SEC，加密监管和数字资产：一个新时代？

Project Crypto：深入了解SEC的倡议，其对加密监管的影响以及美国数字资产的未来

SEC, Crypto Regulation, and Digital Assets: A New Era?

SEC，加密监管和数字资产：一个新时代？

The SEC's "Project Crypto" signals a shift in digital asset regulation, aiming to modernize frameworks and position the U.S. as a blockchain finance hub. Let's dive in.

SEC的“加密项目”标志着数字资产法规的转变，旨在使框架现代化并将美国定位为区块链金融集线器。让我们潜水。

Project Crypto: A U.S. Crypto Renaissance in Motion

Project Crypto：美国加密文艺复兴时期

SEC Chair Paul Atkins has made it clear: the U.S. is done playing defense on crypto. "Many of the Commission’s legacy rules do not make sense for on-chain markets," Atkins stated, launching Project Crypto to rebuild the regulatory foundation for blockchain-based finance.

SEC主席保罗·阿特金斯（Paul Atkins）明确表示：美国已经在加密货币上进行防守了。阿特金斯说：“委员会的许多遗产规则对于链上市场没有意义。”他推出了加密货币项目以重建基于区块链的金融基金会。

This initiative follows a 160-page report by the President’s Working Group on Digital Assets, supporting the vision to make the U.S. the "crypto capital of the world." Atkins plans to use this report as a blueprint for regulatory transformation.

该计划遵循总统工作组关于数字资产的160页报告，支持使美国成为“世界的加密之都”的愿景。阿特金斯计划将此报告用作监管转换的蓝图。

Token Clarity: Ending the "Security or Not?" Debate

象征性的清晰度：结束“安全与否？”辩论

One of the most immediate effects of Project Crypto will be eliminating ambiguity around token classification, a major issue that has paralyzed the industry for years. Atkins sharply diverges from former SEC Chair Gary Gensler, who maintained that nearly all crypto assets were securities.

Project Crypto最直接的影响之一是消除有关令牌分类的歧义，这是一个多年来该行业瘫痪的主要问题。阿特金斯（Atkins）与前美国证券交易委员会主席加里·加斯勒（Gary Gensler）急剧分歧，他坚持认为几乎所有加密资产都是证券。

Under the new vision, not all tokens will be classified as securities. New interpretative guidelines will clearly distinguish utility tokens, stablecoins, and collectibles from investment contracts, reducing regulatory uncertainty for developers and investors.

在新愿景下，并非所有令牌都将被归类为证券。新的解释指南将清楚地将公用事业令牌，稳定币和收藏品与投资合同区分开来，从而减少开发商和投资者的监管不确定性。

Atkins emphasized that founders shouldn’t be compelled to form DAOs or relocate simply to avoid regulatory risk. "Projects should not be forced to decentralize prematurely if it’s not part of their plan," he stated. This move is likely to reshape how early-stage projects launch, fundraise, and scale, potentially pulling billions in developer and investor capital back to U.S. soil.

阿特金斯（Atkins）强调，不应仅仅以避免监管风险而被迫形成Daos或搬迁。他说：“如果不属于计划的一部分，则不应强迫提前分散。”这一举动可能会重塑早期项目的推出，筹款和规模，并有可能吸引数十亿美元的开发商和投资者资本回到美国。

The Rise of Financial "Super-Apps"

财务“超级应用”的兴起

Perhaps the most revolutionary element of Project Crypto is its endorsement of on-chain financial "super-apps." These are platforms where users can trade, custody, stake, and make payments all in one place.

加密项目中最革命性的要素也许是对链上财务“超级应用”的认可。这些是用户可以在一个地方进行交易，监护，股份和付款的平台。

Atkins proposed that the SEC grant single-entity licenses to firms offering multi-function platforms, reducing regulatory friction and spurring app innovation. This paves the way for launches like Coinbase’s upcoming "Everything Exchange," which is expected to integrate tokenized stocks, prediction markets, and derivatives all compliant under U.S. law.

阿特金斯（Atkins）建议SEC授予提供多功能平台的公司，从而减少监管摩擦和激发应用程序创新。这为发射铺平了道路，例如Coinbase即将推出的“一切交易所”，预计将根据美国法律遵守令牌化的股票，预测市场和衍生品。

If implemented, this approach could rival Asia’s leading fintech super-apps and firmly anchor DeFi inside the U.S. financial system.

如果实施，这种方法可以竞争亚洲领先的金融科技超级应用程序，并在美国金融体系内牢固地锚定Defi。

Macro Impact: Fed Policy, Inflation, and Crypto’s Resilience

宏观影响：联邦政策，通货膨胀和加密货币的弹性

While Project Crypto sets the tone for structural reform, macroeconomic headwinds continue to play a role. Yet, as analysts at The Motley Fool noted, crypto’s current bull phase may be less rate-sensitive than in previous cycles. Institutional adoption, network upgrades, and tokenization of real-world assets are creating durable demand that doesn’t rely solely on monetary policy.

尽管Project Crypto为结构改革定下了基调，但宏观经济的逆风继续发挥作用。然而，正如莫特利傻瓜的分析师所指出的那样，加密当前的牛阶段可能比以前的周期更少。机构采用，网络升级和现实资产的令牌化正在创造不仅依赖货币政策的持久需求。

Atkins’ approach could amplify these fundamentals by simplifying token issuance, encouraging institutional custody of crypto, and removing unnecessary regulatory friction in on-chain markets.

阿特金斯的方法可以通过简化令牌发行，鼓励对加密货币的机构监护以及消除链链市场中不必要的监管摩擦来扩大这些基本面。

Final Thoughts

最后的想法

So, is this the dawn of a new era for crypto in the U.S.? It certainly seems like it. With Project Crypto, the SEC is signaling a more open and innovation-friendly approach. Buckle up, folks—it looks like things are about to get interesting!

那么，这是美国加密货币的新时代的曙光吗？当然似乎是这样。借助Project Crypto，SEC指示了一种更开放和更具创新的方法。伙计们，搭扣，看起来事情将变得有趣！