SEC，Staking和Congulation：浏览加密货币边境，纽约风格

分析SEC对加密货币的不断发展和监管的立场，重点关注最近的发展和未来的影响。

SEC, Staking, and Regulation: Navigating the Crypto Frontier, New York Style

SEC，Staking和Congulation：浏览加密货币边境，纽约风格

The world of crypto is always buzzing, and lately, 'SEC, staking, regulation' are the words on everyone's lips. The SEC's approach to staking is evolving, with potential impacts on the future of crypto in the U.S.

加密世界总是在嗡嗡作响，最近，“ SEC，Staking，Congulation”是每个人的嘴唇上的话。 SEC的积分方法正在发展，对美国加密货币的未来产生了潜在的影响

A Shift in Perspective?

观点转变？

Margaret Rosenfeld, chief legal officer of Everstake, pointed out that the SEC’s May 2025 guidance marked a turning point, acknowledging that some staking activities might not be securities transactions. This is a big deal. It suggests the SEC is starting to see staking as infrastructure participation rather than just another speculative investment.

Everstake的首席法律官玛格丽特·罗森菲尔德（Margaret Rosenfeld）指出，美国证券交易委员会（SEC）的2025年5月指导标志着转折点，他承认某些积分活动可能不是证券交易。这很重要。这表明SEC开始将Staking视为基础设施参与，而不仅仅是投机性投资。

This shift is crucial because treating staking as a securities transaction would impose heavy compliance burdens, potentially stifling innovation and pushing crypto development offshore. A more nuanced approach—differentiating non-custodial staking from custodial models—could protect investors while preserving protocol decentralization.

这种转变至关重要，因为将Staking视为证券交易将施加沉重的合规负担，可能扼杀创新并将加密货币开发推向海上。一种更细微的方法 - 差异化，从保管模型中差异化，可以保护投资者，同时维护协议分散。

The Howey Test and Protocol-Level Understanding

Howey测试和协议级别的理解

The core debate revolves around the Howey test, which determines whether an activity qualifies as an investment contract. Critics argue that staking involves an “investment of money in a common enterprise with an expectation of profits from the efforts of others.” However, this view often overlooks the fact that many proof-of-stake mechanisms operate without custody or performance promises. When tokenholders delegate to validators, they’re helping secure the network, not necessarily entering a profit-seeking contract.

核心辩论围绕Howey测试展开，该测试决定了一项活动是否符合投资合同的资格。批评家认为，Staking涉及“在共同企业中投资货币，并期望他人的努力获得利润。”但是，这种观点常常忽略了以下事实：许多验证机制在没有监护或绩效承诺的情况下运作。当代币持有人委派给验证者时，他们正在帮助确保网络，而不一定会签订寻求利润的合同。

What’s driving this more sophisticated regulatory understanding? Technical explanations. Regulators are engaging directly with the technology, understanding validator operations and protocol-level design. This collaborative approach is essential for creating policies rooted in real-world understanding.

是什么推动了这种更复杂的监管理解？技术解释。监管机构直接参与技术，了解验证器操作和协议级设计。这种协作方法对于制定植根于现实世界理解的政策至关重要。

Kraken's Bitcoin Staking Initiative

Kraken的比特币藏书计划

Adding another layer to the story, Kraken recently launched Bitcoin staking via Babylon, offering users up to 1% APR rewards. This allows BTC holders to earn passive income without relinquishing custody, contributing to the security of proof-of-stake networks. Kraken manages the technical complexities, making staking accessible to a broader audience. This move highlights the growing integration of Bitcoin into decentralized finance (DeFi) and its potential to support various blockchain ecosystems.

Kraken在故事中增加了另一层，最近通过Babylon推出了比特币的Staking，为用户提供了高达1％的APR奖励。这使BTC持有人可以在不放弃监护权的情况下赚取被动收入，从而有助于确保商品证明网络的安全。 Kraken管理技术复杂性，使更广泛的受众可以使用Staking。这一举动强调了比特币不断增长的分散融资（DEFI）及其支持各种区块链生态系统的潜力。

The Bigger Picture: Senate, Stablecoins and Bitcoin's Rise

更大的前景：参议院，稳定和比特币的崛起

The U.S. Senate's passing of a bill for a stablecoin regulatory framework signals further regulatory developments. The rise of Bitcoin continues with companies like MicroStrategy acquiring more Bitcoin. Plus, traditional finance is getting involved. JPMorgan is piloting a token called JPMD that represents dollar deposits, transferring it to Coinbase via Base, a Coinbase-affiliated blockchain. This pilot underscores the increasing integration of traditional finance with the crypto world.

美国参议院通过一项法案法案通过了一个法规框架，信号是进一步的监管发展。比特币的兴起继续，像MicroStategy这样的公司获得了更多的比特币。另外，传统财务正在涉及。摩根大通（JPMorgan）正在驾驶一个称为jpmd的令牌，该令牌代表美元沉积物，通过Coinbase附属区块链Base将其转移到Coinbase。这位飞行员强调了传统金融与加密货币世界的融合越来越多。

Collaboration is Key

协作是关键

Better regulation doesn’t always mean creating new laws. It means interpreting existing frameworks with a full understanding of the underlying technology. The SEC’s willingness to engage in dialogue—not just dictate outcomes—is a positive sign. As Rosenfeld notes, the SEC’s recent statement signals that technology-specific engagement is happening and that the agency may be prepared to differentiate between infrastructure and investment.

更好的法规并不总是意味着制定新法律。这意味着要对现有框架进行充分了解现有框架。 SEC愿意进行对话（不仅决定结果）是一个积极的信号。正如罗森菲尔德（Rosenfeld）所指出的那样，美国证券交易委员会（SEC）最近的声明表明，特定技术的参与正在发生，并且该机构可以准备区分基础设施和投资。

Final Thoughts

最后的想法

The intersection of 'SEC, staking, regulation' is a complex and evolving landscape. As the crypto world matures, collaboration between regulators and industry players will be crucial for fostering innovation while protecting investors. It's all about understanding the tech, engaging in open dialogue, and finding a balance that allows the U.S. to remain competitive in the global blockchain arena. So, keep your eyes peeled and your wits about you—the future of crypto is unfolding right before our eyes!

“ SEC，Staking，Congulation”的交集是一个复杂而不断发展的景观。随着加密世界的成熟，监管机构与行业参与者之间的合作对于在保护投资者的同时促进创新至关重要。这一切都是关于了解技术，进行公开对话，并找到使美国在全球区块链领域保持竞争力的平衡。因此，请保持眼睛剥落和对您的智慧 - 加密的未来正在我们眼前展现！