区块链协会发布数字资产行业共识驱动的市场结构原理

经过多年的监管和立法方法，我们已经达到了既紧迫又可以实现的瞬间。

The digital asset industry is at a critical juncture, presenting an opportunity for clear regulation and legislation.

数字资产行业处于关键时刻，为明确的监管和立法提供了机会。

After years of fragmented approaches, Blockchain Association's consensus-driven market structure principles, representing the perspective of leading industry companies, offer a framework for the path forward. These principles reflect the maturation of the industry and the focus required for meaningful legislation and smart regulation.

经过多年的分散方法，区块链协会以共识驱动的市场结构原则代表了领先的行业公司的观点，为前进的道路提供了框架。这些原则反映了行业的成熟以及有意义的立法和智能监管所需的重点。

The principles cover twelve key areas, recognizing that consumer protection and innovation are complementary priorities. We call for standardized disclosures and robust safeguards while ensuring businesses can innovate without undue burden.

这些原则涵盖了十二个关键领域，因为他们认识到消费者保护和创新是互补的优先事项。我们呼吁进行标准化的披露和强大的保障措施，同时确保企业可以创新而不会负担不足。

This balanced approach extends to custody, advocating for protecting individuals' right to self-custody their assets and establishing clear frameworks for institutional custody solutions.

这种平衡的方法扩展到监护权，主张保护个人自我遵守资产的权利并为机构监护解决方案建立明确的框架。

A crucial element is distinguishing between financial activities and other applications of blockchain technology. Smart regulation must focus on genuine financial risks without stifling innovation in non-financial uses. This extends to the treatment of non-custodial software, services, and smart contracts, which shouldn't face the same regulatory requirements as traditional financial intermediaries when they don't custody user assets.

关键因素是区分财务活动和区块链技术的其他应用。智能法规必须专注于真正的财务风险，而不会扼杀非金融用途的创新。这扩展到对非监护软件，服务和智能合约的处理，当他们不监管用户资产时，它们不应面临与传统金融中介机构相同的监管要求。

The principles also address one of the industry's most pressing challenges: token classification. We need clear frameworks for distinguishing between securities, commodities, and other digital assets. This clarity is essential for compliance and growth, particularly as the market matures and new types of tokens emerge.

这些原则还解决了该行业最紧迫的挑战之一：令牌分类。我们需要清晰的框架来区分证券，商品和其他数字资产。这种清晰度对于合规性和增长至关重要，尤其是随着市场的成熟和新类型的代币出现。

Our framework recognizes the global nature of digital assets while emphasizing and strengthening U.S. competitiveness. We advocate for reducing friction in cross-border transactions while ensuring U.S. markets remain attractive for investment and innovation. This includes establishing a single secondary trading market to enhance liquidity and price discovery.

我们的框架认识到数字资产的全球性质，同时强调和增强美国的竞争力。我们主张减少跨境交易的摩擦，同时确保美国市场对投资和创新仍然有吸引力。这包括建立一个二级交易市场，以提高流动性和价格发现。

Developer protections form another crucial pillar of Blockchain Association’s principles. Open-source software developers shouldn't face liability when independent actors misuse their code. This protection is essential for maintaining the innovation that drives our industry forward. Similarly, we emphasize the importance of network participation - protecting the ability of individuals and institutions to engage in activities like staking, voting, and peer-to-peer transactions on permissionless networks.

开发人员保护构成了区块链协会原则的另一个关键支柱。当独立参与者滥用其代码时，开源软件开发人员不应承担责任。这种保护对于维持推动我们行业前进的创新至关重要。同样，我们强调网络参与的重要性 - 保护个人和机构在无许可网络上从事积分，投票和点对点交易等活动的能力。

This consensus on these principles signals to Congress and regulators that the industry is ready for common sense regulation. We're not asking for special treatment or regulatory carve-outs. Instead, we're proposing clear rules of the road that protect consumers, foster innovation, and ensure U.S. competitiveness in a rapidly evolving global market.

这对这些原则的共识向国会和监管机构表示，该行业已准备好接受常识法规。我们不是要求特殊待遇或法规雕刻。取而代之的是，我们提出了保护消费者，促进创新并确保在迅速发展的全球市场中的竞争力的明确道路规则。

However, this window of opportunity won't remain open indefinitely. Market developments, election cycles, and global competition create urgency for action. The industry has demonstrated its readiness to engage constructively with policymakers. We've shown that we can find common ground on complex issues and that we're committed to responsible innovation.

但是，这种机会窗口不会无限期地保持开放。市场发展，选举周期和全球竞争引起了行动的紧迫性。该行业已经证明了其准备与政策制定者建设性互动的准备。我们已经证明，我们可以在复杂问题上找到共同的基础，并致力于负责任的创新。

For our Congressional allies, regulators in Washington D.C., and those newly engaging with these issues, these principles demonstrate that the industry is ready for serious policy discussion. For industry participants, they represent a shared vision of responsible market structure. For everyone involved, they offer a path forward at a crucial moment for the future of digital assets in the United States. The work of enacting smart regulations and drafting and passing legislation remains ahead. But with clear principles, industry alignment, and growing policy sophistication on both sides, we have an unprecedented opportunity to get this right. We have precious few months to get this done, let's not let this moment pass.

对于我们的国会盟友，华盛顿特区的监管机构以及新近处理这些问题的监管机构，这些原则表明该行业已准备好进行严肃的政策讨论。对于行业参与者，他们代表了负责任的市场结构的共同愿景。对于每个参与其中的人，他们在美国的数字资产未来的关键时刻为前进提供了前进的道路。制定智能法规，起草和通过立法的工作仍在领先。但是，凭借明确的原则，行业的一致性以及双方的政策成就，我们有前所未有的机会来实现这一目标。我们有几个月来完成这项工作，不要让这一刻过去。