本週，專員赫斯特·皮爾斯（Hester Peirce）透露了“沙盒式”豁免的計劃。

令牌化旨在讓企業在沒有通常的監管繁文tape節的情況下在區塊鏈上發行，交易和解決證券。這可能是改變遊戲規則的人。

This week saw Commissioner Hester Peirce unveil plans for a unique “sandbox-style” exemption.

本週，專員赫斯特·皮爾斯（Hester Peirce）揭開了獨特的“沙盒式”豁免計劃。

It aims to streamline the tokenization process, enabling firms to issue, trade, and settle securities on blockchain without the usual regulatory red tape. This could be a game-changer in opening up new avenues for capital formation and investment.

它的目的是簡化令牌化過程，使公司能夠在沒有通常的監管繁文tape節的情況下在區塊鏈上發行，交易和解決證券。這可能是改變遊戲形成和投資的新途徑的遊戲規則。

Breaking the Regulatory Bottleneck

打破監管瓶頸

For years, tokenized securities—digital versions of assets like stocks or bonds—have struggled to gain traction in the U.S. despite booming in other parts of the world. The main hurdle is clear: firms must register as broker-dealers, exchanges, or clearinghouses to comply with rules that were crafted long before blockchain technology.

多年來，儘管在世界其他地區蓬勃發展，但標記的證券（如股票或債券）的數字版本（如股票或債券）一直在努力獲得吸引力。主要障礙很明顯：公司必須註冊為經紀交易商，交流或清算房屋，才能遵守在區塊鏈技術之前已經制定的規則。

These regulations, while crucial for investor protection in the traditional financial markets, add significant friction and capital requirements for startups navigating the nascent Web3 space. Without a robust market, regulators are less likely to loosen controls. But without eased rules, the market struggles to grow. It’s the classic chicken-and-egg problem.

這些法規雖然對傳統金融市場的投資者保護至關重要，但為初創企業瀏覽新生Web3空間的初創公司增加了巨大的摩擦和資本要求。沒有強大的市場，監管機構就會放鬆控制措施。但是沒有放鬆的規則，市場就在努力發展。這是經典的雞肉和雞蛋問題。

Peirce’s proposal aims to break this cycle by offering temporary exemptions for companies to test blockchain systems in a controlled environment. Imagine a sandbox playground: firms get to experiment with tokenized securities in new ways, maintaining good records, transparency on custody, explaining smart contracts, and submitting to SEC oversight. They won’t face the full regulatory burden right away.

Peirce的提議旨在通過為公司在受控環境中測試區塊鏈系統的臨時豁免來打破這一周期。想像一下一個沙盒操場：公司可以以新的方式嘗試使用令牌化證券，保持良好的記錄，透明度，解釋智能合約並提交SEC監督。他們不會立即面臨全部監管負擔。

SEC Commissioner Hester Peirce is proposing a “sandbox” model that could allow blockchain-based securities to be tested without the usual red tape.

SEC專員Hester Peirce提出了一種“沙盒”模型，該模型可以允許在沒有通常的繁文tape節的情況下測試基於區塊鏈的證券。

Find out why this is a big deal for platforms like TokenFi 👇https://t.co/nmcleiyqPH

找出為什麼這對Tokenfi 👇https：//t.co/nmcleiyqph之類的平台來說是一件大事。

This approach is inspired by similar programs in other countries. The UK’s Digital Securities Sandbox, for instance, allows flexible testing timeframes based on a company’s experience level. Meanwhile, Hong Kong and Singapore have launched initiatives focusing on institutions from traditional finance to quickly integrate tokenization. The SEC hopes to learn from these global efforts, possibly forging international collaborations and including startups alongside Wall Street firms in the initiative.

這種方法的靈感來自其他國家 /地區的類似計劃。例如，英國的數字證券沙箱可以根據公司的經驗水平進行靈活的測試時間範圍。同時，香港和新加坡發起了倡議，重點是傳統金融機構，以迅速整合令牌化。 SEC希望從這些全球努力中學習，可能建立國際合作，並在該計劃中與華爾街公司一起進行包括初創企業。

Why It Matters Now

為什麼現在很重要

Tokenization—the process of converting real-world assets into digital tokens on a blockchain—is rapidly gaining momentum. Platforms like TokenFi empower anyone to tokenize assets quickly and efficiently, be it real estate, treasury bonds, or even more niche items.

令牌化（將現實世界資產轉換為區塊鏈上的數字代幣的過程）迅速獲得動力。像Tokenfi這樣的平台使任何人都可以快速有效地將資產施加，無論是房地產，國庫券，甚至更多的利基產品。

TOKENFI TOKEN LAUNCHER IS LIVE ON MAINNET

Tokenfi令牌發射器已在Mainnet上直播

IT’S OFFICIAL!

這是正式的！

TokenFi Token Launcher is live on the mainnet of five top EVM blockchains: Ethereum, BNB Chain, Base, Arbitrum, and opBNB.

Tokenfi令牌發射器現場直播在五個頂級EVM區塊鏈的主網上：以太坊，BNB鏈，基礎，仲裁和OpbnB。

With TokenFi Token Launcher, ANYONE can create a fungible crypto token (ERC-20), NFT (ERC-721),…

使用Tokenfi令牌發射器，任何人都可以創建一個可函數的加密代幣（ERC-20），NFT（ERC-721），…

This new sandbox program could be a pivotal step in accelerating innovation in the U.S. capital markets. It would open the door for smaller companies and startups to participate, potentially leading to faster development of new technologies and products.

這個新的沙箱計劃可能是加速美國資本市場創新的關鍵一步。它將為較小的公司和初創公司參與打開大門，有可能導致更快的新技術和產品的開發。

The goal, as Commissioner Peirce emphasizes, is “a commercially feasible approach that protects investors while harnessing cutting-edge technologies for trading and settlement.”

正如Peirce專員強調的那樣，目標是“一種在商業上可行的方法，可以保護投資者，同時利用尖端技術進行交易和和解。”

The SEC’s upcoming Tokenization Roundtable on May 12 is expected to spark lively discussions, bringing together experts from both traditional finance and decentralized finance (DeFi) to share their insights on this crucial topic.

SEC即將在5月12日圓桌會議的圓桌會議預計將引發活潑的討論，從而將傳統金融和分散財務（DEFI）的專家匯集在一起​​，以分享他們對這個關鍵主題的見解。