第二秒加密特遣部隊圓桌會議探討了現有法規如何更好地促進加密資產交易

SEC的加密特遣部隊主辦的第二個圓桌會議是在華盛頓舉行的，目的是解決現有的監管框架如何更好地促進美國的加密資產交易。

The second roundtable hosted by the SEC’s Crypto Task Force was held in Washington, focusing on how the existing regulatory framework can better facilitate crypto asset trading in the U.S.

SEC的加密特遣部隊主持的第二個圓桌會議在華盛頓舉行，重點是現有的監管框架如何更好地促進美國的加密資產交易

The session was presided over by Acting Chairman Mark Uyeda and included Commissioners Hester Peirce and Caroline Crenshaw. Titled "Between a Block and a Hard Place," the conference brought together key players from both traditional and crypto finance to devise practical solutions for integrating blockchain technology into current markets.

會議由代理主席馬克·烏耶達（Mark Uyeda）主持，並包括委員Hester Peirce和Caroline Crenshaw。會議的標題為“街區和艱難的地方”，將來自傳統和加密貨幣的主要參與者匯集在一起​​，以設計將區塊鏈技術集成到當前市場的實用解決方案。

The panel members, representing a diverse range of institutions, were moderated by Nicholas Losurdo, a partner at Goodwin Procter LLP. Gregory Tusar, Coinbase’s Vice President of Institutional Product, provided perspective from one of the largest U.S. crypto exchanges.

代表各種機構的小組成員由Goodwin Procter LLP的合夥人Nicholas Losurdo主持。 Coinbase機構產品副總裁Gregory Tusar提供了美國最大的加密貨幣交易所之一的觀點。

Highlighting the importance of crypto brokers registering with regulators for transparency and better oversight of the markets, President and CEO of Healthy Markets Association Tyler Gellasch also stated that brokers should know whom they are dealing with, as opposed to just encrypted information.

健康市場協會主席兼首席執行官泰勒·蓋拉斯（Tyler Gellasch）強調了加密經紀人在監管機構中註冊的加密經紀人的重要性，並且對市場的總裁兼首席執行官，也表示，經紀人應該知道他們正在與誰打交道，而不是剛剛加密的信息。

Jon Herrick, Chief Product Officer of the New York Stock Exchange, discussed the impact of ETF approvals, simplifying investor entry into digital assets through familiar and regulated avenues. He further noted that ETFs potentially enable traditional financial institutions to engage with digital assets in new ways, especially as collateral.

紐約證券交易所首席產品官喬恩·赫里克（Jon Herrick）討論了ETF批准的影響，並通過熟悉和受監管的途徑簡化了投資者進入數字資產的影響。他進一步指出，ETF可能使傳統的金融機構能夠以新的方式參與數字資產，尤其是作為抵押品。

While Richard Johnson, founder and CEO of Texture Capital, and Dave Lauer, co-founder of Urvin Finance and We the Investors, contributed their insights on how markets might evolve to accommodate tokenized assets, Chief Legal Officer of Uniswap Labs Katherine Minarik offered a view of the DeFi industry and how decentralized platforms are structured differently than traditional exchanges.

紋理資本的創始人兼首席執行官理查德·約翰遜（Richard Johnson）以及Urvin Finance和我們的投資者的聯合創始人戴夫·勞爾（Dave Lauer）對市場可能發展的洞察力，以適應代幣資產，uniswap Labs的首席法律官Kathaterine Minarik的首席法律官Kkatherine Minarik提供了對Defi行業和未成年平台的觀點，而不是傳統的平台。

The session also benefited from the academic perspective of Christine Parlour, Finance and Accounting Chair at UC Berkeley, who spoke about structural changes needed for regulation to be more effective.

這次會議還從加州大學伯克利分校的克里斯汀（Christine Parlor），金融和會計主席的學術角度受益，後者談到了監管所需的結構性變化以使其更加有效。

Adding their legal and institutional trading industry perspectives in the crypto sector were Chelsea Pizzola, Associate General Counsel at Cumberland DRW, and Austin Reid, FalconX Global Head of Revenue and Business.

切爾西·比佐拉（Chelsea Pizzola），Cumberland DRW的副法律顧問和Falconx全球收入和商業負責人Austin Reid，在加密貨幣領域增加了其法律和機構貿易行業的觀點。

Commissioner Peirce, known for her interest in crypto, said she found the first roundtable useful in forming her opinion on when crypto assets would be subject to securities laws. She hoped this one would be equally fruitful, noting the variety of participants—from national securities exchanges and alternative trading systems to crypto-native companies.

Peirce專員以對加密貨幣的興趣而聞名。她發現，她發現第一個圓桌會議在對加密貨幣資產何時受到證券法的意見形成意見。她希望這是同樣富有成果的，並指出各種參與者 - 從國家證券交易所和替代交易系統到加密本地公司。

Richard Gabbert, the head of the Crypto Task Force, was said to be placing strong emphasis on investor-centric regulation.

據說加密特遣部隊負責人理查德·加伯伯特（Richard Gabbert）非常重視以投資者為中心的監管。

The conversation pointed out that existing federal regulations were not written with blockchain and decentralized finance in mind, leading to misalignments between how crypto markets operate and how they are regulated.

對話指出，現有的聯邦法規不是在牢記區塊鍊和分散的財務上編寫的，這導致加密市場的運作方式和如何受到監管之間的不對對準。

For example, it was noted that state-by-state licensing, a legacy issue in traditional finance, persists in the crypto domain. Many in the industry are advocating for one SEC license with which they can operate in all 50 states, which would ease compliance and make operating less cumbersome.

例如，人們注意到，逐個國家的許可（傳統財務中的遺產問題）仍然存在於加密貨幣領域。該行業中的許多人都在提倡一個SEC許可證，他們可以在所有50個州開展業務，這將減輕合規性並使運營減少。

Panelists explained how current rules such as the order protection rule or prohibitions on listing unregistered securities pose problems when trying to bring tokenized securities into traditional markets.

小組成員解釋了當前的規則，例如訂單保護規則或禁止在試圖將令牌證券帶入傳統市場時列出未註冊證券的問題。

They also recognized that crypto platforms tend to have custody, clearing, and execution on the same platform, unlike the distinct systems in traditional finance.

他們還認識到，與傳統金融的獨特系統不同，加密平台往往在同一平台上具有監護權，清理和執行。

Despite these difficulties, there was optimism about the potential of blockchain to transform markets. From 24/7 trading via smart contracts to better collateral management and settlement of transactions, most industry leaders present view blockchain as a way to make financial systems more efficient.

儘管存在這些困難，但對區塊鏈轉變市場的潛力仍然存在樂觀。從通過智能合約進行24/7全天候交易，到更好的抵押管理和交易結算，大多數行業領導者都將視圖區塊鏈作為一種使金融系統提高效率的方式。

The SEC is considering granting temporary exemptions to spur innovation while longer-term rules are being formulated.

SEC正在考慮在製定長期規則的同時授予啟發創新的臨時豁免。

In total, the roundtable highlighted the need for regulators and market participants to collaborate in developing a framework that benefits both innovation and investor protection.

總體而言，圓桌會議強調了監管機構和市場參與者在開發一個受益於創新和投資者保護方面的框架方面進行合作的需求。