具有里程碑意義的法案為加密新創公司揭開了安全港的面紗，釋放了創新的活力

眾議員帕特里克·麥克亨利提出的一項新法案將為透過代幣銷售尋求資金的加密新創公司創建一個「安全港」。該提案旨在平衡對加密貨幣創新的支持與防止欺詐的保障，允許項目在三年的證券分類豁免下運營，同時滿足披露和技術要求。該法案得到了行業團體的認可，為利益相關者提供了與立法者接觸的機會，並有可能減輕日益嚴格的監管審查的影響。

Groundbreaking Proposal Unveiled: A Safe Harbor for Crypto Startups to Unlock Innovation

突破性提案公佈：加密貨幣新創公司釋放創新的安全港

Marking a pivotal moment in the evolution of cryptocurrency regulation, Congressman Patrick McHenry (R-NC), the esteemed ranking member of the House Financial Services Committee, has introduced a groundbreaking bill that promises to revolutionize the crypto landscape. Modeled on the visionary principles of Hester Pierce, a staunch crypto advocate and Commissioner of the U.S. Securities and Exchange Commission (SEC), this bill offers a much-needed safe harbor for crypto startups seeking to raise capital through token sales.

受人尊敬的眾議院金融服務委員會高級成員國會議員帕特里克·麥克亨利 (R-NC) 提出了一項開創性的法案，預計將徹底改變加密貨幣格局，這標誌著加密貨幣監管發展的關鍵時刻。該法案以堅定的加密貨幣倡導者兼美國證券交易委員會 (SEC) 委員 Hester Pierce 的遠見原則為藍本，為尋求透過代幣銷售籌集資金的加密貨幣新創公司提供了急需的安全港。

This meticulously crafted proposal strikes a delicate balance, addressing the inherent complexities of crypto network funding. The issue at hand is two-fold: classifying a new network's token as a security from the onset limits investment to institutional players and venture capitalists, hindering the growth of a decentralized user base and development community. Conversely, granting crypto carte blanche in securities regulation risks unleashing rampant fraud, as witnessed during the initial coin offering (ICO) boom of 2017.

這個精心設計的提案達到了微妙的平衡，解決了加密網路融資固有的複雜性。目前的問題有兩個面向：從一開始就將新網路的代幣歸類為證券，限制了對機構參與者和創投家的投資，阻礙了去中心化用戶群和開發社群的成長。相反，在證券監管中給予加密貨幣全權委託可能會引發猖獗的欺詐行為，正如 2017 年首次代幣發行 (ICO) 熱潮中所見證的那樣。

The McHenry/Pierce proposal ingeniously sidesteps this dilemma by granting new crypto startups a three-year incubation period during which they can build and sell tokens without the burden of securities classification. The intended outcome is to nurture "sufficient decentralization" within this window, allowing these startups to qualify as commodities – the widely accepted classification for bitcoin and ethereum – rather than securities. This approach resonates deeply with the organic growth trajectory of crypto networks.

McHenry/Pierce 的提案巧妙地避開了這一困境，為新的加密新創公司提供了三年的孵化期，在此期間他們可以建立和銷售代幣，而無需承擔證券分類的負擔。預期的結果是在這個窗口內培育“充分的去中心化”，使這些新創公司有資格成為商品（比特幣和以太坊廣泛接受的分類），而不是證券。這種方法與加密網路的有機成長軌跡產生了深刻的共鳴。

However, the proposal does not shy away from the critical safeguards that the SEC rightly demands. In exchange for the safe harbor, it mandates projects to provide transparent disclosures, including the identification of core team members. Moreover, it imposes two crucial technical hurdles: open-source code and full viewability on a block explorer. These provisions effectively serve as robust anti-fraud measures, enabling the community to thoroughly scrutinize projects' ideas, execution, and operations. Blatant scams like BitConnect or OneCoin would find it virtually impossible to pass this initial vetting process.

然而，該提案並沒有迴避 SEC 正確要求的關鍵保障措施。作為安全港的交換，它要求專案提供透明的揭露，包括核心團隊成員的識別。此外，它還帶來了兩個關鍵的技術障礙：開源程式碼和區塊瀏覽器的完全可見性。這些規定有效地充當了強有力的反詐欺措施，使社區能夠徹底審查專案的想法、執行和運作。像 BitConnect 或 OneCoin 這樣的明目張膽的騙局幾乎不可能通過這個初步審查過程。

Upon the conclusion of the three-year "safe harbor" period, projects are obligated to assess their progress towards decentralization and submit a detailed report to the SEC. Should they fail to meet established benchmarks, such as significant development contributions from parties outside the core team, they must register as a security within an additional three months. This effectively serves as an admission that the system's growth remains heavily dependent on the core development team's efforts, thereby failing the Howey Test, which defines a security.

在三年「安全港」期結束後，計畫有義務評估其去中心化進度情況，並向 SEC 提交詳細報告。如果它們未能達到既定基準，例如核心團隊以外各方的重大開發貢獻，則必須在另外三個月內註冊為證券。這實際上承認系統的成長仍然嚴重依賴核心開發團隊的努力，從而未能通過定義安全性的 Howey 測試。

The McHenry bill has garnered widespread support from industry heavyweights, including the Chamber of Digital Commerce and Coin Center. While its political prospects remain uncertain, particularly given the current Democratic control of both chambers of Congress, its introduction presents a timely opportunity for politically engaged individuals and organizations to engage with their elected officials on crypto-related matters.

麥克亨利法案獲得了數位商會和硬幣中心等行業重量級人物的廣泛支持。儘管其政治前景仍然不確定，特別是考慮到目前民主黨控制國會兩院，但它的推出為政治參與的個人和組織提供了一個及時的機會，可以與當選的官員就加密相關事務進行接觸。

Urging your senators and representatives to support the McHenry/Pierce crypto safe harbor proposal is a crucial step in shaping the future of crypto regulation. Even if direct personal contact proves elusive, the volume of inbound comments received on bills is meticulously tracked by congressional offices. By voicing your support, you can help counter the increasingly aggressive regulatory stance under SEC Chairman Gary Gensler and foster an environment conducive to innovation in the crypto industry.

敦促參議員和代表支持 McHenry/Pierce 加密貨幣安全港提案是塑造加密貨幣監管未來的關鍵一步。即使直接的個人聯繫難以實現，國會辦公室也會仔細追蹤收到的有關法案的評論量。透過表達您的支持，您可以幫助應對 SEC 主席 Gary Gensler 日益激進的監管立場，並創造一個有利於加密產業創新的環境。

The McHenry/Pierce crypto safe harbor bill represents a pivotal step towards fostering a vibrant and responsible crypto ecosystem. By providing a path to decentralized growth while maintaining essential safeguards, it empowers crypto startups to unlock their full potential without compromising the integrity of the market. The time is now for policymakers to embrace this visionary proposal and pave the way for the next era of crypto innovation.

麥克亨利/皮爾斯加密安全港法案代表著朝著培育充滿活力和負責任的加密生態系統邁出的關鍵一步。透過提供去中心化成長的途徑，同時保持必要的保障措施，它使加密貨幣新創公司能夠在不損害市場完整性的情況下釋放其全部潛力。現在是政策制定者接受這一富有遠見的提議並為下一個加密創新時代鋪平道路的時候了。