SEC的新加密特遣部隊標誌著其與加密行業關係的潛在轉折點

美國證券交易委員會（SEC）已經開始了其加密貨幣法規方法的新旅程，其標誌是其專用的加密貨幣工作隊網站以及該計劃的領導者Hester Peirce專員Hester Peirce的全面聲明。

The U.S. Securities and Exchange Commission (SEC) has taken a significant step in its approach to cryptocurrency regulation with the launch of its dedicated Crypto Task Force website and a comprehensive statement from Commissioner Hester Peirce, who leads the initiative. Peirce's message, framed around the evolution of road trips, highlights a shift from the SEC's previous, somewhat disjointed approach to crypto regulation towards a more focused and deliberate path forward. Highlighting past shortcomings, where the Commission hesitated to use its existing regulatory tools and instead relied heavily on enforcement actions, Peirce emphasizes the need for a more constructive and proactive approach, underscoring the Task Force's commitment to both fostering innovation and protecting investors. This new direction signals a potential turning point in the SEC's relationship with the crypto industry, moving away from reactive measures towards a more collaborative and forward-looking regulatory framework. Peirce's analogy of a road trip, transitioning from the era of paper maps and unpredictable routes to the precision of modern navigation systems, illustrates the SEC's intended trajectory. The past approach, characterized by uncertainty and reactive enforcement, is likened to navigating with limited tools, leading to a meandering and unclear path. The Task Force, in contrast, aims to establish a clear roadmap for the crypto industry, providing guidance and clarity for both innovators and investors. This involves developing a comprehensive regulatory framework that addresses the unique characteristics of digital assets while ensuring investor protection and market integrity. The journey, Peirce admits, will require patience, as unraveling the complexities of the crypto landscape and establishing a robust regulatory framework will take time and effort.

美國證券交易委員會（SEC）通過啟動專用的加密特遣部門網站以及領導該計劃的專員Hester Peirce的全面聲明，在其加密貨幣監管方面邁出了重要一步。皮爾斯（Peirce）的信息圍繞著公路旅行的演變，突出了從SEC以前的，有點不連貫的方法轉向加密調節，轉向更加集中和故意的前進道路。 Peirce強調了過去的缺點，委員會猶豫不決地使用其現有的監管工具，而在很大程度上依賴執法行動，強調了需要採取更具建設性和積極主動的方法，強調了工作隊致力於促進創新和保護投資者的承諾。這個新的方向標誌著SEC與加密貨幣行業的關係中潛在的轉折點，從反應性措施轉向更加協作和前瞻性的監管框架。皮爾斯（Peirce）關於公路旅行的比喻，從紙圖和不可預測的路線過渡到現代導航系統的精確度，說明了SEC的預期軌跡。過去的方法是不確定性和反應性執行，被比喻為用有限的工具導航，從而導致曲折且不清楚的路徑。相比之下，工作隊旨在為加密工業建立清晰的路線圖，為創新者和投資者提供指導和清晰度。這涉及開發一個綜合的監管框架，該框架涉及數字資產的獨特特徵，同時確保投資者保護和市場完整性。皮爾斯承認，這一旅程將需要耐心，因為揭開加密貨幣景觀的複雜性並建立強大的監管框架將需要時間和精力。

The Crypto Task Force has outlined several key areas of focus, encompassing a wide spectrum of crypto-related activities. Determining the security status of various crypto assets is paramount, as this classification significantly impacts the applicable regulations. The Task Force will also delineate the boundaries of the SEC's jurisdiction, clarifying which activities fall outside its purview and offering no-action letters to provide regulatory certainty. Furthermore, the initiative will explore potential avenues for facilitating compliant token offerings, including temporary relief for offerings that meet specific disclosure requirements and modifications to existing registration pathways like Regulation A and crowdfunding. These efforts demonstrate a proactive approach towards accommodating innovation within a regulated framework.

