重新定义数字资产调节的历史性建议

在一年一度的SEC演讲会议上，一项历史性提议发挥了作用，旨在重新定义数字资产的监管。

During the annual SEC Speaks conference, a historic proposal came into play that looked to redefine the regulation of digital assets.

在一年一度的SEC演讲会议上，一项历史性提议发挥了作用，旨在重新定义数字资产的监管。

Coming from Hester Peirce, today head of the SEC’s Crypto Task Force, a time-limited safe harbor framework would offer U.S. crypto innovators regulatory breathing room. This proposal focused on granting limited-term exemptions from registration for the issuance and initial distribution of certain crypto assets.

来自SEC的加密特遣部队负责人Hester Peirce，一个限时的安全港框架将为我们提供加密创新者的监管呼吸室。该提案的重点是授予有限期的豁免，以签署某些加密资产的发行和初步分配。

The proposal would permit the issuance and initial distribution of certain crypto assets without immediate securities registration, contingent on specific disclosure and investor protection commitments. The intent is to allow crypto projects time to either develop operational functionality or achieve sufficient decentralization. These transition periods are absolutely critical to enabling early blockchain projects that might otherwise qualify as an investment contract at launch but can grow into self-sustaining digital assets down the line.

该提案将允许不立即证券注册的某些加密资产发行和初始分配，取决于特定的披露和投资者保护承诺。目的是允许加密计划有时间发展运营功能或实现足够的权力下放化。这些过渡期对于实现可能在发射时有资格成为投资合同的早期区块链项目至关重要，但可以发展成为自我维持的数字资产。

This framework seeks to find an optimal balance between fostering innovation and safeguarding investors, offering a solution to years of varied application and lackluster direction that has impeded the development of responsible crypto endeavors within the U.S.

该框架旨在在培养创新和保护投资者之间找到最佳平衡

The Status Of Crypto Assets: Securities Or Not?

加密资产的状态：证券是否？

One of the key issues discussed at the conference was the continued uncertainty about whether crypto assets were to be classified as securities or not. The Commission has traditionally depended on litigation decisions and enforcement actions as opposed to affirmative rulemaking to define the status of digital assets.

会议上讨论的关键问题之一是关于是否将加密资产归类为证券的持续不确定性。传统上，委员会取决于诉讼的决定和执法行动，而不是确定数字资产地位的肯定规则制定。

Peirce’s comments stressed that the federal securities laws were framed to catch financial instruments that provide economic interests in a company, not digital collectibles or decentralized network tokens.

皮尔斯（Peirce）的评论强调，联邦证券法的构建是为了捕获公司在公司而不是数字收藏品或分散网络令牌中提供经济利益的金融工具。

“Congress did not intend for the federal securities to apply to, say, NFTs that are used like trading cards or other collectibles, or to tokens that are used like currency on a decentralized network. Yet, we have seen these types of digital assets discussed in the context of securities law.

“国会不打算让联邦证券申请，例如，像交易卡或其他收藏品一样使用的NFT，或用于分散网络上货币的代币。但是，我们已经看到了在证券法上讨论的这些类型的数字资产。

The proposal calls for explicit criteria to draw the line of demarcation of when exactly a crypto asset is an investment contract and when not, especially preliminary token distributions that entail expectations of future utilities or network development. Once these expectations get realized and decentralization is attained, the crypto asset is no longer treated as a /^\/eurity. The Commission is also reviewing how economic realities, not merely terminology, should determine a crypto asset’s classification.

该提案要求明确的标准，以划定何时确切的加密资产是一项投资合同，何时不是投资合同，尤其是初步的代币分布，这需要对未来公用事业或网络开发的期望。一旦实现这些期望并实现了权力下放，加密资产就不再被视为a /^\ /eurity。委员会还正在审查经济现实，不仅是术语，还应决定加密资产的分类。

New Exemptions For Modern Asset Forms

现代资产形式的新豁免

In addition to the safe harbor framework, Peirce proposed regulatory exemptions for airdrops, NFTs, and stablecoins that do not function like traditional securities.

除了安全港框架外，Peirce还提出了对不像传统证券的空调，NFTS和Stablecoins的监管豁免。

NFTs that include automatic royalty schemes, meme coins, and stablecoins pegged to fiat values tend to be used for reasons other than capital creation. Such digital goods are closer to being collectibles, means of payment, or digital rights than to debt instruments or shares.

包括自动版税计划，模因硬币和与菲亚特值挂钩的NFT往往是出于资本创造以外的其他原因使用。此类数字商品比债务工具或股票更接近收藏品，付款方式或数字权利。

By acknowledging this line of distinction, regulators can better target resources for optimal deployment in optimal areas.

通过确认这一区别，监管机构可以更好地针对最佳领域中最佳部署的资源。

The commission’s novel path, based on real-world use cases and decentralization measures, is designed to establish sharper delineations to protect legitimate crypto innovations while upholding investor safeguards where warranted.

该委员会的新颖道路基于现实世界的用例和权力下放措施，旨在建立更清晰的描述，以保护合法的加密创新，同时保留有必要的投资者保护措施。