SEC，加密货币和证券：导航新的边界

Project Crypto：SEC对数字资产的证券规则进行了现代化，解决了加密货币融入金融。这项大胆的主动性会推动美国加密领导吗？

SEC, Crypto, and Securities: Navigating the New Frontier

SEC，加密货币和证券：导航新的边界

The SEC is making waves in the crypto world, and it's all about securities. Buckle up, because things are about to get interesting. The core of it all? "Project Crypto," an initiative designed to modernize securities regulations for the blockchain age.

SEC在加密货币世界中引起了海浪，这全都与证券有关。系好，因为事情将变得有趣。这一切的核心？ “ Project Crypto”，旨在现代化区块链年龄的证券法规的倡议。

Project Crypto: A Bold Step Forward

Project Crypto：向前迈出的大胆一步

Spearheaded by SEC Chair Paul Atkins, Project Crypto aims to integrate digital assets into traditional financial markets. Think of it as the SEC finally acknowledging that crypto isn't going away and needs a proper regulatory framework.

由SEC主席保罗·阿特金斯（Paul Atkins）率领，Project Crypto旨在将数字资产纳入传统金融市场。将其视为SEC最终承认加密货币不会消失，需要一个适当的监管框架。

Atkins, in a speech on July 31st, highlighted the importance of clarifying the status of crypto assets. His key point? "Most crypto assets are not securities." This is a game-changer. The goal is to provide clear guidelines, exemptions, and safe harbors for token sales, airdrops, and other crypto distributions.

阿特金斯（Atkins）在7月31日的演讲中强调了阐明加密资产状况的重要性。他的要点？ “大多数加密资产不是证券。”这是一个改变游戏规则的人。目的是为代币销售，空投和其他加密分销提供明确的准则，豁免和安全的港口。

Bringing Crypto Home

带加密货币回家

For too long, regulatory uncertainty has pushed crypto projects offshore. Atkins is determined to bring them back. He criticized the previous "regulation-by-enforcement" approach, emphasizing the need for clear rules rather than punitive measures. By clarifying the Howey Test and establishing clear categories for digital commodities vs. securities, the SEC aims to create a welcoming environment for crypto innovation in the US.

长期以来，监管不确定性已将加密项目推向海上。阿特金斯决心将他们带回来。他批评了先前的“逐项法规”方法，强调了对明确的规则而不是惩罚性措施的必要性。通过阐明Howey测试并为数字商品与证券建立明确的类别，SEC旨在为美国的加密创新创造一个热情的环境。

Self-Custody and Trading Freedom

自我客户和交易自由

In a nod to crypto's libertarian roots, Atkins is a big proponent of self-custody. He views it as a “core American value.” However, he also recognizes the need for regulated custodians and aims to overhaul archaic rules like SAB 121, which have hindered institutional crypto services. The vision is to allow investors to trade crypto securities alongside traditional assets on unified platforms – imagine a “super-app” for all your investment needs!

为了致敬加密的自由主义者的根源，阿特金斯是自我casustody的主要支持者。他将其视为“美国核心价值”。但是，他还认识到需要受监管的监护人，并旨在对SAB 121等古老规则进行大修，这些规则阻碍了机构加密服务。愿景是允许投资者与统一平台上的传统资产一起交易加密证券 - 想象一下您所有投资需求的“超级应用”！

DeFi Gets a Seat at the Table

Defi坐在桌子上

Perhaps the most surprising aspect of Project Crypto is its embrace of decentralized finance (DeFi). Atkins acknowledges that federal securities laws traditionally assume intermediaries, but he's open to carving out space for “pure software publishers” and creating rules for hybrid models. This could pave the way for regulated decentralized exchanges (DEXs) and other innovative DeFi applications.

Project Crypto的最令人惊讶的方面也许是它对分散财务（DEFI）的拥抱。阿特金斯（Atkins）承认，联邦证券法传统上会承担中介，但他愿意为“纯软件出版商”雕刻空间，并为混合模型制定规则。这可以为监管的分散交易所（DEX）和其他创新型应用程序铺平道路。

The Global Race

全球种族

Atkins frames Project Crypto as a geopolitical imperative. He warns that other countries, like the EU and Singapore, are racing ahead in the crypto space. The US needs to act fast to reshore the businesses and jobs that have fled due to regulatory uncertainty. It’s not just about innovation; it’s about staying competitive on the global stage.

阿特金斯框架将加密计划作为地缘政治命令。他警告说，其他国家，例如欧盟和新加坡，都在加密货币空间前进。美国需要迅速采取行动，以重新建立由于监管不确定性而逃离的业务和工作。这不仅仅是创新；这是关于在全球舞台上保持竞争力。

A Personal Take

个人看法

While Project Crypto is a promising step, it's crucial to remember that regulatory clarity takes time. The SEC's efforts to modernize securities rules are essential for fostering innovation and protecting investors. However, the devil will be in the details. The guidelines, exemptions, and safe harbors must be carefully crafted to avoid stifling innovation or creating loopholes for bad actors.

尽管Project Crypto是一个有希望的步骤，但要记住，监管清晰度需要时间至关重要。 SEC对证券规则进行现代化的努力对于促进创新和保护投资者至关重要。但是，魔鬼将在细节中。必须精心制作准则，豁免和安全的港口，以避免扼杀创新或为坏演员造成漏洞。

It's like trying to teach your grandma how to use TikTok – it's a necessary step to keep her in the loop, but you gotta be patient and explain things clearly. Similarly, the SEC needs to provide clear, concise guidance that crypto entrepreneurs can easily understand and follow.

这就像试图教您的祖母如何使用Tiktok一样 - 这是让她保持循环的必要步骤，但是您必须耐心和清楚地解释事情。同样，SEC需要提供清晰，简洁的指导，加密企业家可以轻松理解和遵循。

Looking Ahead

展望未来

The SEC's Project Crypto is a significant move towards integrating crypto into the mainstream financial system. While challenges remain, the initiative signals a willingness to adapt and embrace the potential of blockchain technology. Whether this initiative will propel the US to the forefront of the crypto revolution remains to be seen, but it's definitely a step in the right direction.

SEC的Project Crypto是将加密货币集成到主流金融体系的重大举措。尽管仍然存在挑战，但该倡议表示愿意适应和拥抱区块链技术的潜力。这项倡议是否会推动美国进入加密革命的最前沿还有待观察，但这绝对是朝着正确方向迈出的一步。

So, keep your eyes peeled and your wallets ready. The future of crypto and securities is unfolding, and it's going to be one wild ride!

因此，请保持眼睛剥皮，并准备好钱包。加密和证券的未来正在发展，这将是一次狂野的旅程！