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這反映出人們越來越擔心數位貨幣對散戶投資者帶來的風險,以及 SEC 為確保透明度所做的持續努力
The U.S. Securities and Exchange Commission (SEC) has announced its priorities for 2025, highlighting the increasing role of digital assets in the financial landscape and the need for close monitoring by investment advisors.
美國證券交易委員會 (SEC) 宣布了 2025 年的優先事項,強調數位資產在金融領域中日益重要的作用以及投資顧問密切監控的必要性。
As part of its priorities, the SEC will focus on examining how registrants, such as investment advisors, understand and manage crypto assets. The Commission will assess whether firms adhere to the fiduciary duties required when offering advice on these assets, particularly in cases involving retail investors and retirement savings.
作為其優先事項的一部分,美國證券交易委員會將重點審查投資顧問等註冊人如何理解和管理加密資產。委員會將評估公司在就這些資產提供建議時是否遵守所需的信託義務,特別是在涉及散戶投資者和退休儲蓄的情況下。
This emphasis on crypto stems from concerns about the complexity, volatility, and opaque nature of many digital assets. The SEC is particularly interested in scenarios where products are recommended to investors without sufficient explanation or understanding of the risks.
對加密貨幣的重視源於對許多數位資產的複雜性、波動性和不透明性的擔憂。 SEC 對在沒有充分解釋或了解風險的情況下向投資者推薦產品的情況特別感興趣。
Firms managing crypto assets will be evaluated on their compliance with regulatory standards and transparency when advising clients.
在向客戶提供建議時,將評估管理加密資產的公司是否遵守監管標準和透明度。
Over the past decade, the SEC has maintained a controversial stance on cryptocurrency, engaging in a combination of enforcement actions, rulemaking, and public statements. The Commission has both supported crypto companies and taken legal actions against several prominent firms.
在過去的十年中,美國證券交易委員會在加密貨幣問題上一直保持著有爭議的立場,結合了執法行動、規則制定和公開聲明。該委員會既支持加密貨幣公司,也對幾家知名公司採取法律行動。
Here's a closer look at the SEC's actions in the crypto space:
以下是 SEC 在加密貨幣領域的行動的詳細介紹:
The SEC has not only acted as a watchdog but also a facilitator of responsible innovation. Several initiatives have been aimed at clarifying regulations and supporting firms that comply with existing laws:
SEC 不僅充當監督者,而且還充當負責任創新的促進者。多項措施旨在澄清法規並支持遵守現有法律的公司:
In 2021, the SEC approved the first Bitcoin futures ETFs (Exchange-Traded Funds) after years of debate. This opened the door for institutional investors to gain exposure to Bitcoin in a regulated framework.
經過多年的爭論,美國證券交易委員會 (SEC) 於 2021 年批准了第一批比特幣期貨 ETF(交易所交易基金)。這為機構投資者在受監管的框架內投資比特幣打開了大門。
The approval of these products, like those from ProShares and Valkyrie, signified a shift in the SEC's approach, recognizing that the futures market could be an entry point for crypto investments under strict regulation.
這些產品(如 ProShares 和 Valkyrie 的產品)的批准,標誌著 SEC 方法的轉變,並認識到到期貨市場可能是嚴格監管下的加密貨幣投資的切入點。
The SEC has issued guidance for Initial Coin Offerings (ICOs) and token offerings, helping firms understand how to issue digital assets in compliance with securities laws. While this has been a contentious area, the guidance serves as a roadmap for firms aiming to stay within legal boundaries.
美國證券交易委員會 (SEC) 發布了首次代幣發行 (ICO) 和代幣發行指南,幫助公司了解如何按照證券法發行數位資產。儘管這是一個有爭議的領域,但該指南可以為旨在保持在法律範圍內的公司提供路線圖。
However, the SEC's enforcement track record has been more aggressive. The agency has taken legal action against several high-profile crypto companies, often citing the sale of unregistered securities or failure to follow compliance procedures.
然而,美國證券交易委員會的執法記錄更為激進。該機構已對幾家知名加密貨幣公司採取法律行動,理由通常是出售未註冊的證券或未遵守合規程序。
One of the most notable cases involved Ripple Labs, which the SEC sued in December 2020, claiming that Ripple's sale of XRP tokens constituted an unregistered securities offering.
最引人注目的案件之一涉及 Ripple Labs,SEC 於 2020 年 12 月對 Ripple Labs 提起訴訟,聲稱 Ripple 銷售 XRP 代幣構成未經註冊的證券發行。
This lawsuit has been ongoing, with implications for how cryptocurrencies are classified—either as securities or commodities. The case is viewed as pivotal in defining the future regulatory environment for cryptocurrencies.
該訴訟一直在進行中,對加密貨幣的分類方式(證券或商品)產生影響。該案件被視為定義加密貨幣未來監管環境的關鍵。
In February 2022, the SEC reached a $100 million settlement with BlockFi, a cryptocurrency lending platform. BlockFi was accused of failing to register its lending product, which the SEC deemed a security.
2022 年 2 月,SEC 與加密貨幣借貸平台 BlockFi 達成 1 億美元的和解。 BlockFi 被指控未能註冊其貸款產品,美國證券交易委員會將其視為證券。
This was one of the largest penalties imposed by the SEC on a crypto firm, reinforcing the message that compliance with securities laws is essential for platforms offering yield-based crypto products.
這是 SEC 對加密貨幣公司實施的最大處罰之一,強化了這樣的訊息:遵守證券法對於提供基於收益的加密產品的平台至關重要。
The SEC has also investigated leading exchanges, such as Coinbase and Binance, for listing unregistered securities and potentially misleading customers about the safety and risk associated with certain digital tokens.
美國證券交易委員會也調查了 Coinbase 和 Binance 等領先交易所上市未註冊證券的情況,並可能在與某些數位代幣相關的安全和風險方面誤導客戶。
While these firms have made efforts to comply with U.S. regulations, the SEC has continued to scrutinize their operations, looking into issues around transparency, token listings, and conflicts of interest.
儘管這些公司努力遵守美國法規,但美國證券交易委員會仍在繼續審查它們的運營,調查有關透明度、代幣上市和利益衝突的問題。
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