本周，专员赫斯特·皮尔斯（Hester Peirce）透露了“沙盒式”豁免的计划。

令牌化旨在让企业在没有通常的监管繁文tape节的情况下在区块链上发行，交易和解决证券。这可能是改变游戏规则的人。

This week saw Commissioner Hester Peirce unveil plans for a unique “sandbox-style” exemption.

本周，专员赫斯特·皮尔斯（Hester Peirce）揭开了独特的“沙盒式”豁免计划。

It aims to streamline the tokenization process, enabling firms to issue, trade, and settle securities on blockchain without the usual regulatory red tape. This could be a game-changer in opening up new avenues for capital formation and investment.

它的目的是简化令牌化过程，使公司能够在没有通常的监管繁文tape节的情况下在区块链上发行，交易和解决证券。这可能是改变游戏形成和投资的新途径的游戏规则。

Breaking the Regulatory Bottleneck

打破监管瓶颈

For years, tokenized securities—digital versions of assets like stocks or bonds—have struggled to gain traction in the U.S. despite booming in other parts of the world. The main hurdle is clear: firms must register as broker-dealers, exchanges, or clearinghouses to comply with rules that were crafted long before blockchain technology.

多年来，尽管在世界其他地区蓬勃发展，但标记的证券（如股票或债券）的数字版本（如股票或债券）一直在努力获得吸引力。主要障碍很明显：公司必须注册为经纪交易商，交流或清算房屋，才能遵守在区块链技术之前已经制定的规则。

These regulations, while crucial for investor protection in the traditional financial markets, add significant friction and capital requirements for startups navigating the nascent Web3 space. Without a robust market, regulators are less likely to loosen controls. But without eased rules, the market struggles to grow. It’s the classic chicken-and-egg problem.

这些法规虽然对传统金融市场的投资者保护至关重要，但为初创企业浏览新生Web3空间的初创公司增加了巨大的摩擦和资本要求。没有强大的市场，监管机构就会放松控制措施。但是没有放松的规则，市场就在努力发展。这是经典的鸡肉和鸡蛋问题。

Peirce’s proposal aims to break this cycle by offering temporary exemptions for companies to test blockchain systems in a controlled environment. Imagine a sandbox playground: firms get to experiment with tokenized securities in new ways, maintaining good records, transparency on custody, explaining smart contracts, and submitting to SEC oversight. They won’t face the full regulatory burden right away.

Peirce的提议旨在通过为公司在受控环境中测试区块链系统的临时豁免来打破这一周期。想象一下一个沙盒操场：公司可以以新的方式尝试使用令牌化证券，保持良好的记录，透明度，解释智能合约并提交SEC监督。他们不会立即面临全部监管负担。

SEC Commissioner Hester Peirce is proposing a “sandbox” model that could allow blockchain-based securities to be tested without the usual red tape.

SEC专员Hester Peirce提出了一种“沙盒”模型，该模型可以允许在没有通常的繁文tape节的情况下测试基于区块链的证券。

Find out why this is a big deal for platforms like TokenFi 👇https://t.co/nmcleiyqPH

找出为什么这对Tokenfi 👇https：//t.co/nmcleiyqph之类的平台来说是一件大事。

This approach is inspired by similar programs in other countries. The UK’s Digital Securities Sandbox, for instance, allows flexible testing timeframes based on a company’s experience level. Meanwhile, Hong Kong and Singapore have launched initiatives focusing on institutions from traditional finance to quickly integrate tokenization. The SEC hopes to learn from these global efforts, possibly forging international collaborations and including startups alongside Wall Street firms in the initiative.

这种方法的灵感来自其他国家 /地区的类似计划。例如，英国的数字证券沙箱可以根据公司的经验水平进行灵活的测试时间范围。同时，香港和新加坡发起了倡议，重点是传统金融机构，以迅速整合令牌化。 SEC希望从这些全球努力中学习，可能建立国际合作，并在该计划中与华尔街公司一起进行包括初创企业。

Why It Matters Now

为什么现在很重要

Tokenization—the process of converting real-world assets into digital tokens on a blockchain—is rapidly gaining momentum. Platforms like TokenFi empower anyone to tokenize assets quickly and efficiently, be it real estate, treasury bonds, or even more niche items.

令牌化（将现实世界资产转换为区块链上的数字代币的过程）迅速获得动力。像Tokenfi这样的平台使任何人都可以快速有效地将资产施加，无论是房地产，国库券，甚至更多的利基产品。

TOKENFI TOKEN LAUNCHER IS LIVE ON MAINNET

Tokenfi令牌发射器已在Mainnet上直播

IT’S OFFICIAL!

这是正式的！

TokenFi Token Launcher is live on the mainnet of five top EVM blockchains: Ethereum, BNB Chain, Base, Arbitrum, and opBNB.

Tokenfi令牌发射器现场直播在五个顶级EVM区块链的主网上：以太坊，BNB链，基础，仲裁和OpbnB。

With TokenFi Token Launcher, ANYONE can create a fungible crypto token (ERC-20), NFT (ERC-721),…

使用Tokenfi令牌发射器，任何人都可以创建一个可函数的加密代币（ERC-20），NFT（ERC-721），…

This new sandbox program could be a pivotal step in accelerating innovation in the U.S. capital markets. It would open the door for smaller companies and startups to participate, potentially leading to faster development of new technologies and products.

这个新的沙箱计划可能是加速美国资本市场创新的关键一步。它将为较小的公司和初创公司参与打开大门，有可能导致更快的新技术和产品的开发。

The goal, as Commissioner Peirce emphasizes, is “a commercially feasible approach that protects investors while harnessing cutting-edge technologies for trading and settlement.”

正如Peirce专员强调的那样，目标是“一种在商业上可行的方法，可以保护投资者，同时利用尖端技术进行交易和和解。”

The SEC’s upcoming Tokenization Roundtable on May 12 is expected to spark lively discussions, bringing together experts from both traditional finance and decentralized finance (DeFi) to share their insights on this crucial topic.

SEC即将在5月12日圆桌会议的圆桌会议预计将引发活泼的讨论，从而将传统金融和分散财务（DEFI）的专家汇集在一起​​，以分享他们对这个关键主题的见解。