加密特遣部隊概述了重點的幾個關鍵領域，其中包括廣泛的與加密相關的活動。確定各種加密資產的安全狀態至關重要，因為此分類顯著影響適用的法規。該工作隊還將描述SEC管轄權的界限，澄清哪些活動不在其權限之外，並提供無行為的信件以提供監管確定性。此外，該倡議將探索促進合規代幣產品的潛在途徑，包括臨時緩解滿足特定披露要求的產品以及對法規A和眾籌等現有註冊途徑的修改。這些努力證明了一種積極主動的方法來適應受管制框架內的創新。

Addressing the operational aspects of the crypto industry is another crucial aspect of the Task Force's mandate. This includes evaluating updates to the special-purpose broker-dealer no-action statement to encompass custodians of both crypto asset securities and non-securities. Collaborating with investment advisers to establish a regulatory framework for client asset custody in the crypto space is also a priority. Providing clarity on the application of securities laws to crypto lending and staking programs, along with issuing clear statements on the approval process for crypto exchange-traded products (ETPs), further demonstrate the Task Force's commitment to providing regulatory guidance for emerging crypto activities. These efforts aim to create a more stable and transparent environment for both businesses operating within the crypto ecosystem and investors participating in it.

解決加密貨幣行業的運營方面是工作隊授權的另一個關鍵方面。這包括評估對特殊用戶經紀交易商不採取措施聲明的更新，以涵蓋加密資產證券和非安全性的保管人。與投資顧問合作，在加密貨幣領域建立客戶資產監護權的監管框架也是一個優先事項。提供有關將證券法應用於加密貸款和製定計劃的應用，並發出有關加密交易所交易產品（ETP）批准過程的明確陳述，進一步證明了工作隊致力於為新興加密活動提供監管指導。這些努力旨在為加密生態系統中的兩家業務和參與其中的投資者創造一個更穩定和透明的環境。

Beyond these specific areas, the Task Force will also address the intersection of crypto with clearing agency and transfer agent rules, ensuring the proper functioning of these critical market infrastructure components in the context of digital assets. Moreover, recognizing the global nature of the crypto industry, the Task Force will facilitate international collaboration through a cross-border sandbox, allowing for limited-scale, temporary experimentation on crypto projects with international partners. This approach recognizes the need for harmonized regulatory approaches across jurisdictions to effectively address the challenges and opportunities presented by the global crypto market. By encouraging international cooperation, the Task Force aims to foster a more consistent and effective regulatory landscape for crypto assets worldwide.

除這些特定領域外，工作隊還將解決加密代理和轉讓代理規則的交集，以確保在數字資產的背景下這些關鍵市場基礎設施組件的正確運行。此外，要認識到加密行業的全球性質，工作隊將通過跨境沙箱促進國際合作，從而可以與國際合作夥伴對加密項目進行有限規模的臨時實驗。這種方法認識到需要跨司法管轄區進行協調的監管方法，以有效解決全球加密貨幣市場所帶來的挑戰和機遇。通過鼓勵國際合作，該工作隊旨在促進全球加密資產的更加一致和有效的監管格局。

Finally, Commissioner Peirce emphasizes the importance of public engagement in shaping the future of crypto regulation. The launch of the Crypto Task Force website serves as a platform for disseminating information, fostering dialogue, and soliciting feedback from the public. This commitment to transparency and public participation reflects a shift towards a more collaborative and inclusive regulatory process. By inviting stakeholders to actively participate in the conversation, the SEC aims to develop a regulatory framework that reflects the needs and perspectives of the broader crypto community, ensuring a more balanced and effective approach to regulating this rapidly evolving industry. This open dialogue is crucial for navigating the complexities of the crypto space and establishing a regulatory framework that fosters innovation while mitigating risks.

最後，專員皮爾斯（Peirce）強調了公眾參與在塑造加密監管未來的重要性。加密特遣部隊網站的啟動是傳播信息，促進對話和徵集公眾反饋的平台。這種對透明度和公眾參與的承諾反映了向更協作和包容的監管過程的轉變。通過邀請利益相關者積極參與對話，SEC旨在開發一個反映更廣泛加密社區的需求和觀點的監管框架，以確保一種更加平衡，更有效的方法來規範這個快速發展的行業。這種公開的對話對於瀏覽加密空間的複雜性和建立監管框架至關重要，該框架促進創新的同時減輕風險。