SEC的最新政策圆桌会议以代码驱动的创新为焦点，分散财务在华盛顿成为中心舞台

SEC的最新政策圆桌会议的备受瞩目

The U.S. Securities and Exchange Commission (SEC) is placing the potential of decentralized finance (DeFi) at the heart of its policy thinking, aiming to balance innovation with investor protection.

美国证券交易委员会（SEC）将分散财务（DEFI）的潜力置于其政策思维的核心，旨在使创新与投资者保护之间取得平衡。

At the final session of the Crypto Task Force’s Spring Sprint roundtable series on June 9, SEC Commissioner Hester Peirce spoke about how DeFi aligns with core U.S. values. The event, titled "DeFi and the American Spirit," marked the culmination of a months-long initiative focused on major regulatory themes in crypto, including custody, tokenization, and trading.

在6月9日，Crypto特遣队的Spring Sprint圆桌会议系列赛的最后会议上，SEC专员Hester Peirce谈到了Defi如何与美国核心价值观保持一致。该活动的标题为“ Defi and The American Spirit”，标志着为期一个数月的倡议的高潮，重点是加密中的主要监管主题，包括监护权，令牌化和交易。

The sessions, moderated by former SEC Commissioner Troy Paredes, were instrumental in shaping ongoing SEC policy discussions around digital assets, said Peirce, who is known for her advocacy of crypto regulation.

Peirce说，由前美国证券交易委员会（Troy Paredes）主持的会议在塑造了围绕数字资产的SEC政策讨论中发挥了作用。

DeFi, a term used to describe decentralized financial applications on blockchains, has been a subject of debate within the SEC. Some commissioners, including Peirce, see it as an innovation that could create new markets and services, while others have expressed concerns about potential regulatory arbitrage and the need for centralized oversight.

DEFI是用于描述区块链上的分散财务应用的术语，一直是SEC内的辩论主题。一些专员，包括皮尔斯（Peirce），将其视为一种创新，可以创造新的市场和服务，而另一些则对潜在的监管套利和对集中监督的需求表示担忧。

The Build Back Better Act, passed by Congress in 2021, tasked the SEC with studying the implications of DeFi and issuing a report within 180 days. The report, released in March, concluded that DeFi presents both opportunities and risks, and that the SEC’s existing authorities are sufficient to oversee this emerging domain.

国会于2021年通过的《更好的改编法案》（Better Back Back Better Act）负责SEC研究DEFI的含义并在180天内发布报告。该报告将于3月发布，得出的结论是，Defi提出了机会和风险，而SEC的现有当局足以监督该新兴领域。

During the session, Peirce differentiated DeFi from traditional platforms, highlighting that it's not a service provided and controlled by intermediaries, but rather a system where users interact directly with open-source protocols.

在会议期间，Peirce将Defi与传统平台区分开来，强调它不是由中介提供和控制的服务，而是用户直接与开源协议进行交互的系统。

"DeFi is not a place people go to access services that someone else provides and controls; it is software code that people use to engage in the activity of transacting without a centralized intermediary," explained Peirce.

Peirce解释说：“ Defi不是人们去访问别人提供和控制的服务；这是人们用来从事交易活动而没有集中式中介机构的软件代码。”

The commissioner also emphasized the constitutional protections for those who write and publish such code. "The SEC must not infringe on First Amendment rights by regulating someone who merely publishes code on the basis that others use that code to carry out activity that the SEC has traditionally regulated," she stated.

专员还强调了那些编写和发布此类守则的人的宪法保护。她说：“ ​​SEC不得通过规范仅发布代码的人来侵犯第一修正案的权利，因为他人使用该代码来开展SEC传统上监管的活动。”

"If somebody else subsequently violates the law using the software protocol, the user—not the developer of the software—should face the music," added Peirce.

Peirce补充说：“如果其他人随后使用软件协议违反了法律，则用户（而不是软件的开发人员）应该面对音乐。”

In her remarks, Peirce used the term "DeFi-In-Name-Only (DINO)" to warn against deceptive efforts to brand centralized services as DeFi.

皮尔斯（Peirce）在她的讲话中使用“只有名称（Dino）”一词来警告欺骗性的努力，以将集中式服务作为Defi品牌。

"We should be wary of efforts to expand the scope of SEC regulation to encompass the activity of software developers or users in a manner that does not closely align with the SEC’s traditional regulatory role or serve the best interests of investors," said Peirce.

Peirce说：“我们应该保持谨慎的努力，以扩大SEC监管的范围，以不与SEC的传统监管角色保持一致或为投资者的最大利益而涵盖软件开发人员或用户的活动。”

The commissioner maintained that the SEC’s efforts are best spent protecting investors "from the providers of financial services, rather than from their own use of open-source software code to engage in transactions with their peers, or from the writers of such code."

专员们坚持认为，SEC的努力最好花在保护投资者“免受金融服务提供商免受金融服务的提供者之外，而不是通过自己使用开源软件代码来与同行或此类代码的作者进行交易。”

In the same vein, Paredes highlighted the importance of focusing on clear threats to investors amid the hype surrounding new technologies.

同样，帕雷德斯强调了在围绕新技术的炒作中关注对投资者的明显威胁的重要性。

"We need to be mindful of the SEC’s limited resources and ensure that our regulatory efforts are concentrated on the actors and activities that pose the most significant risks to investors," said Paredes.

帕雷德斯说：“我们需要注意SEC的有限资源，并确保我们的监管工作集中在对投资者带来最大风险的参与者和活动上。”

The session’s participants discussed the implications of applying traditional financial regulatory frameworks in the context of DeFi. A key theme was the need for a balanced approach that preserves individual rights while ensuring legitimate regulatory oversight of centralized actors.

会议的参与者讨论了在DEFI背景下应用传统财务监管框架的含义。一个关键主题是需要保持平衡的方法，以确保个人权利，同时确保对集中演员的合法监管监督。