美国证券交易委员会（SEC）正在考虑更改规则，以使公司更自由地发行标记证券

监管机构正在“考虑使用区块链技术的公司“签发，贸易和解决证券”的公司的“潜在豁免命令”

The US Securities and Exchange Commission (SEC) is considering rule changes to let companies more freely issue tokenized securities, SEC Commissioner Hester Peirce said in a speech published on May 8.

SEC专员Hester Peirce在5月8日发表的演讲中说，美国证券交易委员会（SEC）正在考虑更改规则，以使公司更加自由地签发标记证券。

The regulator is “considering a potential exemptive order” for firms using blockchain technology to “issue, trade, and settle securities” that would release them from certain registration requirements, Peirce said in the speech.

Peirce在演讲中说，监管机构正在“考虑使用区块链技术的公司“签发，交易和解决证券”的公司“考虑潜在的豁免命令”，这将使他们摆脱某些注册要求。

For example, decentralized exchanges (DEXs) may no longer need to register “as a broker-dealer, clearing agency, or an exchange,” Peirce said. The SEC has previously brought numerous charges against DEXs such as Uniswap for failing to register as securities exchanges.

例如，Peirce说，分散的交流（DEX）可能不再需要注册“作为经纪交易商，清算机构或交易所”。 SEC以前曾对DEX（例如Uniswap）提出了许多指控，因为他们未能注册为证券交易所。

Firms should “not have to comply with inapt regulations, which, in many cases, were developed well before the technologies being tested existed and may be obviated by attributes of that technology,” Peirce said.

Peirce说，企业不必遵守INAPT法规，在许多情况下，这是在进行测试的技术之前就已经开发的，并且可以通过该技术的属性来消除。” Peirce说。

Under such an exemption, companies would still be expected to comply with rules designed to prevent fraud and market manipulation, the commissioner said. They may also need to meet certain disclosure and recordkeeping requirements.

专员说，在这种豁免下，公司仍将遵守旨在防止欺诈和市场操纵的规则。他们可能还需要满足某些披露和记录保存要求。

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Sharp policy pivot

锋利的政策枢纽

The SEC has dramatically pivoted its stance on cryptocurrency oversight since US President Donald Trump took office in January.

自从美国总统唐纳德·特朗普（Donald Trump）在一月份上任以来，SEC对加密货币的监督的立场非常重要。

Since the Biden administration took office in December 2020, the SEC has brought upward of 100 lawsuits against crypto firms for alleged securities law violations.

自拜登政府于2020年12月上任以来，SEC已针对加密货币公司提起了100起针对涉嫌违反证券法的诉讼。

However, under Trump nominee Paul Atkins, who was sworn in as chair on April 21, the agency has claimed jurisdiction over a narrower segment of cryptocurrencies.

但是，在4月21日宣誓就任主席的特朗普提名人保罗·阿特金斯（Paul Atkins）领导下，该机构声称对较狭窄的加密货币的管辖权。

In February, the SEC issued guidance stating that memecoins — if clearly identified as purely speculative assets with no intrinsic value — do not qualify as investment contracts under US law.

2月，SEC发布了指南，指出模因（如果明确被确定为纯粹的投机资产，没有内在价值），则不符合根据美国法律的投资合同的资格。

In April, the regulator said that stablecoins — digital tokens pegged to the US dollar — similarly do not qualify as securities if they are marketed solely as a means of making payments.

该监管机构在4月份表示，与美元挂钩的数字代币（数字代币）同样，如果仅作为付款手段，它们也不符合证券的资格。

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