SEC在加密ETP上的新移动如何塑造数字金融的未来

在加密货币投资不断发展的景观中，美国证券交易委员会（SEC）正在浏览未知的水域

The U.S. Securities and Exchange Commission (SEC) is venturing into uncharted territory amid the ever-evolving landscape of cryptocurrency investment. Recent meetings with industry titans BlackRock and the Proof of Stake Alliance signal a pivotal turn in the regulatory tide.

美国证券交易委员会（SEC）正在加密货币投资不断发展的景观中，进入未知领域。最近与工业巨人贝莱克（Blackrock）的会议和股权联盟的证明表示，监管潮流中的关键转折。

As the SEC attempts to bring clarity to the burgeoning intersection of traditional financial products and digital assets, its role has taken on paramount importance. With the SEC’s Crypto Task Force at the helm, recent engagements with financial giants like BlackRock and the Proof of Stake Alliance reflect a strategic move by the SEC.

当SEC试图使传统金融产品和数字资产的迅速发展的交叉路口清晰时，其作用至关重要。随着SEC的加密特遣部队的掌舵，最近与贝莱德（Blackrock）等金融巨头和股份联盟的证明反映了SEC的战略举动。

In skyscrapers towering above New York City, representatives from BlackRock, a global leader in asset management, met with the SEC. Deeply knowledgeable in regulatory affairs, product engineering, and ETF capital markets, they presented proposals to demystify the intricate workflows of in-kind redemptions for crypto exchange-traded products (ETPs).

在高耸于纽约市以上的摩天大楼中，来自资产管理的全球领导者BlackRock的代表与SEC会面。他们在监管事务，产品工程和ETF资本市场上非常了解，他们提出了揭露Crypto交易所交易产品（ETPS）的现实赎回的复杂工作流程的建议。

Across town, members of the Proof of Stake Alliance, an ambitious collective formed under the Crypto Council for Innovation, assembled to present the future of staking in ETPs. Stalwarts of the crypto realm, hailing from renowned firms such as a16z, Paradigm, and Consensys, were present to convey the potential of staking—a compelling system that lies at the heart of proof-of-stake (PoS) blockchains.

在整个城镇中，在加密创新理事会下成立了雄心勃勃的集体股权联盟证明的成员，该集合介绍了在ETP中陈述的未来。出席了来自A16Z，范式和共识等著名公司的加密货币领域的坚定支持，以传达均值的潜力，这是一个引人注目的系统，位于二手（POS）区块链的核心。

Their dialogue went beyond mere technical jargon, delving into the depths of staking models—liquid, custodial, and delegated non-custodial. They painted a vivid tableau, where staking-as-a-service would redefine industry norms, influencing regulatory views on validator operations and user participation.

他们的对话超出了仅仅是技术术语，深入研究了堆放模型的深处 - 液体，保管和委派的非监测。他们绘制了一个生动的图表，在这里陈旧的服务将重新定义行业规范，从而影响了对验证者操作和用户参与的监管观点。

As the SEC lent their ear, they heard arguments emphasizing that excluding staking from ETPs could stifle investor returns and diminish the integral utility of PoS assets. It was a poignant reminder of the nuanced dance between innovation and regulation. The PoS Alliance highlighted the symbiotic relationship required between staking rewards, validator duties, and the intrinsic risk profiles of potential ETPs.

当SEC借了他们的耳朵时，他们听到论点强调，从ETP中排除股份可能会扼杀投资者的回报并减少POS资产的整体效用。这是对创新与监管之间细微差别的舞蹈的凄美提醒。 POS联盟强调了Stage Rewards，验证者职责与潜在ETP的内在风险概况之间所需的共生关系。

Though the clouds of regulatory outcomes remain darkened by uncertainty, avenues proposed by Jito Labs and Multicoin Capital earlier this year echoed through the corridors—proposals like the “Services Model” and “Liquid Staking Token Model,” which promise to revolutionize the landscape.

尽管不确定性的监管结局云仍然使人变暗，但今年早些时候，Jito Labs和Multicoin Capital提出的途径通过走廊呼应了 - 诸如“服务模型”和“液体占有代币模型”之类的培训，这有望革新领域。

In this labyrinth of crypto regulation, one key takeaway emerges: collaborative dialogue is essential. As the SEC chips away at the ice of regulatory ambiguity, the foundation laid by BlackRock and the Proof of Stake Alliance will shape the future of crypto ETPs. Their efforts serve not only to align with the stringent demands of regulatory oversight but also to herald a new era where innovation and compliance coexist. As the crypto world watches with bated breath, the SEC’s decisions will indelibly shape the trajectory of digital finance for years to come.

在加密法规的迷宫中，出现了一个关键的收获：协作对话至关重要。当SEC在监管模棱两可的冰上消失时，BlackRock奠定的基础和Stake Alliance的证明将影响加密ETP的未来。他们的努力不仅可以与监管监督的严格要求保持一致，还可以预示创新和合规性共存的新时代。随着加密世界的呼吸呼吸，SEC的决定将不可磨灭地塑造未来几年的数字融资轨迹。