SEC可以采取的六个步骤来制定“适合用途”的加密法规 - 而无需牺牲创新或关键的投资者保护

随着技术的发展，美国证券交易委员会（SEC）必须随之发展。没有比在加密货币中更真实的地方

As technology evolves, so must the U.S. Securities and Exchange Commission (SEC). Nowhere is this truer than in crypto. The market for crypto assets has grown in size and sophistication such that the SEC’s recent harmful approach of enforcement and abdication of regulation needs urgent updating.

随着技术的发展，美国证券交易委员会（SEC）也必须发展。这比在加密货币中更真实。加密资产市场的规模和复杂性增长，以至于SEC最近有害执行和退位的有害方法需要紧急更新。

While the long-term future of the crypto industry in the U.S. will likely require Congress to sign a comprehensive regulatory framework into law, here are six steps the SEC could immediately take to create “fit-for-purpose” regulations – without sacrificing innovation or critical investor protections.

尽管美国加密行业的长期未来可能会要求国会签署一个全面的监管框架，但SEC可以立即采取六个步骤来制定“适合用途”的法规，而不会牺牲创新或牺牲创新或关键的投资者保护。

#1 Provide guidance on ‘airdrops’

＃1提供有关“气流”的指导

The SEC should provide interpretive guidance for how blockchain projects can distribute incentive-based crypto rewards to participants — without those being characterized as securities offerings.

SEC应为区块链项目如何向参与者分发基于激励的加密奖励的解释性指导，而不会被视为证券产品。

Blockchain projects typically offer such rewards — often called “airdrops” — to incentivize usage of a particular network. These distributions are a critical tool for enabling blockchain projects to progressively decentralize, as they disseminate ownership and control of a project to its users.

区块链项目通常会提供这样的奖励（通常称为“空投”），以激励对特定网络的使用。这些分布是使区块链项目能够逐步分散的关键工具，因为它们向用户传播了对项目的所有权并控制项目。

If the SEC were to provide guidance on distributions, it would stem the tide of these rewards only being issued to non-U.S. persons — a trend that is effectively offshoring ownership of blockchain technologies developed in the U.S., yet at the expense of U.S. investors and developers.

如果SEC为分配提供指导，则只会向非美国人发出这些奖励的潮流 - 这种趋势实际上是在美国开发的区块链技术的所有权，但以美国投资者和投资者和牺牲开发人员。

What to do:

该怎么办：

The SEC’s Division of Corporation Finance could issue a no-action letter to a blockchain project seeking to conduct an airdrop of its tokens to its community members, blessing the distribution as not being an offering of securities. This would provide clear guidance to the industry on how to proceed with similar initiatives.

SEC的公司融资部可以向试图向其社区成员进行代币的区块链项目发出无行为信，并祝福该分配不是提供证券。这将为行业提供有关如何进行类似举措的明确指导。

#2 Modify crowdfunding rules

＃2修改众筹规则

The SEC should revise Regulation Crowdfunding rules so they are suitable for crypto startups. These startups often need a broader distribution of crypto assets to develop critical mass and network effects for their platforms, applications, or protocols.

SEC应该修改法规众筹规则，以便它们适合加密初创公司。这些初创公司通常需要更广泛的加密资产分布来为其平台，应用程序或协议开发临界质量和网络效应。

Currently, Regulation Crowdfunding limits the amount of securities that can be offered or sold by an issuer in a 12-month period to a maximum aggregate amount of $5 million. However, this limit is not adjusted for the nature of the asset being offered, which presents a challenge for crypto startups that typically need to distribute a greater number of tokens to achieve critical mass.

目前，法规众筹限制了发行人在12个月内可以提供或出售的证券量，达到最高总额为500万美元。但是，该限制没有针对所提供的资产的性质进行调整，这给加密货币初创公司带来了挑战，通常需要分发更多的令牌以实现临界质量。

What to do:

该怎么办：

The SEC could increase the offering limit under Regulation Crowdfunding for crypto startups that meet certain criteria, such as those building decentralized protocols or applications. This would enable these startups to raise capital more efficiently and reach a wider pool of investors.

