美國SEC可能對加密法規的靈活豁免方法開放

美國證券交易委員會可以採用靈活的加密法規豁免方法開放。討論了潛在的沙盒方法

The US Securities and Exchange Commission may be open to a flexible, exemptive approach to crypto regulation, with a potential sandbox approach being discussed at the Crypto Task Force Roundtable on crypto trading on Thursday, April 13.

美國證券交易委員會可能會採用靈活的，豁免的加密法規，並在4月13日星期四在加密貨幣交易中討論了潛在的沙盒方法。

During the discussion, Acting Chairman of the US SEC Mark Uyeda hinted at the possibility of creating an exemptive regulation for crypto trading platforms in the intermediate step before a general SEC policy on digital assets. This would allow for input from multiple already operational crypto platforms.

在討論期間，美國SEC Mark Uyeda的代理主席暗示，有可能在中級SEC關於數字資產的一般政策之前對加密貨幣交易平台製定豁免法規。這將允許來自多個已經運行的加密平台的輸入。

New remarks from the Acting Chairman of the US Securities and Exchange Commission (SEC), Mark Uyeda, signaled that the regulator may be open to a flexible, exemptive approach to crypto regulation.

美國證券交易委員會（SEC）代理主席馬克·烏耶達（Mark Uyeda）的新講話表明，監管機構可以採用靈活的，豁免的加密法規。

A potential sandbox approach was also discussed at the Crypto Task Force Roundtable on crypto trading. The new remarks opened the next round of discussions between the SEC and representatives of crypto platforms. This edition was titled "Between a block and a hard place: tailoring regulation for crypto trading" and featured nine prominent panelists from the crypto space, academia, and traditional finance.

在加密貨幣交易中的加密貨幣工作組圓桌會議上，還討論了潛在的沙盒方法。新的講話開啟了SEC與加密平台代表之間的下一輪討論。該版本的標題為“街區和一個艱難的地方：加密貨幣交易的裁縫法規”，並以來自加密貨幣空間，學術界和傳統金融的九名傑出小組成員為特色。

The US SEC began its first roundtable in March, with the plan to run several rounds of discussion and consultations. The regulator reached out to former enforcement targets Coinbase and Uniswap for feedback and proposals on new crypto regulation. Uniswap has been represented by Katherine Minarik, Chief Legal Officer at Uniswap Labs. Coinbase sent VP Greg Tusar, in charge of Institutional Product and dealing with institutional brokerage.

美國SEC在3月開始了第一個圓桌會議，併計劃進行幾輪討論和諮詢。監管機構與以前的執法目標共同基礎和Uniswap聯繫，以尋求有關新加密法規的反饋和建議。 Uniswap Labs首席法律官Katherine Minarik代表Uniswap。 Coinbase派遣了負責機構產品並處理機構經紀公司的副總裁Greg Tusar。

Uyeda's opening statement to the Roundtable discussion suggested that crypto market operators may prefer a general framework, instead of multiple state licensing rules.

烏耶達（Uyeda）對圓桌會議討論的開頭聲明表明，加密市場運營商可能更喜歡一個通用框架，而不是多個州許可規則。

"We are mindful that, under an accommodating federal regulatory framework, some market participants would likely prefer to offer trading in both tokenized securities and non-security crypto assets (e.g., Bitcoin, Ether, and Litecoin) under a single SEC license than to offer trading solely in non-security crypto assets under fifty different state licenses," stated Uyeda.

“我們很明白，在一個適應的聯邦監管框架下，一些市場參與者可能更願意提供令牌化證券和非安全性加密資產（例如，單個SEC許可）的交易（例如，在單一的SEC許可下），而不是在非屬於不同的州範圍以下的非固定加密貨幣許可下提供的交易。

The SEC will work toward a common regulatory framework for trading platforms, but in the short term, Uyeda proposed a period of exemption. He opened the Roundtable discussion by calling for feedback on potential exemptions before reaching a common ground on regulation.

SEC將致力於用於交易平台的共同監管框架，但在短期內，Uyeda提出了一段豁免時期。他通過呼籲對潛在豁免的反饋進行反饋，然後才達到監管方面的共同點，從而開始了圓桌會議的討論。

Crypto sandbox may need new rules for trading outside existing security law

加密沙箱可能需要新的規則來交易現有安全法之外

Uyeda pointed out that existing crypto platforms took a varied approach to asset trading. The platforms were capable of offering both tokenized securities and non-security tokens. Additionally, blockchain custody, settlement, and reserve options meant the new platforms could offer 24/7 activity.

Uyeda指出，現有的加密平台採取了多種方法來進行資產交易。這些平台能夠提供令牌化證券和非安全令牌。此外，區塊鏈監護權，和解和預備選擇意味著新平台可以提供24/7的活動。

The panelists brought up the issue of high-speed trading and position disclosure. Currently, crypto activities contain multiple markets with no oversight, allowing for undetected activity to front-run transactions.

小組成員提出了高速交易和職位披露的問題。目前，加密活動包含多個市場，沒有監督，可以進行未發現的活動進行前進交易。

The panelists also focused on not shoehorning crypto into the existing security framework, but working toward a new regulation for problems specific to blockchains, decentralized trading, and existing crypto trading. One of the proposals included a best execution obligation, suggested by Tyler Gellasch, President and CEO of the Healthy Markets Association. Best execution obligation was also proposed as a tool to turn the US crypto market more competitive and draw in more traders, who may be otherwise using less reliable global platforms.

小組成員還專注於沒有將加密貨幣納入現有的安全框架，而是針對特定於區塊鏈，分散交易和現有加密貨幣交易的新法規努力。其中一項提案包括健康市場協會主席兼首席執行官Tyler Gellasch提出的最佳執行義務。還提出了最佳執行義務，以使美國加密貨幣市場更具競爭力並吸引更多的交易者，否則他們可能會使用不太可靠的全球平台。

The current securities trading law has not yet taken into account the technological shifts in trading. Tokenized securities can use smart contracts instead of transfer agents, and automate the exchange and clearance, stated Uyeda. The SEC will discuss the regulation of those processes, which currently do not have a common standard, and even risk being subject to hacks or losses.

當前的證券交易法尚未考慮交易的技術變化。 Uyeda表示，令牌化證券可以使用智能合約代替轉讓代理，並自動化交易所和許可。 SEC將討論這些過程的法規，這些過程目前沒有共同的標準，甚至有可能受到黑客攻擊或損失的可能性。

Following the discussion on regulation, the next SEC meeting on April 25 will discuss crypto custody and the duties of custodians.

在討論監管之後，4月25日的下一次美國證券交易委員會會議將討論加密貨幣託管和保管人的職責。

The May 12 roundtable will discuss tokenization and the cross between TradFi and DeFi. The last roundtable on June 6 will discuss DeFi and the specific challenges of implementing the technology for the US market.

5月12日的圓桌會議將討論令牌化以及Tradfi和Defi之間的交叉。 6月6日的最後一個圓桌會議將討論DEFI以及為美國市場實施技術的具體挑戰。

The Crypto Task Force is a shift in the general approach of the SEC, switching from a prohtbitive approach and aggressive lawsuits to a sandbox approach with grace periods for existing crypto activities.

加密特遣部隊是SEC的一般方法的轉變，從實現的方法和積極的訴訟轉變為具有現有加密活動的寬限期時期的沙盒方法。