Web3需要一個清晰的監管系統，以解決創新瓶頸和分散融資（DEFI）的用戶安全。

一個普遍的批評是，監管審查導致創新死亡，將這種情況追溯到拜登政府。

Web3 needs a clear regulatory system that addresses innovation bottlenecks and user safety in decentralized finance (DeFi). A one-size-fits-all approach cannot be achieved to regulate DeFi. The industry needs custom, risk-based approaches that balance innovation, security and compliance.

Web3需要一個清晰的監管系統，以解決創新瓶頸和分散融資（DEFI）的用戶安全。不能實現一種單一適合的方法來調節defi。該行業需要平衡創新，安全性和合規性的自定義，基於風險的方法。

DeFi’s challenges and rules

Defi的挑戰和規則

A common critique is that regulatory scrutiny leads to the dead of innovation, and many have pointed the finger at the Biden administration.

一個常見的批評是，監管審查導致創新的死亡，許多人將手指指向拜登政府。

In 2022, crypto businesses faced increased uncertainty following lawsuits against Coinbase, Binance and OpenSea for alleged violations of securities laws.

2022年，由於涉嫌違反證券法的行為，加密貨幣企業面臨的不確定性增加了不確定性。

However, in a surprising move, the US administration, through the Securities and Exchange Commission, agreed to dismiss the lawsuit against Coinbase, as the agency reversed its crypto stance, hinting at a path toward regulation with clear boundaries.

但是，令人驚訝的是，美國政府通過證券和交易委員會同意駁回對Coinbase的訴訟，因為該機構扭轉了加密貨幣立場，暗示了通過明確的邊界進行監管的道路。

Many would argue that the same risk is the same rule. Imposing traditional finance requirements on DeFi simply will not work from many aspects but the most technical challenges.

許多人會認為同樣的風險是相同的規則。對DEFI施加傳統的財務要求根本不會從許多方面起作用，而是最技術的挑戰。

Openness, transparency, immutability, and automation are key parameters of DeFi. Without clear regulations, however, the prevalent issue of “Ponzi-like schemes” can divert focus from effective innovation use cases to conjuring a “deceptive perception” of blockchain technology.

開放性，透明度，不變性和自動化是defi的關鍵參數。但是，如果沒有明確的法規，“類似龐氏騙局”的普遍問題可以將重點從有效的創新用例轉移到召喚區塊鏈技術的“欺騙性看法”。

Guidance and clarity from regulatory bodies can reduce significant risks for retail users.

監管機構的指導和清晰度可以降低零售用戶的重大風險。

Policymakers should take the time to understand DeFi’s architecture before introducing restrictive measures. DeFi needs risk-based regulatory models that understand its architecture and address illicit activity and consumer protection.

在引入限制性措施之前，決策者應花時間了解Defi的體系結構。 DEFI需要基於風險的監管模型，以了解其體系結構並解決非法活動和消費者保護。

Self-regulatory frameworks cultivate transparency and security in DeFi

自我調節框架培養了Defi的透明度和安全性

The entire industry highly recommends implementing a self-regulatory framework that ensures continuous innovation while simultaneously ensuring consumer safety and financial transparency.

整個行業強烈建議實施一個自我調節框架，以確保連續創新，同時確保消費者的安全和財務透明度。

For instance, DeFi platforms have taken a self-regulatory approach by implementing robust security measures, including transaction monitoring, wallet screening and implementing a blacklist mechanism that restricts a wallet of suspicion with illicit activity.

例如，Defi平台通過實施強大的安全措施採取了自我調節方法，包括交易監控，錢包篩查和實施黑名單機制，該機制限制了具有非法活動的懷疑錢包。

Sound security measures would help DeFi projects monitor onchain activity and prevent system misuse. Self-regulation can help DeFi projects operate with greater legitimacy, yet it may not be the only solution.

合理的安全措施將有助於Defi項目監控OnChain活動並防止系統濫用。自我調節可以幫助Defi項目以更大的合法性運作，但這可能不是唯一的解決方案。

Clear structure and governance are key

清晰的結構和治理是關鍵

It’s no secret that institutional players are waiting for the regulatory green light. Adding to the list of regulatory frameworks, Markets in Crypto-Assets (MiCA) sets stepping stones for future DeFi regulations that can lead to the institutional adoption of DeFi. It provides businesses with regulatory clarity and a framework to operate.

機構參與者正在等待監管綠燈，這已經不是什麼秘密了。加密資源（MICA）的市場框架的列表還為未來的Defi法規設置了墊腳石，這可能導致機構採用Defi。它為企業提供了監管清晰度和運營框架。

Many crypto projects will struggle and die as a result of higher compliance costs associated with MiCA, which will enforce a more reliable ecosystem by requiring augmented transparency from issuers and quickly attract institutional capital for innovation. Clear regulations will lead to more investments in projects that support investor trust.