SEC可能会增加法规众筹的发行限额，以符合符合某些标准的加密初创公司，例如建立分散的协议或应用程序。这将使这些初创公司能够更有效地筹集资金并吸引更多的投资者。

#3 Enable broker-dealers to operate in crypto

＃3使经纪交易商可以在加密货币

The current regulatory environment restricts traditional broker-dealers from engaging meaningfully in the crypto industry — primarily because it requires brokers to obtain separate approvals to transact in crypto assets, and imposes even more onerous regulations around broker-dealers who wish to custody crypto assets.

当前的监管环境限制了传统的经纪交易商在加密行业中有意义地参与其中 - 主要是因为它要求经纪人获得单独的认可，以在加密资产中进行交易，并在希望获得监护权加密资产的经纪人围绕经纪人的经纪人中实施更加繁重的法规。

These restrictions create unnecessary barriers to market participation and liquidity. Removing them would enhance market functionality, investor access, and investor protection.

这些限制为市场参与和流动性带来了不必要的障碍。删除它们将增强市场功能，投资者访问和投资者的保护。

What to do:

该怎么办：

The SEC could grant a conditional exemption from certain provisions of the Securities Exchange Act of 1934 to broker-dealers who meet specific criteria, such as having a track record of operating in digital asset markets and adhering to best practices for crypto asset custody. This would allow broker-dealers to engage in crypto activities without duplicative registration and burdensome oversight.

SEC可以授予符合特定标准的经纪交易商，从1934年《证券交易法》的某些规定授予有条件豁免，例如在数字资产市场上拥有经营的记录，并遵守加密资产托管的最佳实践。这将使经纪交易商可以在不重复的注册和繁重的监督的情况下从事加密活动。

#4 Provide guidance on custody and settlement

＃4提供有关监护和和解的指南

Ambiguity over regulatory treatment and accounting rules has deterred traditional financial institutions from entering the crypto custody market. This means that many investors are not getting the benefit of fiduciary asset management for their investments, and instead are left investing on their own and arranging their own custody alternatives.

对监管治疗和会计规则的歧义使传统金融机构无法进入加密货币市场。这意味着许多投资者没有为其投资而获得信托资产管理的好处，而是要自己投资并安排自己的监护权替代方案。

Providing clear guidance on the regulatory treatment of crypto assets held in custody and the accounting rules that apply to such assets would encourage more financial institutions to enter the crypto custody market.

提供有关监护权持有的加密资产的监管处理以及适用于此类资产的会计规则的明确指导，这将鼓励更多的金融机构进入加密货币保管市场。

What to do:

该怎么办：

The SEC could issue guidance on the application of federal securities laws to the custody of crypto assets by banks and trust companies, clarifying the regulatory framework and encouraging greater participation in this critical aspect of the crypto ecosystem.

SEC可以就银行和信托公司将联邦证券法应用于加密资产的监护，澄清监管框架并鼓励更多地参与加密生态系统的这一关键方面的指导。

#5 Reform ETP standards

＃5改革ETP标准

The SEC should adopt reform measures for exchange-traded products (ETPs) that can foster financial innovation. The proposals promote broader market access to investors and fiduciaries used to managing portfolios of ETPs.

SEC应对可以促进金融创新的交易所交易产品（ETP）采取改革措施。这些建议促进了与用于管理ETP投资组合的投资者和受托人的更广泛的市场获取。

Specifically, the SEC could consider proposals to streamline the listing standards for ETPs and permit ETP issuers to bring to market products that provide leveraged and inverse exposure to the underlying assets. These reforms would cater to the needs of sophisticated investors and enable ETPs to remain competitive with other financial instruments in the marketplace.

具体而言，SEC可以考虑简化ETP的上市标准的建议，并允许ETP发行人将提供杠杆和反向接触基础资产的市场产品。这些改革将满足复杂投资者的需求，并使ETP能够与市场上的其他金融工具保持竞争力。

What to do:

该怎么办：

The SEC could propose amendments to Rule 314 of Regulation S-K to streamline the listing standards for ETPs and facilitate the offering of a wider range of ETPs to investors.

SEC可以提出修正案，规定SK规定的第314条，以简化ETP的上市标准，并促进向投资者提供更广泛的ETP。

#6 Implement certification for ATS listings

＃6 ATS清单的实施认证

In a decentralized environment where the issuer of a crypto asset may play no significant continuing role, who bears responsibility for providing accurate disclosures around the asset

在分散的环境中，加密资产的发行人可能没有持续的重要角色，负责在资产上提供准确的披露