重新思考加密货币监管：呼吁简化并与既定证券法保持一致

归类为证券的加密代币一直是数字资产领域的热点问题。相反，Stuart Alderoty，Ripple 首席法务官

A key issue in digital asset regulation is determining which crypto tokens should be classified as securities. While the Howey Test and the SAFET Framework offer guidance, applying them to the vast and diverse range of crypto tokens has proven challenging.

数字资产监管的一个关键问题是确定哪些加密代币应归类为证券。虽然 Howey 测试和 SAFET 框架提供了指导，但将它们应用于广泛且多样化的加密代币已被证明具有挑战性。

In an effort to simplify and streamline this process, Ripple’s Chief Legal Officer Stuart Alderoty advocates for a streamlined approach that focuses on tokens with equity or profit rights. This approach, he argues, would better align with established securities law and provide clarity for all parties involved.

为了简化这一流程，Ripple 的首席法务官 Stuart Alderoty 主张采用简化方法，重点关注具有股权或利润权的代币。他认为，这种方法将更好地符合既定的证券法，并为所有相关方提供明确的信息。

According to MetaLawMan, another pain point in crypto regulation is the heavy reliance on subjective metrics like decentralization. Using decentralization to determine a token’s legal status introduces vagueness into a framework that should be clear and predictable.

MetaLawMan 认为，加密货币监管的另一个痛点是严重依赖去中心化等主观指标。使用去中心化来确定代币的法律地位会给本应清晰且可预测的框架带来模糊性。

This subjectivity allows lawyers to capitalize on unclear rules, leaving judges and regulators to grapple with unnecessary complexity. As a result, developers and investors face risks due to inconsistent legal interpretations. Simplifying these definitions would reduce litigation costs, foster trust, and encourage the responsible use of blockchain technology.

这种主观性使得律师可以利用不明确的规则，让法官和监管机构应对不必要的复杂性。因此，开发商和投资者面临着法律解释不一致的风险。简化这些定义将降低诉讼成本、促进信任并鼓励负责任地使用区块链技术。

To ensure alignment with established securities law, which has been refined over a century, tokens granting rights to dividends, revenue shares, or liquidation proceeds are similar to traditional securities and should be regulated accordingly.

为了确保与经过一个多世纪完善的既定证券法保持一致，授予股息、收入份额或清算收益权利的代币与传统证券类似，应受到相应的监管。

However, tokens that only offer price appreciation or redemption rights lack these critical characteristics. Applying established principles ensures regulatory decisions are consistent with historical practices, providing a solid foundation for both new and experienced market participants.

然而，仅提供价格增值或赎回权的代币缺乏这些关键特征。应用既定原则可确保监管决策与历史实践保持一致，为新的和经验丰富的市场参与者提供坚实的基础。

The current draft of the Financial Innovation and Technology for the 21st Century Act (FIT21) relies on decentralization metrics to classify tokens. However, this approach should be revised to reflect a more practical and consistent framework.

《21 世纪金融创新和技术法案》（FIT21）的当前草案依靠去中心化指标对代币进行分类。然而，这种方法应该进行修改，以反映一个更实用和一致的框架。

Removing decentralization as a defining criterion ensures that regulations are clearer and easier to enforce. Consequently, this adjustment would reduce unnecessary legal disputes, allowing stakeholders to focus on meaningful innovation rather than compliance uncertainties.

取消权力下放作为定义标准可确保法规更加清晰且更易于执行。因此，这一调整将减少不必要的法律纠纷，使利益相关者能够专注于有意义的创新，而不是合规的不确定性。

Please note that the information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned.

请注意，本文中提供的信息仅供参考和教育目的。本文不构成任何形式的财务建议或建议。 Coin Edition 对因使用所提及的内容、产品或服务而造成的任何损失不承担任何责任。

Readers are advised to exercise caution before taking any action related to the company.

建议读者在采取任何与该公司相关的行动之前务必谨慎行事。