SPBD 制度：深入探讨它如何塑造加密货币监管格局

过去几年，随着世界各国采取措施制定指导方针、提供透明度和保护客户，加密货币监管环境一直在稳步发展。

The crypto regulatory landscape has been evolving at a solid pace these past couple of years as countries worldwide take steps to establish guidelines, offer clarity, and protect customers.

过去几年，随着世界各国采取措施制定指导方针、提供透明度和保护客户，加密货币监管环境一直在稳步发展。

In this regard, about four years ago, the US Securities and Exchange Commission (SEC) introduced a new class for those who deal with the custody of crypto asset securities. Today, we'll take a deep dive into this and just how it is shaping up. 

在这方面，大约四年前，美国证券交易委员会（SEC）为那些处理加密资产证券托管的人员推出了一个新类别。今天，我们将深入探讨这一点以及它是如何形成的。

Breaking Down the SPBD Regime: What It Means for Broker-Dealers

打破 SPBD 制度：这对经纪交易商意味着什么

In Dec. 2020, the US SEC introduced “special purpose broker-dealers” (SPBD), which is a registered broker-dealer that can custody and transact in digital asset securities. 

2020年12月，美国SEC引入了“特殊目的经纪交易商”（SPBD），即可以托管和交易数字资产证券的注册经纪交易商。

Under the SPBD regime, the securities agency grants the SPBD license to allow broker-dealers to custody and handle digital asset securities in compliance with federal securities laws.

在SPBD制度下，证券机构授予SPBD许可证，允许经纪交易商按照联邦证券法托管和处理数字资产证券。

According to the SEC, a Financial Industry Regulatory Authority (FINRA)-approved SPBD can transact in and custody digital asset securities, unlike other broker-dealers and alternative trading systems (ATS), which can only transact in crypto securities after receiving FINRA approval but cannot custody them.

根据 SEC 的说法，金融业监管局 (FINRA) 批准的 SPBD 可以进行数字资产证券交易和托管，这与其他经纪自营商和另类交易系统 (ATS) 不同，后者只能在获得 FINRA 批准后才能进行加密证券交易，但无法保管他们。

However, an entity registering as an SPBD is subject to a number of stringent compliance requirements, especially around investor protections, disclosures, and operational oversight. These conditions include:

然而，注册为 SPBD 的实体必须遵守许多严格的合规要求，特别是在投资者保护、信息披露和运营监督方面。这些条件包括：

SPBDs can not deal with traditional securities except for hedging and net capital purposes. The regime also limits SPBD's business activities by only allowing them to conduct business involving digital assets that are securities. 

除对冲和净资本目的外，SPBD 不能处理传统证券。该制度还限制 SPBD 的业务活动，只允许他们开展涉及证券等数字资产的业务。

These broker-dealers also need to have access to crypto securities that they wish to hold as well as the ability to transfer them using the associated distributed ledger technology (DLT). If the entity is aware of any material operational or security problems with the associated network, then it must not maintain custody of that crypto security. The SPBD further needs to provide written disclosures to its customers, including any material risks with the asset.

这些经纪交易商还需要能够访问他们希望持有的加密证券，并能够使用相关的分布式账本技术（DLT）转移它们。如果该实体意识到相关网络存在任何重大操作或安全问题，则不得继续保管该加密货币安全。 SPBD 还需要向客户提供书面披露，包括资产的任何重大风险。

The SPBD registered firm has to enter into a written agreement with each customer and set forth the terms and conditions for transacting in crypto asset securities.

SPBD 注册公司必须与每个客户签订书面协议，并规定加密资产证券交易的条款和条件。

Furthermore, the firm needs to establish, maintain, and enforce policies and procedures to determine whether a crypto asset is a security. 

此外，公司需要建立、维护和执行政策和程序，以确定加密资产是否是证券。

In addition to analyzing whether the crypto securities it trades were issued in compliance with securities laws and regulations, the firm must have written supervisory procedures to assess the associated network and characteristics of the crypto securities before undertaking custody. These assessments, conducted at regular intervals, should be used to confirm that there are no operational problems or weaknesses in the distributed ledger technology.

