XLM、HBAR、ADA Network 在数字资产分类争论中推动 SEC 制定明确的商品规则

Stellar、Hedera 和 Cardano 敦促 SEC 为数字资产建立持久的商品规则，寻求比特币地位之外的监管透明度。

New York, NY - The digital asset landscape is buzzing with calls for regulatory clarity, as the networks behind Stellar (XLM), Hedera (HBAR), and Cardano (ADA) are collectively petitioning the U.S. Securities and Exchange Commission (SEC) to codify definitive commodity classification rules. This concerted effort aims to secure a predictable regulatory environment, akin to the established status of Bitcoin, for these prominent digital assets.

纽约州纽约 - 数字资产领域充斥着要求监管明确性的呼声，Stellar (XLM)、Hedera (HBAR) 和 Cardano (ADA) 背后的网络正在集体请求美国证券交易委员会 (SEC) 制定明确的商品分类规则。这项共同努力的目的是为这些著名的数字资产确保一个可预测的监管环境，类似于比特币的既定地位。

The Push for Durable Rules

推动持久规则

At the heart of this initiative is a demand for the SEC to move beyond ad hoc enforcement actions and toward published, lasting rules that clearly define digital assets as commodities. For XLM, HBAR, and ADA, such classification would draw a crucial distinction from assets that could be deemed unregistered securities, offering much-needed certainty for their respective ecosystems.

该举措的核心是要求美国证券交易委员会超越临时执法行动，并制定明确将数字资产定义为商品的持久规则。对于 XLM、HBAR 和 ADA 来说，这种分类将与可能被视为未注册证券的资产进行重要区分，从而为各自的生态系统提供急需的确定性。

Bitcoin has long held a unique position, recognized by both the Commodity Futures Trading Commission (CFTC) and the SEC as a commodity. This established status has paved the way for significant developments, including the approval of spot Bitcoin ETFs. The proponents of XLM, HBAR, and ADA argue that their continued ambiguity in regulatory classification hinders compliance planning and limits crucial institutional investment.

比特币长期以来一直保持着独特的地位，被商品期货交易委员会（CFTC）和美国证券交易委员会（SEC）认可为一种商品。这一既定地位为重大发展铺平了道路，包括现货比特币 ETF 的批准。 XLM、HBAR 和 ADA 的支持者认为，它们在监管分类方面持续的模糊性阻碍了合规规划并限制了关键的机构投资。

Why Commodity Treatment Matters

为什么商品待遇很重要

The quest for clear commodity treatment is driven by practical considerations impacting compliance, market participation, and overall ecosystem confidence.

对明确商品待遇的追求是由影响合规性、市场参与和整体生态系统信心的实际考虑推动的。

Compliance and Market Access

合规性和市场准入

For exchanges and custodians, a stable legal framework is essential before listing new assets. The ongoing enforcement actions against certain digital assets create a chilling effect across the market. For Hedera (HBAR), this uncertainty impacts not only exchange listings but also enterprise-level deployments, as financial institutions need to confidently treat HBAR as a commodity.

对于交易所和托管人来说，在新资产上市之前稳定的法律框架至关重要。针对某些数字资产的持续执法行动对整个市场产生了寒蝉效应。对于 Hedera (HBAR) 来说，这种不确定性不仅影响交易所上市，还影响企业级部署，因为金融机构需要自信地将 HBAR 视为商品。

Institutional Demand and Ecosystem Growth

机构需求和生态系统增长

The emergence of spot HBAR ETF products signals existing institutional interest, but sustained growth hinges on the legal certainty that formal rulemaking provides. Similarly, Cardano's (ADA) ecosystem, with its growing decentralized applications and staking rewards, faces significant tax and compliance questions. Clear commodity rules would resolve ambiguities for developers, validators, and stakers alike.

现货 HBAR ETF 产品的出现表明了机构现有的兴趣，但持续增长取决于正式规则制定所提供的法律确定性。同样，卡尔达诺（ADA）生态系统随着去中心化应用程序和质押奖励的不断增长，也面临着重大的税收和合规问题。明确的商品规则将解决开发者、验证者和利益相关者等的模糊性。

For Stellar (XLM), the implications extend to cross-border payment infrastructure. Commodity classification would simplify integration for regulated money-transfer operators, enabling XLM-based settlements without triggering complex securities compliance obligations.

对于 Stellar (XLM) 来说，影响还延伸到了跨境支付基础设施。商品分类将简化受监管汇款运营商的整合，实现基于 XLM 的结算，而不会触发复杂的证券合规义务。

The Road Ahead

未来之路

While the networks behind XLM, HBAR, and ADA are actively advocating for these rules through public comments and direct engagement, it's important to note that the SEC has not yet issued a formal commodity classification for these assets. The process for formal SEC rulemaking involves proposed rules, public comment periods, and final adoption, none of which have been confirmed for this specific initiative.

虽然 XLM、HBAR 和 ADA 背后的网络正在通过公众评论和直接参与积极倡导这些规则，但值得注意的是，SEC 尚未针对这些资产发布正式的商品分类。 SEC 的正式规则制定流程包括提议的规则、公众意见征询期和最终通过，但本具体举措中的任何一项都尚未得到确认。

Key developments to watch include the SEC's issuance of proposed rules, the specific criteria for commodity treatment, and which assets might be included. Congressional actions, such as legislation assigning primary jurisdiction over commodity-like digital assets to the CFTC, could also achieve a similar outcome through a different regulatory channel.

值得关注的主要进展包括美国证券交易委员会发布拟议规则、商品处理的具体标准以及可能包括哪些资产。国会的行动，例如立法将商品类数字资产的主要管辖权分配给商品期货交易委员会，也可以通过不同的监管渠道实现类似的结果。

The regulatory standing of Bitcoin serves as a benchmark, but achieving similar clarity for networks like XLM, HBAR, and ADA requires navigating a rulemaking process that Bitcoin did not face. The outcome of this debate is poised to shape the compliance architecture of U.S. digital asset markets for years to come.

比特币的监管地位可以作为基准，但要为 XLM、HBAR 和 ADA 等网络实现类似的明确性，需要经历比特币所没有面临的规则制定过程。这场辩论的结果将决定未来几年美国数字资产市场的合规架构。

So, while the regulatory wheels may turn slowly, the ongoing dialogue is a positive sign for those hoping for a clearer path forward in the exciting world of digital assets!

因此，虽然监管的车轮可能会缓慢转动，但对于那些希望在令人兴奋的数字资产世界中找到更清晰的前进道路的人来说，正在进行的对话是一个积极的信号！