SEC、代币分类法和加密项目：以时尚的方式穿越监管迷宫

解读 SEC 在加密货币、代币分类以及 BlockDAG 等项目如何适应方面不断变化的立场。这是数字金融的一次疯狂之旅！

Alright, crypto fam! Ever feel like the SEC is speaking a different language? You're not alone. Let's break down the latest buzz around the SEC, token taxonomy, and how crypto projects are trying to make sense of it all. Think of it as your cheat sheet to navigating the regulatory rollercoaster.

好吧，加密货币家族！有没有感觉 SEC 在说不同的语言？你并不孤单。让我们来分析一下有关 SEC 的最新动态、代币分类法，以及加密项目如何试图理解这一切。将其视为应对监管过山车的备忘单。

The SEC's Crypto Clarity Quest

SEC 的加密货币清晰度探索

The SEC is on a mission—a mission to define what's what in the digital asset world. Back in November 2025, SEC Chairman Paul Atkins hinted at a more flexible approach. No more treating every token like a stock! Atkins emphasized that economic reality trumps labels. If it walks like a duck and quacks like a duck, well, you get the idea.

SEC 肩负着一项使命——定义数字资产世界的使命。早在 2025 年 11 月，SEC 主席保罗·阿特金斯就暗示了一种更灵活的方法。不再将每个代币都视为股票！阿特金斯强调，经济现实胜过标签。如果它像鸭子一样行走并且像鸭子一样嘎嘎叫，那么您就明白了。

Atkins proposed a token taxonomy, dividing assets into categories. Network tokens, digital collectibles (NFTs!), and digital tools (think memberships) might dodge the securities bullet. Tokenized stocks and bonds? Still securities, baby! The goal? To separate decentralized, functional tokens from those promising ownership or profits. It's all about creating room for innovation without sacrificing investor protection.

阿特金斯提出了一种代币分类法，将资产分为几类。网络代币、数字收藏品（NFT！）和数字工具（比如会员资格）可能会避开证券子弹。代币化的股票和债券？还是证券，宝贝！目标？将去中心化的功能性代币与那些承诺所有权或利润的代币分开。这一切都是为了在不牺牲投资者保护的情况下创造创新空间。

Token Taxonomy: Decoding the Crypto Dictionary

代币分类：解码加密字典

Let's be real, the crypto world has its own language. Staking ecosystems, liquidity pools, zero-sum-proofs—it's a mouthful! This jargon has made it tough to fit digital assets into traditional frameworks. But the SEC's taxonomy is trying to change that.

说实话，加密世界有自己的语言。质押生态系统、流动性池、零和证明——太拗口了！这些术语使得数字资产很难融入传统框架。但美国证券交易委员会的分类法正试图改变这一现状。

Atkins laid out four categories: digital commodities (like decentralized network tokens), digital collectibles, digital tools, and tokenized securities. This could mean less regulatory burden for many tokens, potentially boosting the U.S. digital-asset ecosystem.

阿特金斯列出了四个类别：数字商品（如去中心化网络代币）、数字收藏品、数字工具和代币化证券。这可能意味着许多代币的监管负担减轻，从而有可能促进美国数字资产生态系统的发展。

Crypto Projects in the Spotlight: A Tale of Three Tokens

聚光灯下的加密项目：三种代币的故事

When evaluating top crypto projects, the contrast between categories becomes clear when reviewing their performance and structure between January 2024 and November 2025.

在评估顶级加密货币项目时，在回顾 2024 年 1 月至 2025 年 11 月期间的表现和结构时，类别之间的对比变得清晰起来。

• TRUMP Coin: The wild child of crypto. High on speculation, short on stability. It's the kind of token that gives you adrenaline rushes and sleepless nights.
• Internet Computer (ICP): Ambitious and techy, but slow to translate vision into price appreciation. It's the marathon runner in a world of sprinters.
• BlockDAG: Enter BlockDAG, a project trying to blend structure with scarcity. With a presale at $0.005, a confirmed jump to $0.0078 and over $435 million raised in batch 32, BlockDAG positions itself as a structured, scarcity-based opportunity for investors seeking clearer upside.

BlockDAG: A Different Approach

BlockDAG：不同的方法

BlockDAG offers a structured, measurable model that contrasts sharply with both TRUMP coin’s sentiment-driven swings and ICP’s long development cycles. Its entry point of $0.005 and confirmed increase to $0.0078 establishes a clear percentage gain for those entering before the next adjustment.

BlockDAG 提供了一个结构化的、可测量的模型，与 TRUMP 币的情绪驱动波动和 ICP 的漫长开发周期形成鲜明对比。其入场点为 0.005 美元，并确认上涨至 0.0078 美元，为那些在下一次调整之前入场的人建立了明显的百分比收益。

With over $435 million raised and batch 32 currently active, BlockDAG has built one of the strongest presale track records in recent cycles. The supply metrics also create a sense of urgency, because only 4.2 billion coins remain. This scarcity is further reinforced by $86 million worth of institutional allocations, suggesting long-term interest in the project’s infrastructure.

BlockDAG 筹集了超过 4.35 亿美元资金，目前有 32 批活动，已建立了最近周期中最强劲的预售记录之一。供应指标也营造了一种紧迫感，因为只剩下 42 亿枚代币。价值 8,600 万美元的机构拨款进一步强化了这种稀缺性，表明对该项目基础设施的长期兴趣。

For investors reviewing top crypto projects with an eye on structured upside potential rather than hype cycles or extended build timelines, BlockDAG provides a more defined entry framework. As the remaining supply narrows and the presale advances, BDAG positions itself as a project where timing, demand and development activity all work in favour of early participants.

对于关注结构化上行潜力而不是炒作周期或延长构建时间表的顶级加密项目的投资者来说，BlockDAG 提供了一个更明确的进入框架。随着剩余供应量的减少和预售的推进，BDAG 将自己定位为一个时间、需求和开发活动都对早期参与者有利的项目。

The Road Ahead

未来之路

The SEC's evolving stance and projects like BlockDAG signal a shift in the crypto landscape. Whether it leads to more clarity or just more jargon remains to be seen. But one thing's for sure: it's gonna be an interesting ride!

SEC 不断变化的立场和 BlockDAG 等项目标志着加密货币格局的转变。它是否会带来更多的清晰度或只是更多的术语还有待观察。但有一件事是肯定的：这将是一次有趣的旅程！

So, what’s the takeaway? The SEC is trying to bring order to the crypto chaos, token taxonomy is the new buzzword, and crypto projects are adapting in their own unique ways. Stay informed, stay curious, and remember: in the world of crypto, anything is possible!

那么，要点是什么？美国证券交易委员会正试图给加密货币的混乱带来秩序，代币分类法是新的流行语，加密货币项目正在以自己独特的方式进行调整。保持信息灵通，保持好奇心，并记住：在加密世界中，一切皆有可能！

Disclaimer: This is not financial advice. Always do your own research before investing in crypto.

免责声明：这不是财务建议。在投资加密货币之前，请务必先进行自己的研究。