可持续沙箱：数字资产法规的新框架

法院最近裁定SEC拒绝签发加密规则是违法的，因此执法的监管开始崩溃。一个新的加密货币友好的政府准备通过SEC和CFTC的新约会来创建加密货币清晰度。

Recent court rulings and a crypto-friendly administration have set the stage for regulatory innovation in the digital asset space. One approach gaining traction is the regulatory sandbox, a concept that allows businesses to test innovative technologies in a supervised environment with certain regulatory waivers.

最近的法院裁决和对加密货币友好的政府为数字资产领域的监管创新奠定了基础。监管沙箱是一种获得吸引力的方法，该概念允许企业在受到某些监管豁免的监督环境中测试创新技术。

At its core, a regulatory sandbox is a mechanism that enables businesses to conduct live experiments with innovative technologies under the watchful eyes of regulators. This approach provides a valuable avenue for testing new ideas and technologies in the real world without being immediately subject to the full brunt of existing regulations.

从本质上讲，监管沙箱是一种机制，使企业能够在监管机构的监视眼中对创新技术进行实时实验。这种方法为测试现实世界中的新思想和技术提供了宝贵的途径，而无需立即受到现有法规的全部限制。

The concept is particularly relevant for emerging industries like blockchain and AI, which are rapidly evolving and often outpacing the ability of regulators to keep up. By allowing businesses to experiment within a regulated framework, sandboxes can help identify outdated regulations and inform broader legal reforms.

该概念与区块链和AI等新兴行业尤其重要，这些行业正在迅速发展，并且经常超过监管机构跟踪的能力。通过允许企业在受管制的框架内进行实验，沙箱可以帮助确定过时的法规并为更广泛的法律改革提供信息。

The U.K. has been a pioneer in implementing regulatory sandboxes, with the Financial Conduct Authority (FCA) launching its sandbox in 2016. This initiative has created a structured environment for businesses to test new ideas, with participants ranging from large law firms to cryptocurrency projects.

英国一直是实施监管沙箱的先驱，金融行为管理局（FCA）于2016年推出其沙箱。该计划为企业创造了一个结构化的环境来测试新想法，参与者从大型律师事务所到加密货币项目。

The U.K.'s success in fostering digital assets innovation can be attributed to its focus on both collaboration and innovation. The sandbox has attracted a diverse array of participants and provided critical insights into how emerging technologies interact with existing laws.

英国在促进数字资产创新方面的成功可以归因于其专注于协作和创新。沙箱吸引了各种各样的参与者，并就新兴技术与现有法律互动的方式提供了重要的见解。

Other regions, such as Singapore and the UAE, have also embraced sandboxes as tools for driving innovation. The Monetary Authority of Singapore (MAS) has used its sandbox to advance tokenization in financial services, while the UAE has employed its framework to attract blockchain startups. These examples highlight the potential of sandboxes to position countries as leaders in the digital asset space.

其他地区，例如新加坡和阿联酋，也将沙箱作为推动创新的工具。新加坡货币管理局（MAS）已使用其沙箱来推动金融服务的令牌化，而阿联酋则采用其框架来吸引区块链初创企业。这些例子突出了沙箱将国家作为数字资产空间中的领导者的潜力。

However, despite their benefits, existing regulatory sandboxes have faced several limitations, including:

但是，尽管有好处，但现有的监管沙箱仍面临着几个限制，包括：

To address these challenges, a redesigned framework is needed, one that is tailored to the unique needs of the crypto industry and capable of fostering sustained innovation. This framework, which we term the "Sustainable Sandbox," builds on the strengths of existing models while addressing their shortcomings.

为了应对这些挑战，需要重新设计的框架，该框架是根据加密行业的独特需求量身定制的，能够促进持续的创新。我们将该框架称为“可持续沙箱”，基于现有模型的优势，同时解决了它们的缺点。

Here's how the "Sustainable Sandbox" would operate:

以下是“可持续沙盒”的运作方式：

1. Automatic enrollment with simplified filings: Participants that complete a form filing process will be automatically enrolled in the sandbox, without being subject to an application and acceptance process by the regulator. This approach is designed to streamline participation and make it more accessible.

1。具有简化档案的自动注册：完成表单备案过程的参与者将自动在沙箱中注册，而不会受监管机构的申请和接受过程的约束。这种方法旨在简化参与并使其更容易访问。

2. Data-driven decision-making: Regulators will collect and analyze data from sandbox participants to evaluate the effectiveness of waived regulations. This information will be used to inform broader regulatory reforms, creating a feedback loop that aligns regulation with innovation and enables regulators to write new sensible rules.

2。数据驱动的决策：监管机构将从沙盒参与者那里收集和分析数据，以评估豁免法规的有效性。该信息将用于告知更广泛的监管改革，创建一个反馈循环，该循环将监管与创新保持一致，并使监管机构能够编写新的明智规则。

3. Seamless transitions: At the end of the sandbox period, participants will be able to transition into a tailored safe harbor (as envisioned by SEC Commissioner Hester Peirce) or receive no-action letters (while remaining subject to light oversight), ensuring long-term regulatory clarity.

3。无缝过渡：在沙箱期结束时，参与者将能够过渡到量身定制的安全港（如SEC专员Hester Peirce所设想）或收到无行为信件（同时剩下的是轻度监督），以确保长期 - 期限清晰度。

The need for a "Sustainable Sandbox" in the U.S. is now more pressing than ever. Innovative industries like blockchain and AI are rapidly evolving, but outdated legal frameworks threaten to stifle their potential. At the same time, many regulators lack a deep understanding of these technologies, making it difficult to craft effective rules.

现在，美国对“可持续沙箱”的需求比以往任何时候都更加紧迫。区块链和AI等创新行业正在迅速发展，但过时的法律框架可能会扼杀其潜力。同时，许多监管机构对这些技术缺乏深刻的了解，因此难以制定有效的规则。

By setting broad policy goals and collaborating with industry stakeholders, regulators can bridge this knowledge gap and create a more adaptive legal framework. The recent Supreme Court decision in Loper Bright Enterprises v. Raimondo further highlights the need for regulatory innovation.

通过设定广泛的政策目标并与行业利益相关者合作，监管机构可以弥合这一知识差距并创建更适应性的法律框架。最近在Loper Bright Enterprises诉Raimondo案中的最高法院裁决进一步凸显了监管创新的需求。

This ruling removes courts’ deference to agency interpretations of their authority, shifting power toward regulated industries and emphasizing the need for more collaborative governance. The "Sustainable Sandbox" offers a path forward, striking a balance between the needs of regulators and innovators in a rapidly changing landscape.

这项裁决消除了法院对机构对其权威的解释的尊重，将权力转移到监管行业方面，并强调需要更加合作治理。 “可持续沙箱”提供了前进的道路，在迅速变化的景观中的监管机构和创新者的需求之间取得了平衡。