SEC 关于代币化证券和咨询角色的最新指南：探索新领域

美国证券交易委员会发布了有关代币化证券的重要指南，澄清了发行人和第三方的规则，同时出现了新的咨询角色。深入了解不断变化的景观。

SEC's Latest Guidance on Tokenized Securities and Advisory Roles: Navigating the New Frontier

SEC 关于代币化证券和咨询角色的最新指南：探索新领域

The U.S. Securities and Exchange Commission (SEC) has recently dropped its most detailed guidance yet on tokenized securities, drawing a definitive line between blockchain innovation and established federal securities laws. The core message is clear: tokenizing a security doesn't alter its legal status, investor protections, or compliance duties. This move comes as major financial players ramp up their tokenization efforts, aligning with similar regulatory shifts seen globally.

美国证券交易委员会（SEC）最近放弃了迄今为止关于代币化证券的最详细指导，在区块链创新和既定的联邦证券法之间划定了明确的界限。核心信息很明确：证券代币化不会改变其法律地位、投资者保护或合规义务。此举之际，主要金融机构加大了代币化力度，与全球类似的监管变化保持一致。

Understanding the SEC's Two Buckets for Tokenized Securities

了解 SEC 对代币化证券的两大目标

The SEC has neatly categorized the digital securities landscape into two main areas, and understanding which applies to you could be the difference between a smooth market entry and a regulatory headache.

美国证券交易委员会将数字证券领域巧妙地分为两个主要领域，了解哪个领域适用于您可能是顺利进入市场和监管难题之间的区别。

Issuer-Sponsored Tokens

发行人赞助的代币

This is when a company directly issues its shares on a blockchain. In this model, the on-chain record serves as the definitive proof of ownership. The SEC confirms that if these tokenized shares offer the same rights as traditional ones, they'll be treated as the same class of stock, even if some investors hold traditional records and others hold tokens.

这是公司直接在区块链上发行股票的情况。在这个模型中，链上记录作为所有权的最终证明。美国证券交易委员会确认，如果这些代币化股票提供与传统股票相同的权利，它们将被视为同一类别的股票，即使一些投资者持有传统记录而其他投资者持有代币。

Third-Party Tokens

第三方代币

This is where things get more complex. Here, an external entity 'wraps' an existing company's security into a token. The SEC is scrutinizing these arrangements more closely, especially when the tokens don't confer the same rights, like voting or dividends, as the underlying security. These could be classified as 'security-based swaps,' which come with much stricter regulations, particularly regarding sales to retail investors.

这就是事情变得更加复杂的地方。在这里，外部实体将现有公司的证券“包装”成代币。美国证券交易委员会正在更仔细地审查这些安排，特别是当代币不赋予与基础证券相同的权利（例如投票权或股息）时。这些可以被归类为“基于证券的掉期”，它有更严格的监管，特别是在向散户投资者销售方面。

Key Compliance Checkpoints for Tokenized Offerings

代币化产品的关键合规检查点

To navigate this new framework successfully, issuers and platforms need to pay close attention to record-keeping and identity verification:

为了成功驾驭这个新框架，发行人和平台需要密切关注记录保存和身份验证：

• Wallet-to-Identity Mapping: A clear link between on-chain wallet addresses and off-chain real-world identities is mandatory.
• Master Securityholder File: This file must be auditable and reflect all blockchain transfers in real-time.
• Synthetic Structures: Third-party offerings that provide economic exposure without ownership rights are likely security-based swaps, facing significant regulatory hurdles for broad distribution.

The Rise of Strategic Advisory in Digital Assets

数字资产战略咨询的兴起

Beyond the direct guidance on tokenized securities, the market is also seeing a growing emphasis on expert advisory roles. For instance, the recent announcement of Neulo Emmanuel joining UK Financial Ltd as a Strategic Advisor highlights the increasing need for seasoned expertise in navigating the complexities of digital asset deployment and exchange trading. Emmanuel's extensive background, particularly in early Bitcoin-era exchange operations and the development of regulated token initiatives like ERC-3643, underscores the value of deep industry knowledge in bringing innovative blockchain-based financial products to market. This trend suggests that while regulatory clarity is paramount, strategic partnerships and experienced guidance are equally crucial for success in this rapidly evolving space.

除了对代币化证券的直接指导之外，市场还越来越重视专家咨询的角色。例如，Neulo Emmanuel 最近宣布加入 UK Financial Ltd 担任战略顾问，凸显了在应对数字资产部署和交易所交易的复杂性方面对经验丰富的专业知识的需求日益增长。 Emmanuel 的广泛背景，特别是在早期比特币时代的交易所运营和 ERC-3643 等受监管代币计划的开发方面，强调了深厚的行业知识在将基于区块链的创新金融产品推向市场方面的价值。这一趋势表明，虽然监管清晰度至关重要，但战略合作伙伴关系和经验丰富的指导对于在这个快速发展的领域取得成功同样至关重要。

The SEC's latest guidance serves as a clear signal: the future of finance is increasingly digital, but it must be built on a solid foundation of existing securities law. So, whether you're an issuer or a platform, understanding these nuances is key. It's an exciting time to be involved, and with the right approach, tokenized securities are set to reshape capital markets. Let's embrace the future, one token at a time!

美国证券交易委员会的最新指导意见发出了一个明确的信号：金融的未来越来越数字化，但它必须建立在现有证券法的坚实基础上。因此，无论您是发行人还是平台，了解这些细微差别都是关键。这是一个令人兴奋的参与时刻，通过正确的方法，代币化证券将重塑资本市场。让我们一起拥抱未来，一点一滴！