SEC的新加密特遣部队标志着其与加密行业关系的潜在转折点

美国证券交易委员会（SEC）已经开始了其加密货币法规方法的新旅程，其标志是其专用的加密货币工作队网站以及该计划的领导者Hester Peirce专员Hester Peirce的全面声明。

The U.S. Securities and Exchange Commission (SEC) has taken a significant step in its approach to cryptocurrency regulation with the launch of its dedicated Crypto Task Force website and a comprehensive statement from Commissioner Hester Peirce, who leads the initiative. Peirce's message, framed around the evolution of road trips, highlights a shift from the SEC's previous, somewhat disjointed approach to crypto regulation towards a more focused and deliberate path forward. Highlighting past shortcomings, where the Commission hesitated to use its existing regulatory tools and instead relied heavily on enforcement actions, Peirce emphasizes the need for a more constructive and proactive approach, underscoring the Task Force's commitment to both fostering innovation and protecting investors. This new direction signals a potential turning point in the SEC's relationship with the crypto industry, moving away from reactive measures towards a more collaborative and forward-looking regulatory framework. Peirce's analogy of a road trip, transitioning from the era of paper maps and unpredictable routes to the precision of modern navigation systems, illustrates the SEC's intended trajectory. The past approach, characterized by uncertainty and reactive enforcement, is likened to navigating with limited tools, leading to a meandering and unclear path. The Task Force, in contrast, aims to establish a clear roadmap for the crypto industry, providing guidance and clarity for both innovators and investors. This involves developing a comprehensive regulatory framework that addresses the unique characteristics of digital assets while ensuring investor protection and market integrity. The journey, Peirce admits, will require patience, as unraveling the complexities of the crypto landscape and establishing a robust regulatory framework will take time and effort.

美国证券交易委员会（SEC）通过启动专用的加密特遣部门网站以及领导该计划的专员Hester Peirce的全面声明，在其加密货币监管方面迈出了重要一步。皮尔斯（Peirce）的信息围绕着公路旅行的演变，突出了从SEC以前的，有点不连贯的方法转向加密调节，转向更加集中和故意的前进道路。 Peirce强调了过去的缺点，委员会犹豫不决地使用其现有的监管工具，而在很大程度上依赖执法行动，强调了需要采取更具建设性和积极主动的方法，强调了工作队致力于促进创新和保护投资者的承诺。这个新的方向标志着SEC与加密货币行业的关系中潜在的转折点，从反应性措施转向更加协作和前瞻性的监管框架。皮尔斯（Peirce）关于公路旅行的比喻，从纸图和不可预测的路线过渡到现代导航系统的精确度，说明了SEC的预期轨迹。过去的方法是不确定性和反应性执行，被比喻为用有限的工具导航，从而导致曲折且不清楚的路径。相比之下，工作队旨在为加密工业建立清晰的路线图，为创新者和投资者提供指导和清晰度。这涉及开发一个综合的监管框架，该框架涉及数字资产的独特特征，同时确保投资者保护和市场完整性。皮尔斯承认，这一旅程将需要耐心，因为揭开加密货币景观的复杂性并建立强大的监管框架将需要时间和精力。

The Crypto Task Force has outlined several key areas of focus, encompassing a wide spectrum of crypto-related activities. Determining the security status of various crypto assets is paramount, as this classification significantly impacts the applicable regulations. The Task Force will also delineate the boundaries of the SEC's jurisdiction, clarifying which activities fall outside its purview and offering no-action letters to provide regulatory certainty. Furthermore, the initiative will explore potential avenues for facilitating compliant token offerings, including temporary relief for offerings that meet specific disclosure requirements and modifications to existing registration pathways like Regulation A and crowdfunding. These efforts demonstrate a proactive approach towards accommodating innovation within a regulated framework.

