戴维斯·波尔克（Davis Polk＆Wardwell）会见了美国证券交易委员会的加密委员会工作队

这些会议的重点是为发行令牌证券的结构选择和监管方面的考虑，尤其是那些引用诸如美国股票和固定收入工具等资产的资产。

The U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force met with Ondo Finance and legal counsel from Davis Polk & Wardwell on April 24 to discuss regulatory pathways for tokenized versions of publicly traded U.S. securities, according to a meeting summary viewed by the agency’s staff.

根据该机构工作人员的会议摘要，美国证券交易委员会（SEC）加密委员会于4月24日与Davis Polk＆Wardwell的Ondo Finance和法律顾问会面，讨论了该机构工作人员的会议摘要。

The meeting minutes, dated April 24, offer insights into the ongoing efforts of the SEC to navigate the intersection of digital assets and traditional securities.

日期为4月24日的会议记录，提供了有关SEC在数字资产和传统证券交汇处的持续努力的见解。

The meeting focused on structuring options and regulatory considerations for issuing tokenized securities, particularly those referencing assets such as U.S. equities and fixed-income instruments.

会议的重点是针对发行令牌证券的结构选择和监管方面的考虑，尤其是那些参考美国股票和固定收入工具等资产的人。

Topics listed saw Ondo’s presentation highlight the regulatory challenges posed by tokenized securities, including registration requirements under the Securities Act, broker-dealer obligations under the Exchange Act, market structure rules, financial crimes compliance, and the application of state corporate laws.

列出的主题看到了Ondo的演讲突出了令牌化证券提出的监管挑战，包括根据《证券法》规定的注册要求，《交易所法》规定的经纪交易者义务，市场结构规则，金融犯罪遵守情况以及国家公司法律的适用。

The firm proposed discussing structuring approaches that would facilitate the compliant issuance and distribution of tokenized securities, while also exploring possibilities for participating in a regulatory sandbox or obtaining targeted relief to streamline the process further.

该公司提出了讨论结构化方法，以有助于促进令牌化证券的合规性发行和分配，同时还探索参与监管沙箱的可能性，或获得有针对性的救济以进一步简化该过程。

Additionally, Ondo’s legal team from Davis Polk & Wardwell illuminated key considerations around investor protection, anti-money laundering compliance, and the application of the Exchange Act to token-based issuance models.

此外，来自戴维斯·波尔克（Davis Polk＆Wardwell）的Ondo法律团队阐明了有关投资者保护，反洗钱合规性以及《 Exchange Act》在基于代币的发行模型中的应用。

Expanding institutional-grade tokenization

扩大机构级令牌

This initiative marks another step in Ondo’s broader push to integrate traditional financial assets into blockchain-native environments. The firm currently manages over $1 billion in tokenized products, rendering it a leading player in the space.

这项计划标志着Ondo更广泛地将传统金融资产纳入区块链本地环境的又一步。该公司目前管理着超过10亿美元的令牌化产品，使其成为该领域的领先参与者。

Out of the $6.15 billion tokenized U.S. Treasuries market, Ondo’s products comprise 16.4%.

在61.5亿美元的美国国债市场中，Ondo的产品占16.4％。

The Ondo Short-Term US Government Bond Fund (OUSG) is a blockchain-based fund that provides tokenized exposure to short-term U.S. Treasuries. Its primary backing is the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), and the fund endeavors to deliver yield at all times while maintaining liquidity.

ONDO短期美国政府债券基金（OUSG）是一个基于区块链的基金，可为美国短期美国财政部提供令牌化的风险。它的主要支持是BlackRock USD机构数字流动性基金（BUIDL），以及该基金在维持流动性的同时始终促进产量。

Meanwhile, a combination of short-term Treasuries and demand deposits held with banks secures Ondo’s US Dollar Yield Token (USDY).

同时，与银行持有的短期国库和需求存款的结合在一起，确保了Ondo的美元收益令牌（USDY）。

Designed to mimic the accessibility of stablecoins, USDY is targeted at non-U.S. investors seeking exposure to U.S. dollar-denominated returns without engaging traditional financial intermediaries.

USDY旨在模仿Stablecoins的可及性，是针对非美国投资者，寻求在不吸引传统金融中介机构的情况下接触以美元计价的回报。

Both products fall within a broader and rapidly expanding asset class in tokenized finance, which essentially consists of applying blockchain infrastructure to wrap and manage real-world securities in a digitally native format.

两种产品都属于令牌化财务中更广泛，迅速扩展的资产类别，基本上包括应用区块链基础架构以数字本机格式包装和管理现实世界证券。

Despite the growing interest in tokenized versions of traditional assets, the legal and regulatory landscape remains unclear, posing challenges to firms like Ondo seeking to launch and operate such products.

尽管对传统资产的代币版本越来越兴趣，但法律和监管环境仍不清楚，这对诸如Ondo寻求推出和运营此类产品等公司构成了挑战。

This meeting with the SEC’s Crypto Task Force is a part of a broader industry effort to seek clarity on regulatory guidelines since SEC leadership changed in January.

自从SEC领导层在一月份发生变化以来，与SEC的加密特遣部队的这次会议是更广泛的行业努力的一部分，以寻求监管指南。

Since rolling out its Crypto Task Force on January 21, the regulator has reportedly held 81 meetings with key figures from the crypto industry. The meetings covered a broad range of subjects, including the possibility of implementing staking in exchange-traded products (ETPs) and the impact of market manipulation on centralized platforms.

自从1月21日推出加密货币工作队以来，据报道，该监管机构与加密货币行业的关键人物举行了81次会议。会议涵盖了广泛的主题，包括实施交易所买卖产品（ETP）的可能性以及市场操纵对集中式平台的影响。

These moves highlight how the regulator is now engaging with the crypto industry more openly since President Donald Trump's administration began its term.

这些举动强调了自从唐纳德·特朗普总统开始任期以来，监管机构现在如何更公开地与加密货币行业互动。