加密監護服務面臨糾結的挑戰網絡，因為它們保護了2.7萬億美元的資產

這些服務必須確保基於區塊鏈的代幣，同時導航諸如黑客攻擊和復雜功能之類的風險，例如Staking和“協議”投票。

U.S. crypto custody services, tasked with safeguarding $2.7 trillion in digital assets, face a tangled web of challenges as they try to secure blockchain-based tokens and navigate risks like hacks and complex features such as staking and protocol voting.

美國加密貨幣服務服務的任務是維護2.7萬億美元的數字資產，在試圖確保基於區塊鏈的令牌並導航諸如黑客攻擊和復雜功能（例如放入和協議投票）的風險時，面臨著糾結的挑戰網絡。

This contrasts sharply with U.S. Securities and Exchange Commission (SEC) regulations, which are deeply rooted in traditional finance and often clash with crypto’s realities.

這與美國證券交易委員會（SEC）法規形成鮮明對比，這些法規深深植根於傳統金融，通常與加密貨幣的現實相衝突。

Now, venture capital powerhouse Andreessen Horowitz (a16z) has submitted a detailed response to the SEC’s request for information on investment custody, urging the SEC to revamp custody rules to accommodate crypto.

現在，Venture Capital Powerhouse Andreessen Horowitz（A16Z）已對SEC的投資託管信息請求提交了詳細的回應，敦促SEC對Crange Crypto進行修改。

The proposal, dated April 17, 2025, sees a16z advocating for a principles-based framework for Registered Investment Advisers (RIAs).

該提案日期為2025年4月17日，看到A16Z主張基於原則的註冊投資顧問（RIAS）的框架。

The firm’s submission follows a 2009 update to the Investment Advisers Act of 1940, which, in light of the nascent crypto industry, now requires further adjustment.

該公司的提交是在2009年對1940年的《投資顧問法》的更新之後，鑑於新生的加密行業，現在需要進一步調整。

The Problem with Current Rules

當前規則的問題

Current custody rules, last updated in 2009, were built for stocks and bonds, not for the unique properties of digital assets.

目前在2009年最新更新的當前監護權規則是為股票和債券而建立的，而不是用於數字資產的獨特屬性。

These rules mandate that RIAs use third-party custodians, but, critically, only a few custodians can support the full range of crypto features. This leaves RIAs in a bind.

這些規則要求RIA使用第三方保管人，但批判性地，只有少數保管人可以支持各種加密功能。這使rias結合在一起。

For instance, to comply fully with the rules, they’d need to limit their clients’ access to features like staking or governance over the tokens, despite these features being crucial for maximizing client returns.

例如，為了完全遵守規則，他們需要限制客戶訪問諸如對代幣的組成或治理等功能的訪問，儘管這些功能對於最大程度地提高客戶端返回至關重要。

However, if they prioritize client interests by accessing such token rights, they might find themselves in violation of the SEC regulations.

但是，如果他們通過獲得這種代幣權利來優先考慮客戶利益，他們可能會發現自己違反了SEC法規。

This predicament is forcing RIAs to make "nearly impossible choices," as a 2023 Bitwise survey discovered. Among 68% of RIAs who struggle with limited custodial options, many are being forced to abandon preferred investment strategies or types of crypto assets due to custodial constraints.

正如發現2023年的一項比特調查一樣，這種困境迫使RIA做出“幾乎不可能的選擇”。在68％的RIA因有限的託管選擇而掙扎的RIA中，由於託管限制，許多人被迫放棄首選的投資策略或加密資產類型。

“We’re excited to see the SEC take steps towards offering guidance for crypto,” said Scott Walker, a16z’s Chief Compliance Officer in a post on X on Monday.

A16Z首席合規官斯科特·沃克（Scott Walker）在周一的X帖子中說：“我們很高興看到SEC採取了為加密提供指導的步驟。”

“Advisory clients deserve for their assets to be safeguarded, so we welcome this advice and analysis from the Commission. We also agree that there’s a pressing need for the SEC to update its rules to reflect the industry’s development.”

“諮詢客戶應該得到保護的資產，因此我們歡迎委員會的建議和分析。我們也同意，SEC迫切需要更新其規則以反映行業的發展。”

A16Z’s Proposal: Five Principles

A16Z的提議：五個原則

In its proposal, a16z highlights five principles that the SEC should consider when updating the rules.

