SEC，液体堆积和加密：新黎明？

浏览SEC法规，液体积分和更广泛的加密货币市场不断发展的景观。 SEC正在柔和加密的立场吗？

The intersection of the SEC, liquid staking, and the broader crypto market is always a hot topic. Is the SEC finally offering some clarity, or is it just a mirage in the regulatory desert? Let's dive in.

SEC，液体蒸发和更广泛的加密市场的交集始终是一个热门话题。 SEC终于提供了一些清晰度，还是在监管沙漠中的海市rage楼？让我们潜水。

Liquid Staking Gets a Green Light (For Now)

液体占有绿灯（目前）

In early 2025, the SEC dropped a bombshell: major liquid staking protocols like Ethereum's Lido and Solana's Jito aren't subject to securities laws. This guidance essentially says that liquid staking receipt tokens (think stETH and JITOSOL) aren't investment contracts under the Howey Test. Translation? No need to register under the Securities Act of 1933 or the Securities Exchange Act of 1934. This is huge!

在2025年初，SEC放弃了重磅炸弹：以太坊的Lido和Solana的Jito等主要的液体固定协议不遵守证券法。该指南本质上说，在Howey测试下，液体藏有收据令牌（认为Steth和Jitosol）不是投资合同。翻译？无需根据1933年的《证券法》或1934年的《证券交易法》进行注册。这是巨大的！

For years, crypto companies and investors tiptoed around liquid staking, unsure if the SEC would come knocking. This decision removes that uncertainty, potentially unlocking institutional investment and further innovation in the space. Rebecca Rettig at Jito Labs nailed it when she said, "It's what we've been waiting for. Liquid staking does not create a securities transaction as there’s no entrepreneurial or managerial activities.”

多年来，加密货币公司和投资者围绕着液体的积分而tip脚，不确定SEC是否会敲门。这一决定消除了不确定性，可能释放机构投资以及在该领域的进一步创新。 Jito Labs的Rebecca Rettig说：“这是我们一直在等待的。液体存放不会创建证券交易，因为没有企业家或管理活动。”

The Ripple Effect: A Crack in the SEC's Armor?

连锁反应：SEC盔甲中的裂缝？

Ripple Labs' Chief Legal Officer, Stuart Alderoty, has been vocal about the SEC's overreach. In a formal response to the U.S. Senate Committee on Banking, Housing, and Urban Affairs in August 2025, Alderoty criticized proposed digital asset market structure, arguing that it could lead to more confusion and push many digital assets under the SEC’s permanent control, even for transactions unrelated to fundraising. Referencing Judge Analisa Torres’s ruling in the Ripple vs. SEC case, Alderoty highlighted that routine sales of XRP on exchanges aren't investment contracts, a point often missed in regulatory discussions. Ripple is pushing for a "safe harbor" rule, treating a crypto token as a commodity after five years in strong market circulation. Sounds reasonable, right?

Ripple Labs的首席法律官Stuart Alderoty对SEC的超越人发声。在2025年8月对美国参议院银行，住房和城市事务委员会的正式回应中，Alderoty批评了拟议的数字资产市场结构，认为这可能会导致更多的混乱，并将许多数字资产推向SEC的永久性控制，即使是因为与Fundraising无关的交易。提及Analisa Torres法官在Ripple vs. SEC案中的裁决，Alderoty强调说，XRP在交易所的常规销售不是投资合同，这在监管讨论中常常错过。 Ripple正在推动“安全港”规则，在强大的市场流通五年后将加密代币视为商品。听起来很合理，对吧？

Caveats and Considerations

警告和注意事项

Before we pop the champagne, let's remember the SEC's guidance comes with strings attached. Companies must stick to administrative tasks and can't make investment decisions for users or guarantee returns. These receipt tokens must genuinely represent ownership, not independent investments. The SEC is watching closely, and anything beyond basic admin work could still trigger securities laws. SEC Commissioner Caroline Crenshaw has even voiced concerns about the directive's clarity and potential inconsistencies.

在我们弹出香槟之前，让我们记住SEC的指导带有附加的弦。公司必须坚持行政任务，不能为用户做出投资决策或保证收益。这些收据令牌必须真正代表所有权，而不是独立投资。 SEC正在密切关注，基本管理员工作以外的任何事情仍然可以触发证券法。 SEC专员Caroline Crenshaw甚至对该指令的清晰度和潜在不一致表示担忧。

A Broader Shift? Project Crypto

更广泛的转变？ Project Crypto

This announcement is part of Chairman Atkins’ “Project Crypto,” launched in July 2025, which aims to modernize securities rules for digital assets. This initiative signals a move towards clearer regulations and fostering innovation in the US. This is a stark contrast to the previous SEC leadership's enforcement-heavy approach. The goal? To bring more crypto innovation back to America.

该公告是2025年7月启动的Atkins主席“ Project Crypto”的一部分，该公告旨在将数字资产的证券规则现代化。这项倡议标志着朝着更清晰的法规迈进，并促进了美国的创新。这与以前的SEC领导人的执法强度形成了鲜明的对比。目标？将更多的加密创新带回美国。

The Future Looks... Cautiously Optimistic

未来的外观...谨慎乐观

The SEC's recent moves offer a glimmer of hope for the crypto industry, particularly in the liquid staking sector. Major players like Lido Finance and Rocket Pool can breathe a little easier. Plus, the potential for staking-enabled ETFs is becoming more real. However, it's not a free pass. Companies need to play by the SEC's rules, and the industry must remain vigilant about regulatory developments.

SEC最近的举动为加密货币行业提供了一线希望，尤其是在液体储存领域。诸如Lido Finance和Rocket Pool之类的主要参与者可以轻松呼吸。另外，启用固定性ETF的潜力变得越来越真实。但是，这不是免费通行证。公司需要按照美国证券交易委员会的规定发挥作用，并且该行业必须对监管发展保持警惕。

So, is the SEC turning a new leaf? Maybe. It's a start, and it's certainly better than the regulatory hammer we've seen in the past. One thing's for sure: the world of SEC, liquid staking, and crypto is never boring. Buckle up, folks!

那么，SEC正在转动新叶子吗？或许。这是一个开始，当然比我们过去见过的监管锤子更好。肯定是一件事：SEC，液体散落和加密货币的世界永远不会无聊。搭扣，伙计们！