除了分析其交易的加密货币证券的发行是否符合证券法律法规外，公司还必须制定书面监管程序，以在进行托管之前评估加密货币证券的相关网络和特征。这些定期进行的评估应用于确认分布式账本技术不存在操作问题或弱点。

Moreover, procedures need to be followed to discover and tackle threats with the associated DLT and networks. An SPBD is also required to notify its customers that crypto securities may not be “securities” to get SIPA protection, which shields customers from lost securities in case the broker-dealer goes bankrupt. 

此外，需要遵循程序来发现和解决相关 DLT 和网络的威胁。 SPBD 还需要通知其客户，加密证券可能不是“证券”才能获得 SIPA 保护，该保护可以保护客户在经纪自营商破产时免受损失证券的影响。

These policies must be consistent with the best practices of the industry, and the firm must demonstrate that it has exclusive control over the securities it holds in custody. The entity must comply with court-ordered seizures and protect against the loss of the private keys associated with such crypto asset securities.

这些政策必须符合行业的最佳实践，并且公司必须证明其对其所托管的证券拥有排他性控制权。该实体必须遵守法院下令扣押的规定，并防止与此类加密资产证券相关的私钥丢失。

SPBD Licensing: A Complex and Stringent Process

SPBD 许可：复杂而严格的流程

The SEC's statement on the “Custody of Digital Asset Securities by Special Purpose Broker-Dealers” suggests three brokerage models with respect to digital asset securities, with the broker-dealer custodial (SPBD) model being one. 

美国证券交易委员会关于“特殊目的经纪交易商托管数字资产证券”的声明提出了与数字资产证券有关的三种经纪模式，其中经纪交易商托管（SPBD）模式是其中之一。

As per the SEC's statement, the agency will not commence an enforcement action for a period of five years against an SPBD as long as it establishes, maintains, and enforces written policies and procedures to determine if a crypto asset is a security and sold in accordance with an effective registration statement or an exemption from it.

根据 SEC 的声明，只要 SPBD 建立、维护和执行书面政策和程序来确定加密资产是否为证券并按照规定出售，该机构将在五年内不会对 SPBD 采取执法行动。具有有效的注册声明或豁免。

The second is a non-custodial model where a broker-dealer who does not have custody of crypto securities may facilitate digital asset securities' trading as an ATS. However, the ATS cannot be involved in clearing and settling such trades. These entities are not subject to the SPBD requirements.

第二种是非托管模式，没有加密证券托管权的经纪交易商可以作为 ATS 促进数字资产证券的交易。然而，ATS 不能参与此类交易的清算和结算。这些实体不受 SPBD 要求的约束。

Next is the bank custodial model, where national banks may have custody of crypto, including securities. Here, a broker-dealer is allowed to rely on a bank as a control location for its customers' securities and does not need to seek the permission of the Commission. Since the broker-dealer is relying on a bank for the custody of its customers' digital asset securities, it doesn't need to be an SPBD.

接下来是银行托管模式，国家银行可能托管加密货币，包括证券。在此，经纪自营商可以依赖银行作为其客户证券的控制地点，而无需寻求委员会的许可。由于经纪自营商依靠银行托管其客户的数字资产证券，因此它不需要是 SPBD。

SEC's statement is rather limiting, though, and lacks explanations for its restrictions. Also, as we noted above, an SPBD applicant is required to meet rigorous standards set by the SEC as well as FINRA. These regulatory standards further include measures related to custody, anti-money laundering (AML), and cybersecurity.

不过，美国证券交易委员会的声明相当有限，并且缺乏对其限制的解释。此外，正如我们上面提到的，SPBD 申请人必须满足 SEC 和 FINRA 制定的严格标准。这些监管标准还包括与托管、反洗钱（AML）和网络安全相关的措施。

Some of the conditions that SPBDs must fulfill have made this new class an unattractive option for broker-dealers. 

SPBD 必须满足的一些条件使得这一新类别对于经纪自营商来说不再具有吸引力。

Many broker-dealers view SPBD as

许多经纪自营商将 SPBD 视为