由於與MICA相關的較高合規成本，許多加密項目將掙扎和死亡，這將通過需要增強發行人的透明度來實施更可靠的生態系統，並迅速吸引機構資本進行創新。明確的法規將導致在支持投資者信託的項目上進行更多的投資。

Anonymity in crypto is quickly disappearing. Blockchain analytics tools, regulators and companies can monitor suspicious activity while preserving user privacy to some extent. Future adaptations of MiCA regulations can enable compliance-focused DeFi solutions, such as compliant liquidity pools and blockchain-based identity verification.

加密中的匿名性很快消失了。區塊鏈分析工具，監管機構和公司可以監視可疑活動，同時在某種程度上保留用戶隱私。 MICA法規的未來改編可以實現以合規性的DEFI解決方案，例如合規流動性池和基於區塊鏈的身份驗證。

Regulatory clarity can break barriers to DeFi integration

法規清晰度可能會打破障礙物的障礙

The banks’ iron gate has been another significant barrier. Compliance officers frequently witness banks erect walls to keep crypto out. Bank supervisors distance companies that are out of compliance, even if it’s indirect scrutiny or fines, slamming doors on crypto projects’ financial operations.

銀行的鐵門是另一個重大障礙。合規人員經常見證銀行豎立牆壁，以防止加密貨幣。銀行主管的遠程公司不合規，即使是間接的審查或罰款，也對加密項目的財務運營抨擊了門。

Clear regulations will address this issue and make compliance a facilitator, not a barrier, for DeFi and banking integration. In the future, traditional banks will integrate DeFi. Institutions will not replace banks but will merge DeFi’s efficiencies with TradFi’s structure.

明確的法規將解決此問題，並使合規性成為促進者，而不是障礙，以進行FEFI和銀行整合。將來，傳統銀行將整合Defi。機構將不會取代銀行，但會將Defi的效率與Tradfi的結構合併。

Recent: Hester Peirce calls for SEC rulemaking to ‘bake in’ crypto regulation

最近：海斯特·皮爾斯（Hester Peirce）要求SEC規則制定“烘烤”加密法規

The repeal of Staff Accounting Bulletin (SAB) 121 in January 2025 mitigated accounting burdens for banks to recognize crypto assets held for customers as both assets and liabilities on their balance sheets. The previous laws created hurdles of increased capital reserve requirements and other regulatory challenges.

廢除員工會計公告（SAB）121在2025年1月減輕了銀行的會計負擔，以承認為客戶持有的加密資產作為資產負債表上的資產和負債。先前的法律構成了增加資本儲備要求和其他監管挑戰的障礙。

SAB 122 aims to provide structured solutions from reactive compliance to proactive financial integration — a step toward creating DeFi and banking synergy. Crypto companies must still follow accounting principles and disclosure requirements to protect crypto assets.

SAB 122旨在提供從反應性合規性到主動財務整合的結構化解決方案，這是邁向建立Defi和Banking Synergy的一步。加密公司仍然必須遵循會計原則和披露要求，以保護加密資產。

Clear regulations can increase the frequency of banking use cases, such as custody, reserve backing, asset tokenization, stablecoin issuance and offering accounts to digital asset businesses.

明確的法規可以增加銀行用例的頻率，例如託管，儲備支持，資產令牌化，穩定股票的發行以及向數字資產業務提供帳戶。

Building bridges between regulators and innovators in DeFi

在Defi的監管機構和創新者之間建造橋樑

Experts pointing out concerns about DeFi’s over-regulation killing innovation can now address them using “regulatory sandboxes.” These dispense startups with a “secure zone” to test their products before committing to full-scale regulatory mandates. For example, startups in the United Kingdom under the Financial Conduct Authority are thriving using this “trial and error” method that has accelerated innovation.

專家指出，對Defi的過度監管殺死創新的擔憂現在可以使用“監管沙箱”來解決它們。這些分配初創公司帶有“安全區域”，以測試其產品，然後再承擔全尺寸的監管任務。例如，在金融行為當局下的英國初創企業正在使用這種加速創新的“反複試驗”方法蓬勃發展。

These have enabled businesses to test innovation and business models in a real-world setting, with supervision from the regulator. Sandboxes could be accessible to licensed entities, unstartup or companies outside the financial services sector.

這些使企業能夠在現實環境中測試創新和業務模型，並在監管機構的監督下測試。在金融服務部門以外的許可實體，開業或公司可以使用沙箱。

Similarly, the European Union’s DLT Pilot Regime advances innovation and competition, encouraging market entry for startups by reducing upfront compliance costs through “gates

同樣，歐盟的DLT飛行員制度推進了創新和競爭，通過“大門