加密监护服务面临纠结的挑战网络，因为它们保护了2.7万亿美元的资产

这些服务必须确保基于区块链的代币，同时导航诸如黑客攻击和复杂功能之类的风险，例如Staking和“协议”投票。

U.S. crypto custody services, tasked with safeguarding $2.7 trillion in digital assets, face a tangled web of challenges as they try to secure blockchain-based tokens and navigate risks like hacks and complex features such as staking and protocol voting.

美国加密货币服务服务的任务是维护2.7万亿美元的数字资产，在试图确保基于区块链的令牌并导航诸如黑客攻击和复杂功能（例如放入和协议投票）的风险时，面临着纠结的挑战网络。

This contrasts sharply with U.S. Securities and Exchange Commission (SEC) regulations, which are deeply rooted in traditional finance and often clash with crypto’s realities.

这与美国证券交易委员会（SEC）法规形成鲜明对比，这些法规深深植根于传统金融，通常与加密货币的现实相冲突。

Now, venture capital powerhouse Andreessen Horowitz (a16z) has submitted a detailed response to the SEC’s request for information on investment custody, urging the SEC to revamp custody rules to accommodate crypto.

现在，Venture Capital Powerhouse Andreessen Horowitz（A16Z）已对SEC的投资托管信息请求提交了详细的回应，敦促SEC对Crange Crypto进行修改。

The proposal, dated April 17, 2025, sees a16z advocating for a principles-based framework for Registered Investment Advisers (RIAs).

该提案日期为2025年4月17日，看到A16Z主张基于原则的注册投资顾问（RIAS）的框架。

The firm’s submission follows a 2009 update to the Investment Advisers Act of 1940, which, in light of the nascent crypto industry, now requires further adjustment.

该公司的提交是在2009年对1940年的《投资顾问法》的更新之后，鉴于新生的加密行业，现在需要进一步调整。

The Problem with Current Rules

当前规则的问题

Current custody rules, last updated in 2009, were built for stocks and bonds, not for the unique properties of digital assets.

目前在2009年最新更新的当前监护权规则是为股票和债券而建立的，而不是用于数字资产的独特属性。

These rules mandate that RIAs use third-party custodians, but, critically, only a few custodians can support the full range of crypto features. This leaves RIAs in a bind.

这些规则要求RIA使用第三方保管人，但批判性地，只有少数保管人可以支持各种加密功能。这使rias结合在一起。

For instance, to comply fully with the rules, they’d need to limit their clients’ access to features like staking or governance over the tokens, despite these features being crucial for maximizing client returns.

例如，为了完全遵守规则，他们需要限制客户访问诸如对代币的组成或治理等功能的访问，尽管这些功能对于最大程度地提高客户端返回至关重要。

However, if they prioritize client interests by accessing such token rights, they might find themselves in violation of the SEC regulations.

但是，如果他们通过获得这种代币权利来优先考虑客户利益，他们可能会发现自己违反了SEC法规。

This predicament is forcing RIAs to make "nearly impossible choices," as a 2023 Bitwise survey discovered. Among 68% of RIAs who struggle with limited custodial options, many are being forced to abandon preferred investment strategies or types of crypto assets due to custodial constraints.

正如发现2023年的一项比特调查一样，这种困境迫使RIA做出“几乎不可能的选择”。在68％的RIA因有限的托管选择而挣扎的RIA中，由于托管限制，许多人被迫放弃首选的投资策略或加密资产类型。

“We’re excited to see the SEC take steps towards offering guidance for crypto,” said Scott Walker, a16z’s Chief Compliance Officer in a post on X on Monday.

A16Z首席合规官斯科特·沃克（Scott Walker）在周一的X帖子中说：“我们很高兴看到SEC采取了为加密提供指导的步骤。”

“Advisory clients deserve for their assets to be safeguarded, so we welcome this advice and analysis from the Commission. We also agree that there’s a pressing need for the SEC to update its rules to reflect the industry’s development.”

“咨询客户应该得到保护的资产，因此我们欢迎委员会的建议和分析。我们也同意，SEC迫切需要更新其规则以反映行业的发展。”

A16Z’s Proposal: Five Principles

A16Z的提议：五个原则

In its proposal, a16z highlights five principles that the SEC should consider when updating the rules.

