立法者挑戰SEC在交易所交易產品中的立場

長期以來，美國一直落後於世界其他地區。現在，在特朗普政府的前30天

A bipartisan group of U.S. lawmakers have called on the Securities and Exchange Commission (SEC) to reconsider its stance on excluding protocol staking from exchange-traded products (ETPs).

兩黨組成的美國立法者呼籲證券交易委員會（SEC）重新考慮其在將協議排除在交易所交易產品（ETPS）中排除的立場。

In a letter dated March 3 to SEC Commissioners Caroline Pham and Mark Uyeda, Senators Cynthia Lummis (R-WY), Kirsten Gillibrand (D-NY), Steve Daines (R-Montana), Bill Hagerty (R-Tenn.), Thom Tillis (R-NC), Bernie Moreno (R-Ohio) and Ron Wyden (D-OR) highlighted the importance of staking in proof-of-stake (PoS) networks like Ethereum.

在3月3日給SEC專員Caroline Pham和Mark Uyeda的信中，參議員Cynthia Lummis（R-Wy），Kirsten Gillibrand（D-NY），Steve Daines（R-Montana）（R-Montana），Bill Hagerty （R-Tenn。），Thom。 Tillis（R-NC），Bernie Moreno（R-Ohio）和Ron Wyden（D-OR）強調了在以太坊（Ethereum）等股票證明（POS）網絡中的重要性。

The lawmakers argued that the SEC’s directive to exclude staking within ETPs is based on a faulty understanding of how the technology works. They explained that staking is not an investment product in itself, but rather a fundamental technical requirement for securing and validating transactions on PoS networks.

議員們認為，SEC排除ETP中累積的指令是基於對技術如何運作的錯誤理解。他們解釋說，Staking本身不是投資產品，而是確保和驗證POS網絡交易的基本技術要求。

“When token holders stake their assets, they contribute to the network’s security, and in doing so earn rewards generated by the protocol itself — not from any centralized authority,” the letter reads.

信函寫道：“當代幣持有人擁有其資產時，他們為網絡的安全做出了貢獻，並這樣做賺取了協議本身產生的獎勵，而不是任何集中權威。”

The senators went on to express concerns about America’s competitive position in global digital asset markets, as other major financial centers have embraced staking in their digital asset ETPs.

參議員繼續對美國在全球數字資產市場中的競爭地位表示關注，因為其他主要金融中心也接受了其數字資產ETP的積分。

“While the United States hesitates, other major financial centers including Switzerland, Canada, Germany and Australia have recognized [staking’s] integral role in network security and operational stability,” they wrote.

他們寫道：“儘管美國猶豫，但包括瑞士，加拿大，德國和澳大利亞在內的其他主要金融中心已經認識到[Staking]在網絡安全和運營穩定中的不可或缺的作用。”

The lawmakers also noted that because staking is essential for securing PoS networks, if there were no one staking their ether (ETH), then all of the assets within these ETPs would be at risk.

議員們還指出，由於沒有人在確保POS網絡的情況下，如果沒有人佔有Ether（ETH），那麼這些ETP中的所有資產都將處於危險之中。

“This means that, perversely, the SEC has forced American investors into a position where their investments are only protected by assets held in other jurisdictions,” the letter adds.

這封信補充說：“這意味著，SEC反而迫使美國的投資者進入了僅受到其他司法管轄區資產保護的投資的位置。”

Crucially, the impact of these regulations extends beyond just the Ethereum blockchain, but applies to possible future ETPs of other networks that also use proof-of-stake such as Solana, Avalanche and Polkadot. As the digital asset sector grows, the impact of this misguided regulation will only deepen.

至關重要的是，這些法規的影響不僅限於以太坊區塊鏈，但適用於其他網絡的未來ETP，這些網絡也使用了諸如Solana，Avalanche和Polkadot之類的驗證證明。隨著數字資產行業的增長，這種誤導的法規的影響只會加深。

“Getting this regulation wrong hurts both American investors and the U.S. economy,” the senators wrote.

參議員寫道：“弄錯了這一法規會損害美國的投資者和美國經濟。”

“Either investors accept domestic products without staking and the associated rewards, limiting their financial returns, or they seek exposure through off-shore alternatives, driving capital offshore and out of U.S. stock exchanges.”

“要么投資者在不積分和相關的獎勵的情況下接受家用產品，限制其財務回報，要么通過離岸替代方案尋求曝光，將資本驅趕到近海和美國證券交易所。”

The lawmakers concluded by urging the SEC to permit staking in ETPs, which they believe would align with both the agency’s mandate to protect investors and the goal of maintaining U.S. leadership in global financial markets.

議員們敦促美國證券交易委員會允許在ETP中佔有一席之地，他們認為這將與該機構保護投資者的授權以及維持美國在全球金融市場中的領導能力的目標保持一致。