美国SEC可能对加密法规的灵活豁免方法开放

美国证券交易委员会可以采用灵活的加密法规豁免方法开放。讨论了潜在的沙盒方法

The US Securities and Exchange Commission may be open to a flexible, exemptive approach to crypto regulation, with a potential sandbox approach being discussed at the Crypto Task Force Roundtable on crypto trading on Thursday, April 13.

美国证券交易委员会可能会采用灵活的，豁免的加密法规，并在4月13日星期四在加密货币交易中讨论了潜在的沙盒方法。

During the discussion, Acting Chairman of the US SEC Mark Uyeda hinted at the possibility of creating an exemptive regulation for crypto trading platforms in the intermediate step before a general SEC policy on digital assets. This would allow for input from multiple already operational crypto platforms.

在讨论期间，美国SEC Mark Uyeda的代理主席暗示，有可能在中级SEC关于数字资产的一般政策之前对加密货币交易平台制定豁免法规。这将允许来自多个已经运行的加密平台的输入。

New remarks from the Acting Chairman of the US Securities and Exchange Commission (SEC), Mark Uyeda, signaled that the regulator may be open to a flexible, exemptive approach to crypto regulation.

美国证券交易委员会（SEC）代理主席马克·乌耶达（Mark Uyeda）的新讲话表明，监管机构可以采用灵活的，豁免的加密法规。

A potential sandbox approach was also discussed at the Crypto Task Force Roundtable on crypto trading. The new remarks opened the next round of discussions between the SEC and representatives of crypto platforms. This edition was titled "Between a block and a hard place: tailoring regulation for crypto trading" and featured nine prominent panelists from the crypto space, academia, and traditional finance.

在加密货币交易中的加密货币工作组圆桌会议上，还讨论了潜在的沙盒方法。新的讲话开启了SEC与加密平台代表之间的下一轮讨论。该版本的标题为“街区和一个艰难的地方：加密货币交易的裁缝法规”，并以来自加密货币空间，学术界和传统金融的九名杰出小组成员为特色。

The US SEC began its first roundtable in March, with the plan to run several rounds of discussion and consultations. The regulator reached out to former enforcement targets Coinbase and Uniswap for feedback and proposals on new crypto regulation. Uniswap has been represented by Katherine Minarik, Chief Legal Officer at Uniswap Labs. Coinbase sent VP Greg Tusar, in charge of Institutional Product and dealing with institutional brokerage.

美国SEC在3月开始了第一个圆桌会议，并计划进行几轮讨论和咨询。监管机构与以前的执法目标共同基础和Uniswap联系，以寻求有关新加密法规的反馈和建议。 Uniswap Labs首席法律官Katherine Minarik代表Uniswap。 Coinbase派遣了负责机构产品并处理机构经纪公司的副总裁Greg Tusar。

Uyeda's opening statement to the Roundtable discussion suggested that crypto market operators may prefer a general framework, instead of multiple state licensing rules.

乌耶达（Uyeda）对圆桌会议讨论的开头声明表明，加密市场运营商可能更喜欢一个通用框架，而不是多个州许可规则。

"We are mindful that, under an accommodating federal regulatory framework, some market participants would likely prefer to offer trading in both tokenized securities and non-security crypto assets (e.g., Bitcoin, Ether, and Litecoin) under a single SEC license than to offer trading solely in non-security crypto assets under fifty different state licenses," stated Uyeda.

“我们很明白，在一个适应的联邦监管框架下，一些市场参与者可能更愿意提供令牌化证券和非安全性加密资产（例如，单个SEC许可）的交易（例如，在单一的SEC许可下），而不是在非属于不同的州范围以下的非固定加密货币许可下提供的交易。

The SEC will work toward a common regulatory framework for trading platforms, but in the short term, Uyeda proposed a period of exemption. He opened the Roundtable discussion by calling for feedback on potential exemptions before reaching a common ground on regulation.

SEC将致力于用于交易平台的共同监管框架，但在短期内，Uyeda提出了一段豁免时期。他通过呼吁对潜在豁免的反馈进行反馈，然后才达到监管方面的共同点，从而开始了圆桌会议的讨论。

Crypto sandbox may need new rules for trading outside existing security law

加密沙箱可能需要新的规则来交易现有安全法之外

Uyeda pointed out that existing crypto platforms took a varied approach to asset trading. The platforms were capable of offering both tokenized securities and non-security tokens. Additionally, blockchain custody, settlement, and reserve options meant the new platforms could offer 24/7 activity.

Uyeda指出，现有的加密平台采取了多种方法来进行资产交易。这些平台能够提供令牌化证券和非安全令牌。此外，区块链监护权，和解和预备选择意味着新平台可以提供24/7的活动。

The panelists brought up the issue of high-speed trading and position disclosure. Currently, crypto activities contain multiple markets with no oversight, allowing for undetected activity to front-run transactions.

小组成员提出了高速交易和职位披露的问题。目前，加密活动包含多个市场，没有监督，可以进行未发现的活动进行前进交易。

The panelists also focused on not shoehorning crypto into the existing security framework, but working toward a new regulation for problems specific to blockchains, decentralized trading, and existing crypto trading. One of the proposals included a best execution obligation, suggested by Tyler Gellasch, President and CEO of the Healthy Markets Association. Best execution obligation was also proposed as a tool to turn the US crypto market more competitive and draw in more traders, who may be otherwise using less reliable global platforms.

小组成员还专注于没有将加密货币纳入现有的安全框架，而是针对特定于区块链，分散交易和现有加密货币交易的新法规努力。其中一项提案包括健康市场协会主席兼首席执行官Tyler Gellasch提出的最佳执行义务。还提出了最佳执行义务，以使美国加密货币市场更具竞争力并吸引更多的交易者，否则他们可能会使用不太可靠的全球平台。

The current securities trading law has not yet taken into account the technological shifts in trading. Tokenized securities can use smart contracts instead of transfer agents, and automate the exchange and clearance, stated Uyeda. The SEC will discuss the regulation of those processes, which currently do not have a common standard, and even risk being subject to hacks or losses.

当前的证券交易法尚未考虑交易的技术变化。 Uyeda表示，令牌化证券可以使用智能合约代替转让代理，并自动化交易所和许可。 SEC将讨论这些过程的法规，这些过程目前没有共同的标准，甚至有可能受到黑客攻击或损失的可能性。

Following the discussion on regulation, the next SEC meeting on April 25 will discuss crypto custody and the duties of custodians.

在讨论监管之后，4月25日的下一次美国证券交易委员会会议将讨论加密货币托管和保管人的职责。

The May 12 roundtable will discuss tokenization and the cross between TradFi and DeFi. The last roundtable on June 6 will discuss DeFi and the specific challenges of implementing the technology for the US market.

5月12日的圆桌会议将讨论令牌化以及Tradfi和Defi之间的交叉。 6月6日的最后一个圆桌会议将讨论DEFI以及为美国市场实施技术的具体挑战。

The Crypto Task Force is a shift in the general approach of the SEC, switching from a prohtbitive approach and aggressive lawsuits to a sandbox approach with grace periods for existing crypto activities.

加密特遣部队是SEC的一般方法的转变，从实现的方法和积极的诉讼转变为具有现有加密活动的宽限期时期的沙盒方法。