在其提案中，A16Z强调了SEC在更新规则时应考虑的五个原则。

The first centers on focusing on protections provided rather than the custodian’s status. State trusts or even unregistered firms could be qualified if they pass attestations, segregate assets, and maintain control over private keys.

第一个集中在于专注于提供的保护，而不是保管人的地位。如果国家信托通过证明，隔离资产并维持对私钥的控制权，则可能有资格获得资格。

Second, a16z argues that custodians must be capable of blocking unauthorized transfers and maintaining clear ownership records. This ensures that clients’ assets are safeguarded and any attempts at theft or illicit activity are thwarted.

其次，A16Z认为保管人必须能够阻止未经授权的转移并保持清晰的所有权记录。这样可以确保客户的资产得到保护，并挫败盗窃或非法活动的任何尝试。

Third, RIAs should be able to freely exercise the full range of rights granted by crypto tokens—like staking, which unlocks trillions in value—without regulatory blowback. This aligns the legal framework with the economic realities of the crypto industry.

第三，RIAS应该能够自由地行使加密代币授予的全部权利（例如Sticking，它释放了数万亿美元的价值），而无需进行监管反击。这将法律框架与加密行业的经济现实保持一致。

Fourth, a16z calls for flexibility in best execution, a key fiduciary duty. For instance, moving assets to secure trading venues shouldn’t violate custody rules if done in the best interest of the client and with due diligence.

第四，A16Z要求最佳执行灵活性，这是一项关键的信托义务。例如，如果符合客户的最大利益和尽职调查，将资产搬迁以确保交易场所不应违反监护权规则。

Fifth, the proposal suggests permitting self-custody as a fallback option, subject to the same stringent standards and attestations required of third-party custodians. This provides an additional layer of flexibility for RIAs in specific situations.

第五，该提案建议允许自我顾客作为后备选择，但要遵守第三方托管人所需的严格标准和证明。在特定情况下，这为RIA提供了额外的灵活性。

Together, these ideas aim to ease the burden on RIAs, who manage an estimated $134 trillion in assets.

这些想法共同旨在减轻RIA的负担，RIAS管理估计的134万亿美元资产。

The letter concludes by reiterating the firm’s belief that,

这封信结束了，重申公司的信念，即

“…the commission should provide new guidance to facilitate custody arrangements for crypto assets, even if only as a temporary measure until it issues new rules. In the absence of such guidance, the SEC staff may continue to be confronted with requests for no-action relief to perform standard functions of an investment adviser, such as facilitating the transfer of crypto assets to a trading venue in order to execute trades or to collect dividends or other distributions due to the investment adviser’s advisory clients.”

“…委员会应提供新的指导，以促进加密资产的监护权安排，即使只是作为临时措施，直到签发新规则为止。在没有此类指导的情况下，SEC员工可能会继续遇到无效的请求，要求不采取措施以促进投资顾问的标准顾问，例如促进贸易及时的分配现场，以促进分配依据，从而促进了Crypto的转移，以促进Crypto的转移。投资顾问的咨询客户。”

A16z isn’t pushing for a free-for-all. Its framework demands audits, disclosures, and disaster recovery to protect clients. It builds on recent SEC moves, like Staff Accounting Bulletin No. 122 in 2024, which eased bank custody of Bitcoin, and a March 2025 ruling letting banks offer crypto services without prior approval. A16z wants RIAs to get similar leeway.

A16Z并没有推动全部自由。它的框架需要审核，披露和灾难恢复以保护客户。它建立在最近的SEC举动的基础上，例如2024年的员工会计公告，这简化了银行对比特币的监护权，而2025年3月的裁决让银行未经事先批准提供加密服务。 A16Z希望RIAS获得类似的余地。

This submission from the firm follows comments by Mark Uyeda just a day prior, regarding RIA registration.

该公司的此提交遵循马克·乌耶达（Mark Uyeda）的评论，就在一天前，关于RIA注册。

The then-acting SEC chair suggested the likelihood of

当时的SEC主席建议