立法者挑战SEC在交易所交易产品中的立场

长期以来，美国一直落后于世界其他地区。现在，在特朗普政府的前30天

A bipartisan group of U.S. lawmakers have called on the Securities and Exchange Commission (SEC) to reconsider its stance on excluding protocol staking from exchange-traded products (ETPs).

两党组成的美国立法者呼吁证券交易委员会（SEC）重新考虑其在将协议排除在交易所交易产品（ETPS）中排除的立场。

In a letter dated March 3 to SEC Commissioners Caroline Pham and Mark Uyeda, Senators Cynthia Lummis (R-WY), Kirsten Gillibrand (D-NY), Steve Daines (R-Montana), Bill Hagerty (R-Tenn.), Thom Tillis (R-NC), Bernie Moreno (R-Ohio) and Ron Wyden (D-OR) highlighted the importance of staking in proof-of-stake (PoS) networks like Ethereum.

在3月3日给SEC专员Caroline Pham和Mark Uyeda的信中，参议员Cynthia Lummis（R-Wy），Kirsten Gillibrand（D-NY），Steve Daines（R-Montana）（R-Montana），Bill Hagerty（R-Tenn。），Thom。 Tillis（R-NC），Bernie Moreno（R-Ohio）和Ron Wyden（D-OR）强调了Staking的重要性在诸如以太坊之类的验证验证（POS）网络中。

The lawmakers argued that the SEC’s directive to exclude staking within ETPs is based on a faulty understanding of how the technology works. They explained that staking is not an investment product in itself, but rather a fundamental technical requirement for securing and validating transactions on PoS networks.

议员们认为，SEC排除ETP中累积的指令是基于对技术如何运作的错误理解。他们解释说，Staking本身不是投资产品，而是确保和验证POS网络交易的基本技术要求。

“When token holders stake their assets, they contribute to the network’s security, and in doing so earn rewards generated by the protocol itself — not from any centralized authority,” the letter reads.

信函写道：“当代币持有人拥有其资产时，他们为网络的安全做出了贡献，并这样做赚取了协议本身产生的奖励，而不是任何集中权威。”

The senators went on to express concerns about America’s competitive position in global digital asset markets, as other major financial centers have embraced staking in their digital asset ETPs.

参议员继续对美国在全球数字资产市场中的竞争地位表示关注，因为其他主要金融中心也接受了其数字资产ETP的积分。

“While the United States hesitates, other major financial centers including Switzerland, Canada, Germany and Australia have recognized [staking’s] integral role in network security and operational stability,” they wrote.

他们写道：“尽管美国犹豫，但包括瑞士，加拿大，德国和澳大利亚在内的其他主要金融中心已经认识到[Staking]在网络安全和运营稳定中的不可或缺的作用。”

The lawmakers also noted that because staking is essential for securing PoS networks, if there were no one staking their ether (ETH), then all of the assets within these ETPs would be at risk.

议员们还指出，由于没有人在确保POS网络的情况下，如果没有人占有Ether（ETH），那么这些ETP中的所有资产都将处于危险之中。

“This means that, perversely, the SEC has forced American investors into a position where their investments are only protected by assets held in other jurisdictions,” the letter adds.

这封信补充说：“这意味着，SEC反而迫使美国的投资者进入了仅受到其他司法管辖区资产保护的投资的位置。”

Crucially, the impact of these regulations extends beyond just the Ethereum blockchain, but applies to possible future ETPs of other networks that also use proof-of-stake such as Solana, Avalanche and Polkadot. As the digital asset sector grows, the impact of this misguided regulation will only deepen.

至关重要的是，这些法规的影响不仅限于以太坊区块链，但适用于其他网络的未来ETP，这些网络也使用了诸如Solana，Avalanche和Polkadot之类的验证证明。随着数字资产行业的增长，这种误导的法规的影响只会加深。

“Getting this regulation wrong hurts both American investors and the U.S. economy,” the senators wrote.

参议员写道：“弄错了这一法规会损害美国的投资者和美国经济。”

“Either investors accept domestic products without staking and the associated rewards, limiting their financial returns, or they seek exposure through off-shore alternatives, driving capital offshore and out of U.S. stock exchanges.”

“要么投资者在不积分和相关的奖励的情况下接受家用产品，限制其财务回报，要么通过离岸替代方案寻求曝光，将资本驱赶到近海和美国证券交易所。”

The lawmakers concluded by urging the SEC to permit staking in ETPs, which they believe would align with both the agency’s mandate to protect investors and the goal of maintaining U.S. leadership in global financial markets.

议员们敦促美国证券交易委员会允许在ETP中占有一席之地，他们认为这将与该机构保护投资者的授权以及维持美国在全球金融市场中的领导能力的目标保持一致。