值得信賴的市場的十誡

美國金融市場長期以來一直受到過時，過度複雜，家長式規則的負擔。同時，政府未能為數字資產建立監管制度，再加上其對行業的積極迫害，扼殺了創新。

The United States’ financial markets have long been weighed down by a patchwork of outdated, overly complex, paternalistic rules. At the same time, the government’s failure to establish a regulatory regime for digital assets, coupled with its aggressive persecution of the industry, has stifled innovation. Unsurprisingly, the rest of the world surged ahead, leaving the U.S. behind.

長期以來，美國金融市場一直由過時的，過於復雜，家長式規則的拼湊而成。同時，政府未能為數字資產建立監管制度，再加上對行業的積極迫害，這使創新鞏固了創新。毫不奇怪，世界其他地方都向前蔓延，離開了美國。

Now, under President Trump’s leadership, we stand on the brink of a historic shift. His “largest deregulation campaign in history” and “revolution of common sense,” offers us a rare chance to remove artificial boundaries, retire antiquated philosophies, and rethink our approach to regulating financial markets and digital asset ecosystems. Instead of creating and being bound by reactive regulations designed for past crises and technologies, we can design flexible, forward-looking frameworks that promote innovation.

現在，在特朗普總統的領導下，我們站在歷史性轉變的邊緣。他的“歷史上最大的放鬆管制運動”和“常識的革命”為我們提供了消除人工界限，退休陳舊的哲學，並重新考慮我們調節金融市場和數字資產生態系統的方法。我們可以設計靈活的，前瞻性的框架來促進創新，而不是由為過去的危機和技術設計的反應性法規創建和束縛。

As I envision these frameworks, I’m reminded of wisdom shared by Securities and Exchange Commission Chairman Harvey Pitt (2001-2003), a lion of the securities bar, who proposed a simple yet profound solution to improve U.S. equity markets: develop guiding principles for our markets to embody. Chairman Pitt likened these to God’s Ten Commandments — clear principles to govern conduct with the industry tasked to meet them.

正如我設想的這些框架一樣，我想起了證券和交易委員會主席Harvey Pitt（2001-2003）共享的智慧，這是Securities Bar的獅子，他提出了一個簡單而深刻的解決方案來改善美國股票市場：制定指導性原則讓我們的市場體現。皮特（Pitt）主席將這些比作上帝的十誡 - 明確的原則是管理要與之滿足的行業的行為。

Too often, regulators and market participants get bogged down in the minutiae of prescriptive laws and miss their core intent. While norms, standards and rules have their place, the “ten commandments” proposed here provide a strong foundation for future frameworks. The key is to first understand the purpose of the federal securities laws.

監管機構和市場參與者常常陷入規定法律的細節中，並錯過了他們的核心意圖。儘管規範，標準和規則有其位置，但這裡提出的“十誡”為未來的框架奠定了堅實的基礎。關鍵是首先了解聯邦證券法的目的。

At their core, these laws govern transactions involving securities — whether shares of a company, loan promises, or investment stakes. When people entrust you with their money, you owe them specific duties. The securities laws are primarily a disclosure regime designed to ensure fair and transparent exchanges that give investors the information they need to assess the risks and rewards of their investments.

這些法律以證券的核心為核心，無論是公司的股票，貸款承諾還是投資股份。當人們用他們的錢委託您時，您欠他們具體的職責。證券法主要是一種披露制度，旨在確保公平和透明的交流，從而為投資者提供評估其投資風險和回報所需的信息。

These laws emerged after the 1929 stock market crash, which was fueled by unethical practices such as insider trading and stock manipulation, and exacerbated by information asymmetry between buyers and sellers of securities. The Securities Act of 1933 and the Securities Exchange Act of 1934 were enacted to prevent these abuses and to facilitate companies obtain capital, protect investors who invest their capital, and ensure markets are fair and efficient, while minimizing burdens on honest business activities.

這些法律在1929年的股市崩潰之後出現，這是由內幕交易和股票操縱等不道德做法助長的，並因購買者與證券賣方之間的信息不對稱而加劇。頒布了1933年的《證券法》和1934年的《證券交易法》，以防止這些濫用，並促進公司獲得資本，保護投資資本的投資者，並確保市場公平有效，同時最大程度地減少誠實的商業活動的負擔。

Despite good intentions, these laws have become overly complex, stifling competition and limiting investor freedom. To reimagine financial market regulation, particularly in light of emerging technologies and digital assets subject to the securities laws, we must return to the principles that shaped these laws — principles that promote fairness while minimizing burdens on honest businesses.

儘管有良好的意圖，這些法律已變得過於復雜，扼殺競爭和限制投資者自由。為了重新構想金融市場的監管，特別是鑑於新興技術和數字資產受證券法的約束，我們必須恢復塑造這些法律的原則，這些原則是促進公平性的，同時最大程度地減少對誠實企業的負擔的原則。

Based on Chairman Pitt’s vision, I distilled the core values for market participants into the following ten commandments for a trustworthy market:

根據皮特（Pitt）董事長的願景，我將市場參與者的核心價值提煉成以下十誡的值得信賴的市場：

By focusing on these core principles, we can create adaptable regulatory frameworks that keep pace with technological advancements and avoid the constraints of outdated laws. This is the time for a seismic shift in financial regulation toward an approach that anticipates future markets and innovations. We can build a future-proof financial system that benefits everyone by ensuring clarity, fairness, and order while fostering innovation.

通過關注這些核心原則，我們可以創建適應性的監管框架，以與技術進步保持同步，並避免過時的法律的限制。現在是時候將金融監管朝向預期未來市場和創新的方法進行地震轉變的時候了。我們可以建立一個未來的財務系統，通過確保在促進創新的同時確保清晰度，公平和秩序來使每個人受益。