Web3需要一个清晰的监管系统，以解决创新瓶颈和分散融资（DEFI）的用户安全。

一个普遍的批评是，监管审查导致创新死亡，将这种情况追溯到拜登政府。

Web3 needs a clear regulatory system that addresses innovation bottlenecks and user safety in decentralized finance (DeFi). A one-size-fits-all approach cannot be achieved to regulate DeFi. The industry needs custom, risk-based approaches that balance innovation, security and compliance.

Web3需要一个清晰的监管系统，以解决创新瓶颈和分散融资（DEFI）的用户安全。不能实现一种单一适合的方法来调节defi。该行业需要平衡创新，安全性和合规性的自定义，基于风险的方法。

DeFi’s challenges and rules

Defi的挑战和规则

A common critique is that regulatory scrutiny leads to the dead of innovation, and many have pointed the finger at the Biden administration.

一个常见的批评是，监管审查导致创新的死亡，许多人将手指指向拜登政府。

In 2022, crypto businesses faced increased uncertainty following lawsuits against Coinbase, Binance and OpenSea for alleged violations of securities laws.

2022年，由于涉嫌违反证券法的行为，加密货币企业面临的不确定性增加了不确定性。

However, in a surprising move, the US administration, through the Securities and Exchange Commission, agreed to dismiss the lawsuit against Coinbase, as the agency reversed its crypto stance, hinting at a path toward regulation with clear boundaries.

但是，令人惊讶的是，美国政府通过证券和交易委员会同意驳回对Coinbase的诉讼，因为该机构扭转了加密货币立场，暗示了通过明确的边界进行监管的道路。

Many would argue that the same risk is the same rule. Imposing traditional finance requirements on DeFi simply will not work from many aspects but the most technical challenges.

许多人会认为同样的风险是相同的规则。对DEFI施加传统的财务要求根本不会从许多方面起作用，而是最技术的挑战。

Openness, transparency, immutability, and automation are key parameters of DeFi. Without clear regulations, however, the prevalent issue of “Ponzi-like schemes” can divert focus from effective innovation use cases to conjuring a “deceptive perception” of blockchain technology.

开放性，透明度，不变性和自动化是defi的关键参数。但是，如果没有明确的法规，“类似庞氏骗局”的普遍问题可以将重点从有效的创新用例转移到召唤区块链技术的“欺骗性看法”。

Guidance and clarity from regulatory bodies can reduce significant risks for retail users.

监管机构的指导和清晰度可以降低零售用户的重大风险。

Policymakers should take the time to understand DeFi’s architecture before introducing restrictive measures. DeFi needs risk-based regulatory models that understand its architecture and address illicit activity and consumer protection.

在引入限制性措施之前，决策者应花时间了解Defi的体系结构。 DEFI需要基于风险的监管模型，以了解其体系结构并解决非法活动和消费者保护。

Self-regulatory frameworks cultivate transparency and security in DeFi

自我调节框架培养了Defi的透明度和安全性

The entire industry highly recommends implementing a self-regulatory framework that ensures continuous innovation while simultaneously ensuring consumer safety and financial transparency.

整个行业强烈建议实施一个自我调节框架，以确保连续创新，同时确保消费者的安全和财务透明度。

For instance, DeFi platforms have taken a self-regulatory approach by implementing robust security measures, including transaction monitoring, wallet screening and implementing a blacklist mechanism that restricts a wallet of suspicion with illicit activity.

例如，Defi平台通过实施强大的安全措施采取了自我调节方法，包括交易监控，钱包筛查和实施黑名单机制，该机制限制了具有非法活动的怀疑钱包。

Sound security measures would help DeFi projects monitor onchain activity and prevent system misuse. Self-regulation can help DeFi projects operate with greater legitimacy, yet it may not be the only solution.

合理的安全措施将有助于Defi项目监控OnChain活动并防止系统滥用。自我调节可以帮助Defi项目以更大的合法性运作，但这可能不是唯一的解决方案。

Clear structure and governance are key

清晰的结构和治理是关键

It’s no secret that institutional players are waiting for the regulatory green light. Adding to the list of regulatory frameworks, Markets in Crypto-Assets (MiCA) sets stepping stones for future DeFi regulations that can lead to the institutional adoption of DeFi. It provides businesses with regulatory clarity and a framework to operate.

机构参与者正在等待监管绿灯，这已经不是什么秘密了。加密资源（MICA）的市场框架的列表还为未来的Defi法规设置了垫脚石，这可能导致机构采用Defi。它为企业提供了监管清晰度和运营框架。

Many crypto projects will struggle and die as a result of higher compliance costs associated with MiCA, which will enforce a more reliable ecosystem by requiring augmented transparency from issuers and quickly attract institutional capital for innovation. Clear regulations will lead to more investments in projects that support investor trust.

