SEC专员Hester Peirce提出了与加密相关证券交易的监管豁免框架

美国证券交易委员会（SEC）官方Hester Peirce提出了与加密相关证券交易的监管豁免框架

The U.S. Securities and Exchange Commission (SEC) is considering a regulatory exemption framework for crypto-related securities trading, aiming to balance investor protection with technological innovation, Commissioner Hester Peirce disclosed on May 8, 2025, at an SEC event in Washington D.C.

美国证券交易委员会（SEC）正在考虑针对加密相关的证券交易的监管豁免框架，旨在在2025年5月8日在华盛顿DC举行的SEC活动中披露，旨在使投资者保护与技术创新之间取得平衡。

Commissioner Peirce highlighted the importance of "sensible regulation" in maintaining the U.S. capital markets' competitiveness. She noted a 20-year decline in public company listings, attributing it partly to overly prescriptive disclosure requirements.

Peirce专员强调了“明智的监管”在维持美国资本市场竞争力方面的重要性。她注意到上市公司上市有20年的下降，部分归因于过度规定的披露要求。

While stressing the need for strong investor protection, Commissioner Peirce argued that overly rigid rules could stifle business growth and deter firms, especially smaller ones, from going public. She suggested scaling regulations for smaller entities to foster competition.

Peirce专员在强调对强大的投资者保护的需求时，认为过于严格的规则可能会扼杀业务增长，并阻止公司，尤其是较小的公司公开。她建议针对较小实体促进竞争的规模规定。

A Key Focus: Tokenized Securities

关键重点：令牌证券

A significant focus of Commissioner Peirce's keynote was on a proposed exemption order to facilitate the controlled testing of tokenized securities. These are traditional assets, such as stocks, that are digitized and recorded using blockchain technology.

专员皮尔斯（Peirce）主题演讲的重点是提出的豁免令，以促进对代币化证券的受控测试。这些是使用区块链技术数字化和记录的传统资产，例如股票。

The SEC's Crypto Task Force is currently exploring the possibility of granting temporary relief from certain registration rules to permit firms to experiment more rapidly with new technologies, specifically distributed ledger technology (DLT), for issuing, trading, and settling securities.

SEC的加密货币工作队目前正在探索从某些注册规则中暂时缓解的可能性，以使公司可以更快地使用新技术（专门分发分类帐技术（DLT））进行发行，交易和定居证券进行实验。

Firms operating under this exemption would still be subject to the SEC's anti-fraud provisions, ensuring the protection of investors. They would also be required to fulfill applicable disclosure mandates and maintain financial solvency.

在此豁免下运营的公司仍将受到SEC的反欺诈条款的约束，以确保对投资者的保护。他们还需要履行适用的披露规定并维持财务偿付能力。

"The contemplated exemption would be integrally conditioned. Exempted entities would comply with market integrity conditions for the prevention of fraud and manipulation," stated Commissioner Peirce at the SEC's 31st International Institute for Securities Market Growth and Development event.

SEC第31届国际证券市场增长和发展事件的专员说：“预期的豁免将是基于条件的。豁免实体将遵守预防欺诈和操纵的市场完整性条件。”

Further elaborating on the conditions for exemption, she added: "Additional conditions might include requirements to provide users with material and relevant disclosures about a platform's products, services, operations, conflicts of interest, and the risks, including smart contract risks; to comply with recordkeeping and reporting requirements; to be subject to monitoring and examination by SEC staff; and to have adequate financial resources for the platform's operations."

她补充说：“其他条件可能包括要求用户提供有关平台产品，服务，运营，利益冲突以及包括智能合同风险的风险的物质和相关披露的要求，包括智能合约风险；符合记录保存和报告要求；要受到SEC员工的监控和审查；并有足够的财务资源；并为平台的经营提供足够的财务资源。”

This framework, designed for testing and experimentation in a limited capacity, is inspired by global "regulatory sandboxes" where innovators operate in live markets with tailored supervision.

该框架设计用于以有限的容量测试和实验，灵感来自全球“监管沙箱”，在该框架中，创新者在现场市场上进行了量身定制的监督。

Commissioner Peirce also suggested the possibility of cross-border collaboration to streamline entry for firms targeting multiple jurisdictions. She noted the need for increased regulatory cooperation in today's interconnected financial landscape.

Peirce专员还提出了跨境协作的可能性，以简化针对多个司法管辖区的公司。她指出，在当今相互联系的金融环境中，有必要增加监管合作。

Among the key considerations for the exemption are mandatory risk disclosures to investors, emphasis on operational transparency from the firms involved, and potentially trading volume caps to manage investor exposure.

豁免的主要考虑因素是向投资者进行强制性风险披露，强调有关公司的运营透明度，以及可能交易数量上限以管理投资者的敞口。

Before the SEC finalizes the rules, the aim is to solicit feedback from industry stakeholders and the public. The structure of the exemption could adapt as the market for tokenized securities matures, and the technology used to trade these securities becomes more sophisticated.

在SEC最终确定规则之前，目的是征求行业利益相关者和公众的反馈。豁免的结构可以适应令牌化证券的市场，用于交易这些证券的技术变得更加复杂。

Capital Markets in the 21st Century

21世纪的资本市场

Commissioner Peirce's proposal aligns with the SEC's broader efforts to modernize its regulatory approach without compromising the capital markets' integrity.

Peirce专员的提议与SEC在不损害资本市场诚信的情况下对其监管方法进行现代化现代化的更广泛努力保持一致。

The regulator has been increasingly focused on adapting to technological advancements and ensuring optimal protection for investors in an evolving financial landscape.

该监管机构越来越专注于适应技术进步，并确保为不断发展的金融环境中的投资者提供最佳保护。