加密特遣部队概述了重点的几个关键领域，其中包括广泛的与加密相关的活动。确定各种加密资产的安全状态至关重要，因为此分类显着影响适用的法规。该工作队还将描述SEC管辖权的界限，澄清哪些活动不在其权限之外，并提供无行为的信件以提供监管确定性。此外，该倡议将探索促进合规代币产品的潜在途径，包括临时缓解满足特定披露要求的产品以及对法规A和众筹等现有注册途径的修改。这些努力证明了一种积极主动的方法来适应受管制框架内的创新。

Addressing the operational aspects of the crypto industry is another crucial aspect of the Task Force's mandate. This includes evaluating updates to the special-purpose broker-dealer no-action statement to encompass custodians of both crypto asset securities and non-securities. Collaborating with investment advisers to establish a regulatory framework for client asset custody in the crypto space is also a priority. Providing clarity on the application of securities laws to crypto lending and staking programs, along with issuing clear statements on the approval process for crypto exchange-traded products (ETPs), further demonstrate the Task Force's commitment to providing regulatory guidance for emerging crypto activities. These efforts aim to create a more stable and transparent environment for both businesses operating within the crypto ecosystem and investors participating in it.

解决加密货币行业的运营方面是工作队授权的另一个关键方面。这包括评估对特殊用户经纪交易商不采取措施声明的更新，以涵盖加密资产证券和非安全性的保管人。与投资顾问合作，在加密货币领域建立客户资产监护权的监管框架也是一个优先事项。提供有关将证券法应用于加密贷款和制定计划的应用，并发出有关加密交易所交易产品（ETP）批准过程的明确陈述，进一步证明了工作队致力于为新兴加密活动提供监管指导。这些努力旨在为加密生态系统中的两家业务和参与其中的投资者创造一个更稳定和透明的环境。

Beyond these specific areas, the Task Force will also address the intersection of crypto with clearing agency and transfer agent rules, ensuring the proper functioning of these critical market infrastructure components in the context of digital assets. Moreover, recognizing the global nature of the crypto industry, the Task Force will facilitate international collaboration through a cross-border sandbox, allowing for limited-scale, temporary experimentation on crypto projects with international partners. This approach recognizes the need for harmonized regulatory approaches across jurisdictions to effectively address the challenges and opportunities presented by the global crypto market. By encouraging international cooperation, the Task Force aims to foster a more consistent and effective regulatory landscape for crypto assets worldwide.

除这些特定领域外，工作队还将解决加密代理和转让代理规则的交集，以确保在数字资产的背景下这些关键市场基础设施组件的正确运行。此外，要认识到加密行业的全球性质，工作队将通过跨境沙箱促进国际合作，从而可以与国际合作伙伴对加密项目进行有限规模的临时实验。这种方法认识到需要跨司法管辖区进行协调的监管方法，以有效解决全球加密货币市场所带来的挑战和机遇。通过鼓励国际合作，该工作队旨在促进全球加密资产的更加一致和有效的监管格局。

Finally, Commissioner Peirce emphasizes the importance of public engagement in shaping the future of crypto regulation. The launch of the Crypto Task Force website serves as a platform for disseminating information, fostering dialogue, and soliciting feedback from the public. This commitment to transparency and public participation reflects a shift towards a more collaborative and inclusive regulatory process. By inviting stakeholders to actively participate in the conversation, the SEC aims to develop a regulatory framework that reflects the needs and perspectives of the broader crypto community, ensuring a more balanced and effective approach to regulating this rapidly evolving industry. This open dialogue is crucial for navigating the complexities of the crypto space and establishing a regulatory framework that fosters innovation while mitigating risks.

最后，专员皮尔斯（Peirce）强调了公众参与在塑造加密监管未来的重要性。加密特遣部队网站的启动是传播信息，促进对话和征集公众反馈的平台。这种对透明度和公众参与的承诺反映了向更协作和包容的监管过程的转变。通过邀请利益相关者积极参与对话，SEC旨在开发一个反映更广泛加密社区的需求和观点的监管框架，以确保一种更加平衡，更有效的方法来规范这个快速发展的行业。这种公开的对话对于浏览加密空间的复杂性和建立监管框架至关重要，该框架促进创新的同时减轻风险。