Defi教育基金（DEF）向SEC提交了一封信，提出了五个核心原则，以创建“令牌安全港”框架

该建议旨在帮助SEC结构对发展方向的代币项目的时间限制豁免

The DeFi Education Fund (DEF) has submitted a letter to the Securities and Exchange Commission (SEC) proposing five core principles for creating a “token safe harbor” framework.

DEFI教育基金（DEF）已向美国证券交易委员会（SEC）提交了一封信，提出了五个核心原则，以创建“代币安全港”框架。

The recommendations aim to help the SEC structure a time-limited exemption for token projects developing toward decentralization, offering a regulatory environment that facilitates disclosure without prematurely classifying assets as securities.

该建议旨在帮助SEC结构对制定权力下放的代币项目的时间限制豁免，提供一个监管环境，可促进披露而无需过早将资产分类为证券。

This proposal comes as Congress is working on broader legislation for digital assets, which may take time to enact.

这项提案是因为国会正在为数字资产制定更广泛的立法，这可能需要时间才能制定。

The DEF highlighted the urgent need for interim guidance to support the burgeoning DeFi sector.

DEF强调了迫切需要临时指导以支持新兴的偏见部门。

The letter proposes a technology-agnostic approach to accommodate various Web3 innovations.

这封信提出了一种适应各种Web3创新的技术不足的方法。

It recommends criteria for a broad class of tokens to be eligible, considering factors such as the issuer’s status, time of token distribution, and project's stage of decentralization at the time of application.

它建议将一系列代币的标准符合条件，以考虑诸如发行人的状态，代币分布时间以及在申请时项目的权力下放阶段的因素。

suggesting a focus on source code transparency, token economics, and governance structures.

建议专注于源代码透明度，代币经济学和治理结构。

It also proposes an "Exit Test" to gauge a project's progress in decentralization, examining aspects like transparency, participation, custody, control, and economic authority.

它还提出了一个“退出测试”，以评估一个项目在权力下放方面的进展，研究透明度，参与，监护权，控制和经济权威等方面。

A project that meets the criteria could graduate from the safe harbor, and the time-limited nature of the program would encourage efficient decentralization efforts.

一个符合标准的项目可以从安全港毕业，该计划的时间限制性质将鼓励有效的权力下放工作。

suggesting a period of three to four years for projects to achieve sufficient decentralization.

为项目实现足够的权力下放的项目提示了三到四年的时间。

Those still in progress after the initial window can apply for an extension, demonstrating continued efforts to decentralize.

在初始窗口后仍在进行的那些人可以申请扩展，这表明了继续分散的努力。

A critical component of the DEF’s proposal involved protections for secondary market participants.

DEF提案的关键组成部分涉及对二级市场参与者的保护。

While a token remains within the safe harbor, intermediaries supporting its trading, such as digital asset exchanges and market makers, should not be required to register as broker-dealers or securities exchanges.

虽然令牌保留在安全港内，但支持其交易的中介机构（例如数字资产交易所和做市商）不应被要求注册为经纪交易商或证券交易所。

suggesting that a broader infrastructure role is played by these firms, which support the secondary market ecosystem.

这些公司扮演了更广泛的基础设施角色，这些公司支持二级市场生态系统。

DEF noted that exempting infrastructure providers from traditional securities regulations would reduce legal uncertainty and foster broader participation in decentralized markets.

DEF指出，豁免基础设施提供商免于传统证券法规，将减少法律不确定性，并促进更广泛的参与分散市场。

While supporting the creation of a token safe harbor, the DEF ultimately called for Congress to develop a comprehensive legislative framework for digital assets.

在支持创建令牌安全港的同时，DEF最终呼吁国会为数字资产开发全面的立法框架。

The organization expressed that durable legal clarity must come from statute rather than temporary regulatory carve-outs. Nevertheless, a well-structured safe harbor could protect investors and developers while the longer lawmaking process unfolds.

该组织表示，持久的法律清晰度必须来自法规，而不是临时的监管雕刻。然而，结构良好的安全港可以保护投资者和开发商，而更长的立法流程则展开。

DEF concluded its letter by committing to ongoing engagement with the SEC and the broader crypto community. The organization also indicated that it would be publishing its recommendations publicly to solicit further feedback.

DEF通过承诺与SEC和更广泛的加密社区的持续参与结束了信。该组织还表示，它将公开发布其建议，以征求进一步的反馈。