SEC可以採取的六個步驟來製定“適合用途”的加密法規 - 而無需犧牲創新或關鍵的投資者保護

隨著技術的發展，美國證券交易委員會（SEC）必須隨之發展。沒有比在加密貨幣中更真實的地方

As technology evolves, so must the U.S. Securities and Exchange Commission (SEC). Nowhere is this truer than in crypto. The market for crypto assets has grown in size and sophistication such that the SEC’s recent harmful approach of enforcement and abdication of regulation needs urgent updating.

隨著技術的發展，美國證券交易委員會（SEC）也必鬚髮展。這比在加密貨幣中更真實。加密資產市場的規模和復雜性增長，以至於SEC最近有害執行和退位的有害方法需要緊急更新。

While the long-term future of the crypto industry in the U.S. will likely require Congress to sign a comprehensive regulatory framework into law, here are six steps the SEC could immediately take to create “fit-for-purpose” regulations – without sacrificing innovation or critical investor protections.

儘管美國加密行業的長期未來可能會要求國會簽署一個全面的監管框架，但SEC可以立即採取六個步驟來製定“適合用途”的法規，而不會犧牲創新或犧牲創新或關鍵的投資者保護。

#1 Provide guidance on ‘airdrops’

＃1提供有關“氣流”的指導

The SEC should provide interpretive guidance for how blockchain projects can distribute incentive-based crypto rewards to participants — without those being characterized as securities offerings.

SEC應為區塊鏈項目如何向參與者分發基於激勵的加密獎勵的解釋性指導，而不會被視為證券產品。

Blockchain projects typically offer such rewards — often called “airdrops” — to incentivize usage of a particular network. These distributions are a critical tool for enabling blockchain projects to progressively decentralize, as they disseminate ownership and control of a project to its users.

區塊鏈項目通常會提供這樣的獎勵（通常稱為“空投”），以激勵對特定網絡的使用。這些分佈是使區塊鏈項目能夠逐步分散的關鍵工具，因為它們向用戶傳播了對項目的所有權並控制項目。

If the SEC were to provide guidance on distributions, it would stem the tide of these rewards only being issued to non-U.S. persons — a trend that is effectively offshoring ownership of blockchain technologies developed in the U.S., yet at the expense of U.S. investors and developers.

如果SEC為分配提供指導，則只會向非美國人發出這些獎勵的潮流 - 這種趨勢實際上是在美國開發的區塊鏈技術的所有權，但以美國投資者和投資者和犧牲開發人員。

What to do:

該怎麼辦：

The SEC’s Division of Corporation Finance could issue a no-action letter to a blockchain project seeking to conduct an airdrop of its tokens to its community members, blessing the distribution as not being an offering of securities. This would provide clear guidance to the industry on how to proceed with similar initiatives.

SEC的公司融資部可以向試圖向其社區成員進行代幣的區塊鏈項目發出無行為信，並祝福該分配不是提供證券。這將為行業提供有關如何進行類似舉措的明確指導。

#2 Modify crowdfunding rules

＃2修改眾籌規則

The SEC should revise Regulation Crowdfunding rules so they are suitable for crypto startups. These startups often need a broader distribution of crypto assets to develop critical mass and network effects for their platforms, applications, or protocols.

SEC應該修改法規眾籌規則，以便它們適合加密初創公司。這些初創公司通常需要更廣泛的加密資產分佈來為其平台，應用程序或協議開發臨界質量和網絡效應。

Currently, Regulation Crowdfunding limits the amount of securities that can be offered or sold by an issuer in a 12-month period to a maximum aggregate amount of $5 million. However, this limit is not adjusted for the nature of the asset being offered, which presents a challenge for crypto startups that typically need to distribute a greater number of tokens to achieve critical mass.

目前，法規眾籌限制了發行人在12個月內可以提供或出售的證券量，達到最高總額為500萬美元。但是，該限制沒有針對所提供的資產的性質進行調整，這給加密貨幣初創公司帶來了挑戰，通常需要分發更多的令牌以實現臨界質量。

What to do:

該怎麼辦：

The SEC could increase the offering limit under Regulation Crowdfunding for crypto startups that meet certain criteria, such as those building decentralized protocols or applications. This would enable these startups to raise capital more efficiently and reach a wider pool of investors.