由于与MICA相关的较高合规成本，许多加密项目将挣扎和死亡，这将通过需要增强发行人的透明度来实施更可靠的生态系统，并迅速吸引机构资本进行创新。明确的法规将导致在支持投资者信托的项目上进行更多的投资。

Anonymity in crypto is quickly disappearing. Blockchain analytics tools, regulators and companies can monitor suspicious activity while preserving user privacy to some extent. Future adaptations of MiCA regulations can enable compliance-focused DeFi solutions, such as compliant liquidity pools and blockchain-based identity verification.

加密中的匿名性很快消失了。区块链分析工具，监管机构和公司可以监视可疑活动，同时在某种程度上保留用户隐私。 MICA法规的未来改编可以实现以合规性的DEFI解决方案，例如合规流动性池和基于区块链的身份验证。

Regulatory clarity can break barriers to DeFi integration

法规清晰度可能会打破障碍物的障碍

The banks’ iron gate has been another significant barrier. Compliance officers frequently witness banks erect walls to keep crypto out. Bank supervisors distance companies that are out of compliance, even if it’s indirect scrutiny or fines, slamming doors on crypto projects’ financial operations.

银行的铁门是另一个重大障碍。合规人员经常见证银行竖立墙壁，以防止加密货币。银行主管的远程公司不合规，即使是间接的审查或罚款，也对加密项目的财务运营抨击了门。

Clear regulations will address this issue and make compliance a facilitator, not a barrier, for DeFi and banking integration. In the future, traditional banks will integrate DeFi. Institutions will not replace banks but will merge DeFi’s efficiencies with TradFi’s structure.

明确的法规将解决此问题，并使合规性成为促进者，而不是障碍，以进行FEFI和银行整合。将来，传统银行将整合Defi。机构将不会取代银行，但会将Defi的效率与Tradfi的结构合并。

Recent: Hester Peirce calls for SEC rulemaking to ‘bake in’ crypto regulation

最近：海斯特·皮尔斯（Hester Peirce）要求SEC规则制定“烘烤”加密法规

The repeal of Staff Accounting Bulletin (SAB) 121 in January 2025 mitigated accounting burdens for banks to recognize crypto assets held for customers as both assets and liabilities on their balance sheets. The previous laws created hurdles of increased capital reserve requirements and other regulatory challenges.

废除员工会计公告（SAB）121在2025年1月减轻了银行的会计负担，以承认为客户持有的加密资产作为资产负债表上的资产和负债。先前的法律构成了增加资本储备要求和其他监管挑战的障碍。

SAB 122 aims to provide structured solutions from reactive compliance to proactive financial integration — a step toward creating DeFi and banking synergy. Crypto companies must still follow accounting principles and disclosure requirements to protect crypto assets.

SAB 122旨在提供从反应性合规性到主动财务整合的结构化解决方案，这是迈向建立Defi和Banking Synergy的一步。加密公司仍然必须遵循会计原则和披露要求，以保护加密资产。

Clear regulations can increase the frequency of banking use cases, such as custody, reserve backing, asset tokenization, stablecoin issuance and offering accounts to digital asset businesses.

明确的法规可以增加银行用例的频率，例如托管，储备支持，资产令牌化，稳定股票的发行以及向数字资产业务提供帐户。

Building bridges between regulators and innovators in DeFi

在Defi的监管机构和创新者之间建造桥梁

Experts pointing out concerns about DeFi’s over-regulation killing innovation can now address them using “regulatory sandboxes.” These dispense startups with a “secure zone” to test their products before committing to full-scale regulatory mandates. For example, startups in the United Kingdom under the Financial Conduct Authority are thriving using this “trial and error” method that has accelerated innovation.

专家指出，对Defi的过度监管杀死创新的担忧现在可以使用“监管沙箱”来解决它们。这些分配初创公司带有“安全区域”，以测试其产品，然后再承担全尺寸的监管任务。例如，在金融行为当局下的英国初创企业正在使用这种加速创新的“反复试验”方法蓬勃发展。

These have enabled businesses to test innovation and business models in a real-world setting, with supervision from the regulator. Sandboxes could be accessible to licensed entities, unstartup or companies outside the financial services sector.

这些使企业能够在现实环境中测试创新和业务模型，并在监管机构的监督下测试。在金融服务部门以外的许可实体，开业或公司可以使用沙箱。

Similarly, the European Union’s DLT Pilot Regime advances innovation and competition, encouraging market entry for startups by reducing upfront compliance costs through “gates

同样，欧盟的DLT飞行员制度推进了创新和竞争，通过“大门