具有里程碑意义的法案为加密初创公司揭开了安全港的面纱，释放了创新的活力

众议员帕特里克·麦克亨利提出的一项新法案将为通过代币销售寻求资金的加密初创公司创建一个“安全港”。该提案旨在平衡对加密货币创新的支持与防止欺诈的保障，允许项目在三年的证券分类豁免下运营，同时满足披露和技术要求。该法案得到了行业团体的认可，为利益相关者提供了与立法者接触的机会，并有可能减轻日益严格的监管审查的影响。

Groundbreaking Proposal Unveiled: A Safe Harbor for Crypto Startups to Unlock Innovation

突破性提案公布：加密货币初创公司释放创新的安全港

Marking a pivotal moment in the evolution of cryptocurrency regulation, Congressman Patrick McHenry (R-NC), the esteemed ranking member of the House Financial Services Committee, has introduced a groundbreaking bill that promises to revolutionize the crypto landscape. Modeled on the visionary principles of Hester Pierce, a staunch crypto advocate and Commissioner of the U.S. Securities and Exchange Commission (SEC), this bill offers a much-needed safe harbor for crypto startups seeking to raise capital through token sales.

受人尊敬的众议院金融服务委员会高级成员国会议员帕特里克·麦克亨利 (R-NC) 提出了一项开创性的法案，有望彻底改变加密货币格局，这标志着加密货币监管发展的关键时刻。该法案以坚定的加密货币倡导者兼美国证券交易委员会 (SEC) 委员 Hester Pierce 的远见原则为蓝本，为寻求通过代币销售筹集资金的加密货币初创公司提供了急需的安全港。

This meticulously crafted proposal strikes a delicate balance, addressing the inherent complexities of crypto network funding. The issue at hand is two-fold: classifying a new network's token as a security from the onset limits investment to institutional players and venture capitalists, hindering the growth of a decentralized user base and development community. Conversely, granting crypto carte blanche in securities regulation risks unleashing rampant fraud, as witnessed during the initial coin offering (ICO) boom of 2017.

这个精心设计的提案达到了微妙的平衡，解决了加密网络融资固有的复杂性。当前的问题有两个方面：从一开始就将新网络的代币归类为证券，限制了对机构参与者和风险资本家的投资，阻碍了去中心化用户群和开发社区的增长。相反，在证券监管中给予加密货币全权委托可能会引发猖獗的欺诈行为，正如 2017 年首次代币发行 (ICO) 热潮中所见证的那样。

The McHenry/Pierce proposal ingeniously sidesteps this dilemma by granting new crypto startups a three-year incubation period during which they can build and sell tokens without the burden of securities classification. The intended outcome is to nurture "sufficient decentralization" within this window, allowing these startups to qualify as commodities – the widely accepted classification for bitcoin and ethereum – rather than securities. This approach resonates deeply with the organic growth trajectory of crypto networks.

McHenry/Pierce 的提案巧妙地避开了这一困境，为新的加密初创公司提供了三年的孵化期，在此期间他们可以构建和销售代币，而无需承担证券分类的负担。预期的结果是在这个窗口内培育“充分的去中心化”，使这些初创公司有资格成为商品（比特币和以太坊广泛接受的分类），而不是证券。这种方法与加密网络的有机增长轨迹产生了深刻的共鸣。

However, the proposal does not shy away from the critical safeguards that the SEC rightly demands. In exchange for the safe harbor, it mandates projects to provide transparent disclosures, including the identification of core team members. Moreover, it imposes two crucial technical hurdles: open-source code and full viewability on a block explorer. These provisions effectively serve as robust anti-fraud measures, enabling the community to thoroughly scrutinize projects' ideas, execution, and operations. Blatant scams like BitConnect or OneCoin would find it virtually impossible to pass this initial vetting process.

然而，该提案并没有回避 SEC 正确要求的关键保障措施。作为安全港的交换，它要求项目提供透明的披露，包括核心团队成员的身份识别。此外，它还带来了两个关键的技术障碍：开源代码和区块浏览器的完全可见性。这些规定有效地充当了强有力的反欺诈措施，使社区能够彻底审查项目的想法、执行和运营。像 BitConnect 或 OneCoin 这样的明目张胆的骗局几乎不可能通过这个初始审查过程。

Upon the conclusion of the three-year "safe harbor" period, projects are obligated to assess their progress towards decentralization and submit a detailed report to the SEC. Should they fail to meet established benchmarks, such as significant development contributions from parties outside the core team, they must register as a security within an additional three months. This effectively serves as an admission that the system's growth remains heavily dependent on the core development team's efforts, thereby failing the Howey Test, which defines a security.

三年“安全港”期结束后，项目有义务评估其去中心化进展情况，并向 SEC 提交详细报告。如果它们未能达到既定基准，例如核心团队以外各方的重大开发贡献，则必须在另外三个月内注册为证券。这实际上承认系统的增长仍然严重依赖于核心开发团队的努力，从而未能通过定义安全性的 Howey 测试。

The McHenry bill has garnered widespread support from industry heavyweights, including the Chamber of Digital Commerce and Coin Center. While its political prospects remain uncertain, particularly given the current Democratic control of both chambers of Congress, its introduction presents a timely opportunity for politically engaged individuals and organizations to engage with their elected officials on crypto-related matters.

麦克亨利法案获得了数字商会和硬币中心等行业重量级人物的广泛支持。尽管其政治前景仍然不确定，特别是考虑到目前民主党控制国会两院，但它的推出为政治参与的个人和组织提供了一个及时的机会，可以与当选的官员就加密相关事务进行接触。

Urging your senators and representatives to support the McHenry/Pierce crypto safe harbor proposal is a crucial step in shaping the future of crypto regulation. Even if direct personal contact proves elusive, the volume of inbound comments received on bills is meticulously tracked by congressional offices. By voicing your support, you can help counter the increasingly aggressive regulatory stance under SEC Chairman Gary Gensler and foster an environment conducive to innovation in the crypto industry.

敦促参议员和代表支持 McHenry/Pierce 加密货币安全港提案是塑造加密货币监管未来的关键一步。即使直接的个人联系难以实现，国会办公室也会仔细跟踪收到的有关法案的评论量。通过表达您的支持，您可以帮助应对 SEC 主席 Gary Gensler 日益激进的监管立场，并营造有利于加密行业创新的环境。

The McHenry/Pierce crypto safe harbor bill represents a pivotal step towards fostering a vibrant and responsible crypto ecosystem. By providing a path to decentralized growth while maintaining essential safeguards, it empowers crypto startups to unlock their full potential without compromising the integrity of the market. The time is now for policymakers to embrace this visionary proposal and pave the way for the next era of crypto innovation.

麦克亨利/皮尔斯加密安全港法案代表着朝着培育充满活力和负责任的加密生态系统迈出的关键一步。通过提供去中心化增长的途径，同时保持必要的保障措施，它使加密货币初创公司能够在不损害市场完整性的情况下释放其全部潜力。现在是政策制定者接受这一富有远见的提议并为下一个加密创新时代铺平道路的时候了。