SEC可能會增加法規眾籌的發行限額，以符合符合某些標準的加密初創公司，例如建立分散的協議或應用程序。這將使這些初創公司能夠更有效地籌集資金並吸引更多的投資者。

#3 Enable broker-dealers to operate in crypto

＃3使經紀交易商可以在加密貨幣

The current regulatory environment restricts traditional broker-dealers from engaging meaningfully in the crypto industry — primarily because it requires brokers to obtain separate approvals to transact in crypto assets, and imposes even more onerous regulations around broker-dealers who wish to custody crypto assets.

當前的監管環境限制了傳統的經紀交易商在加密行業中有意義地參與其中- 主要是因為它要求經紀人獲得單獨的認可，以在加密資產中進行交易，並在希望獲得監護權加密資產的經紀人圍繞經紀人的經紀人中實施更加繁重的法規。

These restrictions create unnecessary barriers to market participation and liquidity. Removing them would enhance market functionality, investor access, and investor protection.

這些限制為市場參與和流動性帶來了不必要的障礙。刪除它們將增強市場功能，投資者訪問和投資者的保護。

What to do:

該怎麼辦：

The SEC could grant a conditional exemption from certain provisions of the Securities Exchange Act of 1934 to broker-dealers who meet specific criteria, such as having a track record of operating in digital asset markets and adhering to best practices for crypto asset custody. This would allow broker-dealers to engage in crypto activities without duplicative registration and burdensome oversight.

SEC可以授予符合特定標準的經紀交易商，從1934年《證券交易法》的某些規定授予有條件豁免，例如在數字資產市場上擁有經營的記錄，並遵守加密資產託管的最佳實踐。這將使經紀交易商可以在不重複的註冊和繁重的監督的情況下從事加密活動。

#4 Provide guidance on custody and settlement

＃4提供有關監護和和解的指南

Ambiguity over regulatory treatment and accounting rules has deterred traditional financial institutions from entering the crypto custody market. This means that many investors are not getting the benefit of fiduciary asset management for their investments, and instead are left investing on their own and arranging their own custody alternatives.

對監管治療和會計規則的歧義使傳統金融機構無法進入加密貨幣市場。這意味著許多投資者沒有為其投資而獲得信託資產管理的好處，而是要自己投資並安排自己的監護權替代方案。

Providing clear guidance on the regulatory treatment of crypto assets held in custody and the accounting rules that apply to such assets would encourage more financial institutions to enter the crypto custody market.

提供有關監護權持有的加密資產的監管處理以及適用於此類資產的會計規則的明確指導，這將鼓勵更多的金融機構進入加密貨幣保管市場。

What to do:

該怎麼辦：

The SEC could issue guidance on the application of federal securities laws to the custody of crypto assets by banks and trust companies, clarifying the regulatory framework and encouraging greater participation in this critical aspect of the crypto ecosystem.

SEC可以就銀行和信託公司將聯邦證券法應用於加密資產的監護，澄清監管框架並鼓勵更多地參與加密生態系統的這一關鍵方面的指導。

#5 Reform ETP standards

＃5改革ETP標準

The SEC should adopt reform measures for exchange-traded products (ETPs) that can foster financial innovation. The proposals promote broader market access to investors and fiduciaries used to managing portfolios of ETPs.

SEC應對可以促進金融創新的交易所交易產品（ETP）採取改革措施。這些建議促進了與用於管理ETP投資組合的投資者和受託人的更廣泛的市場獲取。

Specifically, the SEC could consider proposals to streamline the listing standards for ETPs and permit ETP issuers to bring to market products that provide leveraged and inverse exposure to the underlying assets. These reforms would cater to the needs of sophisticated investors and enable ETPs to remain competitive with other financial instruments in the marketplace.

具體而言，SEC可以考慮簡化ETP的上市標準的建議，並允許ETP發行人將提供槓桿和反向接觸基礎資產的市場產品。這些改革將滿足複雜投資者的需求，並使ETP能夠與市場上的其他金融工具保持競爭力。

What to do:

該怎麼辦：

The SEC could propose amendments to Rule 314 of Regulation S-K to streamline the listing standards for ETPs and facilitate the offering of a wider range of ETPs to investors.

SEC可以提出修正案，規定SK規定的第314條，以簡化ETP的上市標準，並促進向投資者提供更廣泛的ETP。

#6 Implement certification for ATS listings

＃6 ATS清單的實施認證

In a decentralized environment where the issuer of a crypto asset may play no significant continuing role, who bears responsibility for providing accurate disclosures around the asset

在分散的環境中，加密資產的發行人可能沒有持續的重要角色，負責在資產上提供準確的披露