SEC、加密资产和分类：纽约监管纪要

解读 SEC 对加密资产不断变化的立场：从“加密项目”到代币分类法，了解关键分类及其对投资者的意义。

SEC, Crypto Assets, and Classification: A New York Minute on Regulation

SEC、加密资产和分类：纽约监管纪要

Alright, folks, let's cut to the chase. The SEC is gettin' real about crypto, and it's time to figure out what's what. They're lookin' at how to classify these digital assets, so we know what's a security and what ain't. It's like trying to figure out if that slice of pizza is worth the five bucks—essential knowledge for any New Yorker.

好吧，各位，让我们切入主题吧。美国证券交易委员会正在认真对待加密货币，是时候弄清楚什么是什么了。他们正在研究如何对这些数字资产进行分类，以便我们知道什么是证券，什么不是。这就像试图弄清楚那片披萨是否值五块钱——这是任何纽约人的基本知识。

Project Crypto: A Fresh Start

加密项目：一个新的开始

SEC Chair Paul Atkins is spearheading this thing called "Project Crypto." Think of it as the SEC's way of sayin', "Okay, we need some rules here." The idea? To clarify crypto regulation under existing securities laws. It's all about bringin' some order to the chaos.

美国证券交易委员会 (SEC) 主席保罗·阿特金斯 (Paul Atkins) 正在带头开展名为“加密货币项目”的项目。可以将其视为 SEC 的说法：“好吧，我们需要一些规则。”这个想法？澄清现有证券法下的加密货币监管。这一切都是为了给混乱带来一些秩序。

Token Taxonomy: Classifying the Crypto Zoo

代币分类法：对加密动物园进行分类

Atkins mentioned the SEC is considering a token taxonomy based on the Howey test. Basically, they're tryna figure out if your crypto token is acting like a security. And here's the kicker: most crypto tokens, according to Atkins, aren't securities. It's like sayin' most pigeons in the park ain't actually worth anything—tough but true.

阿特金斯提到，美国证券交易委员会正在考虑基于豪伊测试的代币分类法。基本上，他们试图弄清楚你的加密代币是否像证券一样运作。关键在于：根据阿特金斯的说法，大多数加密代币都不是证券。这就像说公园里的大多数鸽子实际上一文不值——这很难，但却是事实。

The proposed crypto investment categories include:

拟议的加密货币投资类别包括：

• Digital commodities (network tokens): Not securities. Think Bitcoin.
• Digital collectibles (art, memes): Also not securities. Your NFT of a grumpy cat? Safe.
• Digital tools (memberships, tickets): Nope, not securities. That concert ticket you bought with Ethereum? You're good.
• Tokenized securities (blockchain-tracked stocks, bonds): These are securities. No surprise there.

Not Forever a Security

不是永远的安全

Here's a key point: just because a token started as part of an investment contract doesn't mean it's always a security. Atkins put it best: "Once the investment contract can be understood to have run its course…those trades are no longer 'securities transactions' simply by virtue of the token’s origin story." It's like saying that old MetroCard you used to get into the subway isn't still valid just 'cause it was once part of your daily commute.

这是一个关键点：仅仅因为代币作为投资合同的一部分开始并不意味着它始终是一种证券。阿特金斯说得最好：“一旦投资合约可以被理解为已经完成了它的进程……仅仅凭借代币的起源故事，这些交易就不再是‘证券交易’。”这就像说您用来乘坐地铁的旧地铁卡不再有效，只是因为它曾经是您日常通勤的一部分。

The Fraud Factor

欺诈因素

Of course, the SEC isn't gonna let scammers run wild. Atkins made it clear they'll still prosecute bad actors. "Anti-fraud provisions can still apply to misstatements and omissions made in connection with the sale of an investment contract." So, play it straight, folks.

当然，SEC 不会让骗子猖獗。阿特金斯明确表示，他们仍将起诉不良行为者。 “反欺诈条款仍然适用于与投资合同销售有关的错报和遗漏。”所以，伙计们，直接玩吧。

A New York Perspective

纽约视角

This is a positive step. It provides clarity and allows for innovation without sacrificing investor protection. The classification helps to determine if specific cryptocurrency meets the requirements for a security.

这是积极的一步。它在不牺牲投资者保护的情况下提供了透明度并允许创新。该分类有助于确定特定的加密货币是否满足证券的要求。

The Bottom Line

底线

The SEC is trying to create clear rules for the crypto world, focusing on economic reality rather than just origin stories. It's about time, right? So, keep your eyes peeled, do your homework, and remember: even in the wild world of crypto, common sense still rules.

美国证券交易委员会正试图为加密货币世界制定明确的规则，重点关注经济现实而不仅仅是起源故事。是时候了，对吧？因此，请擦亮眼睛，做好功课，并记住：即使在加密货币的狂野世界中，常识仍然占主导地位。

Now, go grab a bagel and contemplate the future of finance. You've earned it!

现在，去吃个百吉饼，思考一下金融的未来吧。你赚到了！