在其提案中，A16Z強調了SEC在更新規則時應考慮的五個原則。

The first centers on focusing on protections provided rather than the custodian’s status. State trusts or even unregistered firms could be qualified if they pass attestations, segregate assets, and maintain control over private keys.

第一個集中在於專注於提供的保護，而不是保管人的地位。如果國家信託通過證明，隔離資產並維持對私鑰的控制權，則可能有資格獲得資格。

Second, a16z argues that custodians must be capable of blocking unauthorized transfers and maintaining clear ownership records. This ensures that clients’ assets are safeguarded and any attempts at theft or illicit activity are thwarted.

其次，A16Z認為保管人必須能夠阻止未經授權的轉移並保持清晰的所有權記錄。這樣可以確保客戶的資產得到保護，並挫敗盜竊或非法活動的任何嘗試。

Third, RIAs should be able to freely exercise the full range of rights granted by crypto tokens—like staking, which unlocks trillions in value—without regulatory blowback. This aligns the legal framework with the economic realities of the crypto industry.

第三，RIAS應該能夠自由地行使加密代幣授予的全部權利（例如Sticking，它釋放了數万億美元的價值），而無需進行監管反擊。這將法律框架與加密行業的經濟現實保持一致。

Fourth, a16z calls for flexibility in best execution, a key fiduciary duty. For instance, moving assets to secure trading venues shouldn’t violate custody rules if done in the best interest of the client and with due diligence.

第四，A16Z要求最佳執行靈活性，這是一項關鍵的信託義務。例如，如果符合客戶的最大利益和盡職調查，將資產搬遷以確保交易場所不應違反監護權規則。

Fifth, the proposal suggests permitting self-custody as a fallback option, subject to the same stringent standards and attestations required of third-party custodians. This provides an additional layer of flexibility for RIAs in specific situations.

第五，該提案建議允許自我顧客作為後備選擇，但要遵守第三方託管人所需的嚴格標準和證明。在特定情況下，這為RIA提供了額外的靈活性。

Together, these ideas aim to ease the burden on RIAs, who manage an estimated $134 trillion in assets.

這些想法共同旨在減輕RIA的負擔，RIAS管理估計的134萬億美元資產。

The letter concludes by reiterating the firm’s belief that,

這封信結束了，重申公司的信念，即

“…the commission should provide new guidance to facilitate custody arrangements for crypto assets, even if only as a temporary measure until it issues new rules. In the absence of such guidance, the SEC staff may continue to be confronted with requests for no-action relief to perform standard functions of an investment adviser, such as facilitating the transfer of crypto assets to a trading venue in order to execute trades or to collect dividends or other distributions due to the investment adviser’s advisory clients.”

“…委員會應提供新的指導，以促進加密資產的監護權安排，即使只是作為臨時措施，直到簽發新規則為止。在沒有此類指導的情況下，SEC員工可能會繼續遇到無效的請求，要求不採取措施以促進投資顧問的標準顧問，例如促進貿易及時的分配現場，以促進分配依據，從而促進了Crypto的轉移，以促進Crypto的轉移。投資顧問的諮詢客戶。”

A16z isn’t pushing for a free-for-all. Its framework demands audits, disclosures, and disaster recovery to protect clients. It builds on recent SEC moves, like Staff Accounting Bulletin No. 122 in 2024, which eased bank custody of Bitcoin, and a March 2025 ruling letting banks offer crypto services without prior approval. A16z wants RIAs to get similar leeway.

A16Z並沒有推動全部自由。它的框架需要審核，披露和災難恢復以保護客戶。它建立在最近的SEC舉動的基礎上，例如2024年的員工會計公告，這簡化了銀行對比特幣的監護權，而2025年3月的裁決讓銀行未經事先批准提供加密服務。 A16Z希望RIAS獲得類似的餘地。

This submission from the firm follows comments by Mark Uyeda just a day prior, regarding RIA registration.

該公司的此提交遵循馬克·烏耶達（Mark Uyeda）的評論，就在一天前，關於RIA註冊。

The then-acting SEC chair suggested the likelihood of

當時的SEC主席建議