密之都”。