FIT21：美国数字资产监管的新时代

该法案旨在制定有关美国比特币交易所的新立法。

House Republicans on May 5, 2025, released a legislative discussion draft of the Financial Innovation and Technology for the 21st century Act (FIT21). The bill, which is being drafted with the joint leadership of the House Financial Services Committee and House Agriculture Committee, aims to create new legislation governing bitcoin exchanges in the U.S. It seeks to forge a regulated structure for digital assets while resolving long-standing regulatory ambiguities.

众议院共和党人于2025年5月5日发布了《 21世纪法案》（FIT21）的金融创新和技术的立法讨论草案。该法案是由众议院金融服务委员会和众议院农业委员会的联合领导人起草的，旨在在美国制定新的管理比特币交易所的立法。

The draft, which is an amendment to the previous version of FIT21 passed by the House in 2024, brings forth major changes in the landscape of cryptocurrency governance. It classifies digital assets on the basis of functionality and decentralization. The assets that would be considered decentralized by the Commodity Futures Trading Commission (CFTC) can be labeled digital commodities, which are governed by the CFTC; the assets that will still be considered centralized, however, will be coming under the ambit of the Securities and Exchange Commission (SEC) as restricted or unregistered assets.

该草案是对2024年众议院通过的先前版本的FIT21的修正案，对加密货币治理的景观进行了重大变化。它根据功能和权力下放对数字资产进行分类。商品期货交易委员会（CFTC）将被视为分散的资产可以标记为由CFTC管辖的数字商品；但是，仍将被认为是集中化的资产将在证券交易委员会（SEC）的范围内被视为限制或未注册的资产。

The new legislation will place the primary responsibility for registering and regulating bitcoin exchanges on the Commodity Futures Trading Commission (CFTC). It is also expected to streamline the process for registering digital asset trading platforms with the CFTC. This agreement provides legal certainty that platforms can list decentralized assets without the fear of SEC enforcement. Moreover, decentralized finance (DeFi) protocols with no central control may be untethered from registration with exchanges, which is great news for open source developers.

新的立法将对商品期货贸易委员会（CFTC）注册和规范比特币交易所的主要责任。预计还将简化使用CFTC注册数字资产交易平台的过程。该协议提供了法律确定的，即平台可以列出分散资产而不必担心SEC执行。此外，没有中央控制权的分散融资（DEFI）协议可​​能不会与交易所注册有关，这对开源开发人员来说是个好消息。

Crypto Oversight Key Updates in FIT21

FIT21中的加密监督密钥更新

The updated draft of FIT21 builds on a clean division of responsibilities between the SEC and CFTC.

FIT21的最新草稿建立在SEC和CFTC之间的清洁责任划分的基础上。

It also tightens rules governing affiliate sales in an attempt to avoid such insider control and ownership. Every six months, projects will need to disclose important information, like tokenomics, names of token holders, network development, and governance structures. The requirements are those of transparency that parallel public company reporting but are tailored for the Web3 space to induce accountability in lieu of stifling innovation.

它还收紧了管理会员销售的规则，以避免这种内部控制和所有权。每六个月，项目都需要披露重要信息，例如令牌，令牌持有人的名称，网络开发和治理结构。这些要求是透明度的要求，该要求是平行的上市公司报告，但是针对Web3空间量身定制的，以代替扼杀创新的责任。

This will streamline the registration process for exchanges to operate as Digital Commodity Platforms with the CFTC.

这将简化与CFTC作为数字商品平台运行的交流的注册过程。

The draft legislation marks a significant step towards providing much-needed clarity on the regulatory status of bitcoin exchanges in the U.S. It is still early stages, and the bill is expected to face scrutiny from both industry stakeholders and consumer advocates.

该立法草案标志着在美国仍处于早期阶段，对比特币交易所的监管状况提供急需的明确性迈出的重要一步，预计该法案将面临行业利益相关者和消费者拥护者的审查。

The updated draft of FIT21 includes several key changes from the previous version of the bill, which was passed by the House in 2024. Most notably, the bill no longer requires the SEC to certify the decentralization status of crypto tokens. Instead, this task will be assigned to a newly created body, which will be responsible for developing and maintaining a regime for determining and certifying the decentralized nature of a network on a permanent basis.

FIT21的更新草稿包括与上一张账单的几个关键更改，该法案于2024年通过了该账单。最值得注意的是，该法案不再要求SEC证明加密代币的权力下放状态。取而代之的是，该任务将被分配给新创建的机构，该机构将负责制定和维护一个制度，以永久确定和认证网络的分散性质。

This new regime, which will be known as ‘mature blockchain,’ will be tasked with creating a set of criteria that must be met by a crypto network in order to be deemed decentralized. The criteria could include factors such as the number of nodes on the network, the level of community participation in decision-making, and the purpose and use case of the network.

这种新的制度将被称为“成熟区块链”，将任务创建一组标准，以通过加密网络满足，以便被认为是分散的。这些标准可能包括诸如网络上的节点的数量，社区参与决策的水平以及网络的目的和用例。

Once a network has met the criteria set by the mature blockchain body, it will be placed on a list maintained by the CFTC. Tokens sold on a network that appears on the list will be classified as digital commodities by the CFTC, while any remaining tokens will fall under the SEC’s jurisdiction as restricted or unregistered assets.

一旦网络符合成熟区块链主体设定的标准，它将放置在CFTC维护的列表上。 CFTC在列表中出售的网络上出售的代币将被归类为数字商品，而剩余的代币将属于SEC管辖范围内的限制或未注册的资产。

In addition to the changes in cryptocurrency regulation, the updated draft of FIT21 also includes several new provisions related to stablecoins and custody providers. The bill requires stablecoins to maintain higher reserve mandates and enforces clearer disclosures. These rules are meant to mitigate the risk of runs on stablecoin issuers and to promote greater transparency in the stablecoin industry.

除了加密货币法规的变化外，FIT21的最新草案还包括与Stablecoins和监护权提供者有关的几项新规定。该法案要求Stablecoins维持更高的储备金任务并执行更清晰的披露。这些规则旨在减轻稳定发行人的跑步风险，并促进Stablecoin行业的透明度。

The legislation exempts non custodial DeFi protocols who do not exercise discretion over user funds from the same regulatory onus that may be placed on centralized platforms.

该立法免除了非监护权规程，这些方案不对可能放在集中式平台上的同一监管责任中行使酌处权。

The draft of FIT21 has been hailed by industry insiders as a first step away from the “regulation by enforcement” that has been widely criticized by members of the crypto industry. It remains to be seen whether the bill will be able to gain the necessary support in the Senate to be passed into law.

FIT21的草案被行业内部人士称赞，这是距离加密货币行业成员广泛批评的“执法法规”的第一步。该法案是否能够获得参议院的必要支持以通过法律还有待观察。

The full text of the bill is available on the House Financial Services Committee website here. For more information about the CFTC’s role in digital asset regulation, please visit the CFTC’s official site.

该法案的全文可在此处的众议院金融服务委员会网站上找到。有关CFTC在数字资产法规中的作用的更多信息，请访问CFTC的官方网站。