SEC在加密ETP上的新移動如何塑造數字金融的未來

在加密貨幣投資不斷發展的景觀中，美國證券交易委員會（SEC）正在瀏覽未知的水域

The U.S. Securities and Exchange Commission (SEC) is venturing into uncharted territory amid the ever-evolving landscape of cryptocurrency investment. Recent meetings with industry titans BlackRock and the Proof of Stake Alliance signal a pivotal turn in the regulatory tide.

美國證券交易委員會（SEC）正在加密貨幣投資不斷發展的景觀中，進入未知領域。最近與工業巨人貝萊克（Blackrock）的會議和股權聯盟的證明表示，監管潮流中的關鍵轉折。

As the SEC attempts to bring clarity to the burgeoning intersection of traditional financial products and digital assets, its role has taken on paramount importance. With the SEC’s Crypto Task Force at the helm, recent engagements with financial giants like BlackRock and the Proof of Stake Alliance reflect a strategic move by the SEC.

當SEC試圖使傳統金融產品和數字資產的迅速發展的交叉路口清晰時，其作用至關重要。隨著SEC的加密特遣部隊的掌舵，最近與貝萊德（Blackrock）等金融巨頭和股份聯盟的證明反映了SEC的戰略舉動。

In skyscrapers towering above New York City, representatives from BlackRock, a global leader in asset management, met with the SEC. Deeply knowledgeable in regulatory affairs, product engineering, and ETF capital markets, they presented proposals to demystify the intricate workflows of in-kind redemptions for crypto exchange-traded products (ETPs).

在高聳於紐約市以上的摩天大樓中，來自資產管理的全球領導者BlackRock的代表與SEC會面。他們在監管事務，產品工程和ETF資本市場上非常了解，他們提出了揭露Crypto交易所交易產品（ETPS）的現實贖回的複雜工作流程的建議。

Across town, members of the Proof of Stake Alliance, an ambitious collective formed under the Crypto Council for Innovation, assembled to present the future of staking in ETPs. Stalwarts of the crypto realm, hailing from renowned firms such as a16z, Paradigm, and Consensys, were present to convey the potential of staking—a compelling system that lies at the heart of proof-of-stake (PoS) blockchains.

在整個城鎮中，在加密創新理事會下成立了雄心勃勃的集體股權聯盟證明的成員，該集合介紹了在ETP中陳述的未來。出席了來自A16Z，範式和共識等著名公司的加密貨幣領域的堅定支持，以傳達均值的潛力，這是一個引人注目的系統，位於二手（POS）區塊鏈的核心。

Their dialogue went beyond mere technical jargon, delving into the depths of staking models—liquid, custodial, and delegated non-custodial. They painted a vivid tableau, where staking-as-a-service would redefine industry norms, influencing regulatory views on validator operations and user participation.

他們的對話超出了僅僅是技術術語，深入研究了堆放模型的深處 - 液體，保管和委派的非監測。他們繪製了一個生動的圖表，在這裡陳舊的服務將重新定義行業規範，從而影響了對驗證者操作和用戶參與的監管觀點。

As the SEC lent their ear, they heard arguments emphasizing that excluding staking from ETPs could stifle investor returns and diminish the integral utility of PoS assets. It was a poignant reminder of the nuanced dance between innovation and regulation. The PoS Alliance highlighted the symbiotic relationship required between staking rewards, validator duties, and the intrinsic risk profiles of potential ETPs.

當SEC借了他們的耳朵時，他們聽到論點強調，從ETP中排除股份可能會扼殺投資者的回報並減少POS資產的整體效用。這是對創新與監管之間細微差別的舞蹈的淒美提醒。 POS聯盟強調了Stage Rewards，驗證者職責與潛在ETP的內在風險概況之間所需的共生關係。

Though the clouds of regulatory outcomes remain darkened by uncertainty, avenues proposed by Jito Labs and Multicoin Capital earlier this year echoed through the corridors—proposals like the “Services Model” and “Liquid Staking Token Model,” which promise to revolutionize the landscape.

儘管不確定性的監管結局雲仍然使人變暗，但今年早些時候，Jito Labs和Multicoin Capital提出的途徑通過走廊呼應了 - 諸如“服務模型”和“液體佔有代幣模型”之類的培訓，這有望革新領域。

In this labyrinth of crypto regulation, one key takeaway emerges: collaborative dialogue is essential. As the SEC chips away at the ice of regulatory ambiguity, the foundation laid by BlackRock and the Proof of Stake Alliance will shape the future of crypto ETPs. Their efforts serve not only to align with the stringent demands of regulatory oversight but also to herald a new era where innovation and compliance coexist. As the crypto world watches with bated breath, the SEC’s decisions will indelibly shape the trajectory of digital finance for years to come.

在加密法規的迷宮中，出現了一個關鍵的收穫：協作對話至關重要。當SEC在監管模棱兩可的冰上消失時，BlackRock奠定的基礎和Stake Alliance的證明將影響加密ETP的未來。他們的努力不僅可以與監管監督的嚴格要求保持一致，還可以預示創新和合規性共存的新時代。隨著加密世界的呼吸呼吸，SEC的決定將不可磨滅地塑造未來幾年的數字融資軌跡。