Defi教育基金（DEF）向SEC提交了一封信，提出了五個核心原則，以創建“令牌安全港”框架

該建議旨在幫助SEC結構對發展方向的代幣項目的時間限制豁免

The DeFi Education Fund (DEF) has submitted a letter to the Securities and Exchange Commission (SEC) proposing five core principles for creating a “token safe harbor” framework.

DEFI教育基金（DEF）已向美國證券交易委員會（SEC）提交了一封信，提出了五個核心原則，以創建“代幣安全港”框架。

The recommendations aim to help the SEC structure a time-limited exemption for token projects developing toward decentralization, offering a regulatory environment that facilitates disclosure without prematurely classifying assets as securities.

該建議旨在幫助SEC結構對製定權力下放的代幣項目的時間限制豁免，提供一個監管環境，可促進披露而無需過早將資產分類為證券。

This proposal comes as Congress is working on broader legislation for digital assets, which may take time to enact.

這項提案是因為國會正在為數字資產製定更廣泛的立法，這可能需要時間才能製定。

The DEF highlighted the urgent need for interim guidance to support the burgeoning DeFi sector.

DEF強調了迫切需要臨時指導以支持新興的偏見部門。

The letter proposes a technology-agnostic approach to accommodate various Web3 innovations.

這封信提出了一種適應各種Web3創新的技術不足的方法。

It recommends criteria for a broad class of tokens to be eligible, considering factors such as the issuer’s status, time of token distribution, and project's stage of decentralization at the time of application.

它建議將一系列代幣的標準符合條件，以考慮諸如發行人的狀態，代幣分佈時間以及在申請時項目的權力下放階段的因素。

suggesting a focus on source code transparency, token economics, and governance structures.

建議專注於源代碼透明度，代幣經濟學和治理結構。

It also proposes an "Exit Test" to gauge a project's progress in decentralization, examining aspects like transparency, participation, custody, control, and economic authority.

它還提出了一個“退出測試”，以評估一個項目在權力下放方面的進展，研究透明度，參與，監護權，控制和經濟權威等方面。

A project that meets the criteria could graduate from the safe harbor, and the time-limited nature of the program would encourage efficient decentralization efforts.

一個符合標準的項目可以從安全港畢業，該計劃的時間限制性質將鼓勵有效的權力下放工作。

suggesting a period of three to four years for projects to achieve sufficient decentralization.

為項目實現足夠的權力下放的項目提示了三到四年的時間。

Those still in progress after the initial window can apply for an extension, demonstrating continued efforts to decentralize.

在初始窗口後仍在進行的那些人可以申請擴展，這表明了繼續分散的努力。

A critical component of the DEF’s proposal involved protections for secondary market participants.

DEF提案的關鍵組成部分涉及對二級市場參與者的保護。

While a token remains within the safe harbor, intermediaries supporting its trading, such as digital asset exchanges and market makers, should not be required to register as broker-dealers or securities exchanges.

雖然令牌保留在安全港內，但支持其交易的中介機構（例如數字資產交易所和做市商）不應被要求註冊為經紀交易商或證券交易所。

suggesting that a broader infrastructure role is played by these firms, which support the secondary market ecosystem.

這些公司扮演了更廣泛的基礎設施角色，這些公司支持二級市場生態系統。

DEF noted that exempting infrastructure providers from traditional securities regulations would reduce legal uncertainty and foster broader participation in decentralized markets.

DEF指出，豁免基礎設施提供商免於傳統證券法規，將減少法律不確定性，並促進更廣泛的參與分散市場。

While supporting the creation of a token safe harbor, the DEF ultimately called for Congress to develop a comprehensive legislative framework for digital assets.

在支持創建令牌安全港的同時，DEF最終呼籲國會為數字資產開發全面的立法框架。

The organization expressed that durable legal clarity must come from statute rather than temporary regulatory carve-outs. Nevertheless, a well-structured safe harbor could protect investors and developers while the longer lawmaking process unfolds.

該組織表示，持久的法律清晰度必須來自法規，而不是臨時的監管雕刻。然而，結構良好的安全港可以保護投資者和開發商，而更長的立法流程則展開。

DEF concluded its letter by committing to ongoing engagement with the SEC and the broader crypto community. The organization also indicated that it would be publishing its recommendations publicly to solicit further feedback.

DEF通過承諾與SEC和更廣泛的加密社區的持續參與結束了信。該組織還表示，它將公開發布其建議，以徵求進一步的反饋。