可持續沙箱：數字資產法規的新框架

法院最近裁定SEC拒絕簽發加密規則是違法的，因此執法的監管開始崩潰。一個新的加密貨幣友好的政府準備通過SEC和CFTC的新約會來創建加密貨幣清晰度。

Recent court rulings and a crypto-friendly administration have set the stage for regulatory innovation in the digital asset space. One approach gaining traction is the regulatory sandbox, a concept that allows businesses to test innovative technologies in a supervised environment with certain regulatory waivers.

最近的法院裁決和對加密貨幣友好的政府為數字資產領域的監管創新奠定了基礎。監管沙箱是一種獲得吸引力的方法，該概念允許企業在受到某些監管豁免的監督環境中測試創新技術。

At its core, a regulatory sandbox is a mechanism that enables businesses to conduct live experiments with innovative technologies under the watchful eyes of regulators. This approach provides a valuable avenue for testing new ideas and technologies in the real world without being immediately subject to the full brunt of existing regulations.

從本質上講，監管沙箱是一種機制，使企業能夠在監管機構的監視眼中對創新技術進行實時實驗。這種方法為測試現實世界中的新思想和技術提供了寶貴的途徑，而無需立即受到現有法規的全部限制。

The concept is particularly relevant for emerging industries like blockchain and AI, which are rapidly evolving and often outpacing the ability of regulators to keep up. By allowing businesses to experiment within a regulated framework, sandboxes can help identify outdated regulations and inform broader legal reforms.

該概念與區塊鍊和AI等新興行業尤其重要，這些行業正在迅速發展，並且經常超過監管機構跟踪的能力。通過允許企業在受管制的框架內進行實驗，沙箱可以幫助確定過時的法規並為更廣泛的法律改革提供信息。

The U.K. has been a pioneer in implementing regulatory sandboxes, with the Financial Conduct Authority (FCA) launching its sandbox in 2016. This initiative has created a structured environment for businesses to test new ideas, with participants ranging from large law firms to cryptocurrency projects.

英國一直是實施監管沙箱的先驅，金融行為管理局（FCA）於2016年推出其沙箱。該計劃為企業創造了一個結構化的環境來測試新想法，參與者從大型律師事務所到加密貨幣項目。

The U.K.'s success in fostering digital assets innovation can be attributed to its focus on both collaboration and innovation. The sandbox has attracted a diverse array of participants and provided critical insights into how emerging technologies interact with existing laws.

英國在促進數字資產創新方面的成功可以歸因於其專注於協作和創新。沙箱吸引了各種各樣的參與者，並就新興技術與現有法律互動的方式提供了重要的見解。

Other regions, such as Singapore and the UAE, have also embraced sandboxes as tools for driving innovation. The Monetary Authority of Singapore (MAS) has used its sandbox to advance tokenization in financial services, while the UAE has employed its framework to attract blockchain startups. These examples highlight the potential of sandboxes to position countries as leaders in the digital asset space.

其他地區，例如新加坡和阿聯酋，也將沙箱作為推動創新的工具。新加坡貨幣管理局（MAS）已使用其沙箱來推動金融服務的令牌化，而阿聯酋則採用其框架來吸引區塊鏈初創企業。這些例子突出了沙箱將國家作為數字資產空間中的領導者的潛力。

However, despite their benefits, existing regulatory sandboxes have faced several limitations, including:

但是，儘管有好處，但現有的監管沙箱仍面臨著幾個限制，包括：

To address these challenges, a redesigned framework is needed, one that is tailored to the unique needs of the crypto industry and capable of fostering sustained innovation. This framework, which we term the "Sustainable Sandbox," builds on the strengths of existing models while addressing their shortcomings.

為了應對這些挑戰，需要重新設計的框架，該框架是根據加密行業的獨特需求量身定制的，能夠促進持續的創新。我們將該框架稱為“可持續沙箱”，基於現有模型的優勢，同時解決了它們的缺點。

Here's how the "Sustainable Sandbox" would operate:

以下是“可持續沙盒”的運作方式：

1. Automatic enrollment with simplified filings: Participants that complete a form filing process will be automatically enrolled in the sandbox, without being subject to an application and acceptance process by the regulator. This approach is designed to streamline participation and make it more accessible.

1。具有簡化檔案的自動註冊：完成表單備案過程的參與者將自動在沙箱中註冊，而不會受監管機構的申請和接受過程的約束。這種方法旨在簡化參與並使其更容易訪問。

2. Data-driven decision-making: Regulators will collect and analyze data from sandbox participants to evaluate the effectiveness of waived regulations. This information will be used to inform broader regulatory reforms, creating a feedback loop that aligns regulation with innovation and enables regulators to write new sensible rules.

2。數據驅動的決策：監管機構將從沙盒參與者那裡收集和分析數據，以評估豁免法規的有效性。該信息將用於告知更廣泛的監管改革，創建一個反饋循環，該循環將監管與創新保持一致，並使監管機構能夠編寫新的明智規則。

3. Seamless transitions: At the end of the sandbox period, participants will be able to transition into a tailored safe harbor (as envisioned by SEC Commissioner Hester Peirce) or receive no-action letters (while remaining subject to light oversight), ensuring long-term regulatory clarity.

3。無縫過渡：在沙箱期結束時，參與者將能夠過渡到量身定制的安全港（如SEC專員Hester Peirce所設想）或收到無行為信件（同時剩下的是輕度監督） ，以確保長期 - 期限清晰度。

The need for a "Sustainable Sandbox" in the U.S. is now more pressing than ever. Innovative industries like blockchain and AI are rapidly evolving, but outdated legal frameworks threaten to stifle their potential. At the same time, many regulators lack a deep understanding of these technologies, making it difficult to craft effective rules.

現在，美國對“可持續沙箱”的需求比以往任何時候都更加緊迫。區塊鍊和AI等創新行業正在迅速發展，但過時的法律框架可能會扼殺其潛力。同時，許多監管機構對這些技術缺乏深刻的了解，因此難以製定有效的規則。

By setting broad policy goals and collaborating with industry stakeholders, regulators can bridge this knowledge gap and create a more adaptive legal framework. The recent Supreme Court decision in Loper Bright Enterprises v. Raimondo further highlights the need for regulatory innovation.

通過設定廣泛的政策目標並與行業利益相關者合作，監管機構可以彌合這一知識差距並創建更適應性的法律框架。最近在Loper Bright Enterprises訴Raimondo案中的最高法院裁決進一步凸顯了監管創新的需求。

This ruling removes courts’ deference to agency interpretations of their authority, shifting power toward regulated industries and emphasizing the need for more collaborative governance. The "Sustainable Sandbox" offers a path forward, striking a balance between the needs of regulators and innovators in a rapidly changing landscape.

這項裁決消除了法院對機構對其權威的解釋的尊重，將權力轉移到監管行業方面，並強調需要更加合作治理。 “可持續沙箱”提供了前進的道路，在迅速變化的景觀中的監管機構和創新者的需求之間取得了平衡。