值得信赖的市场的十诫

美国金融市场长期以来一直受到过时，过度复杂，家长式规则的负担。同时，政府未能为数字资产建立监管制度，再加上其对行业的积极迫害，扼杀了创新。

The United States’ financial markets have long been weighed down by a patchwork of outdated, overly complex, paternalistic rules. At the same time, the government’s failure to establish a regulatory regime for digital assets, coupled with its aggressive persecution of the industry, has stifled innovation. Unsurprisingly, the rest of the world surged ahead, leaving the U.S. behind.

长期以来，美国金融市场一直由过时的，过于复杂，家长式规则的拼凑而成。同时，政府未能为数字资产建立监管制度，再加上对行业的积极迫害，这使创新巩固了创新。毫不奇怪，世界其他地方都向前蔓延，离开了美国。

Now, under President Trump’s leadership, we stand on the brink of a historic shift. His “largest deregulation campaign in history” and “revolution of common sense,” offers us a rare chance to remove artificial boundaries, retire antiquated philosophies, and rethink our approach to regulating financial markets and digital asset ecosystems. Instead of creating and being bound by reactive regulations designed for past crises and technologies, we can design flexible, forward-looking frameworks that promote innovation.

现在，在特朗普总统的领导下，我们站在历史性转变的边缘。他的“历史上最大的放松管制运动”和“常识的革命”为我们提供了消除人工界限，退休陈旧的哲学，并重新考虑我们调节金融市场和数字资产生态系统的方法。我们可以设计灵活的，前瞻性的框架来促进创新，而不是由为过去的危机和技术设计的反应性法规创建和束缚。

As I envision these frameworks, I’m reminded of wisdom shared by Securities and Exchange Commission Chairman Harvey Pitt (2001-2003), a lion of the securities bar, who proposed a simple yet profound solution to improve U.S. equity markets: develop guiding principles for our markets to embody. Chairman Pitt likened these to God’s Ten Commandments — clear principles to govern conduct with the industry tasked to meet them.

正如我设想的这些框架一样，我想起了证券和交易委员会主席Harvey Pitt（2001-2003）共享的智慧，这是Securities Bar的狮子，他提出了一个简单而深刻的解决方案来改善美国股票市场：制定指导性原则让我们的市场体现。皮特（Pitt）主席将这些比作上帝的十诫 - 明确的原则是管理要与之满足的行业的行为。

Too often, regulators and market participants get bogged down in the minutiae of prescriptive laws and miss their core intent. While norms, standards and rules have their place, the “ten commandments” proposed here provide a strong foundation for future frameworks. The key is to first understand the purpose of the federal securities laws.

监管机构和市场参与者常常陷入规定法律的细节中，并错过了他们的核心意图。尽管规范，标准和规则有其位置，但这里提出的“十诫”为未来的框架奠定了坚实的基础。关键是首先了解联邦证券法的目的。

At their core, these laws govern transactions involving securities — whether shares of a company, loan promises, or investment stakes. When people entrust you with their money, you owe them specific duties. The securities laws are primarily a disclosure regime designed to ensure fair and transparent exchanges that give investors the information they need to assess the risks and rewards of their investments.

这些法律以证券的核心为核心，无论是公司的股票，贷款承诺还是投资股份。当人们用他们的钱委托您时，您欠他们具体的职责。证券法主要是一种披露制度，旨在确保公平和透明的交流，从而为投资者提供评估其投资风险和回报所需的信息。

These laws emerged after the 1929 stock market crash, which was fueled by unethical practices such as insider trading and stock manipulation, and exacerbated by information asymmetry between buyers and sellers of securities. The Securities Act of 1933 and the Securities Exchange Act of 1934 were enacted to prevent these abuses and to facilitate companies obtain capital, protect investors who invest their capital, and ensure markets are fair and efficient, while minimizing burdens on honest business activities.

这些法律在1929年的股市崩溃之后出现，这是由内幕交易和股票操纵等不道德做法助长的，并因购买者与证券卖方之间的信息不对称而加剧。颁布了1933年的《证券法》和1934年的《证券交易法》，以防止这些滥用，并促进公司获得资本，保护投资资本的投资者，并确保市场公平有效，同时最大程度地减少诚实的商业活动的负担。

Despite good intentions, these laws have become overly complex, stifling competition and limiting investor freedom. To reimagine financial market regulation, particularly in light of emerging technologies and digital assets subject to the securities laws, we must return to the principles that shaped these laws — principles that promote fairness while minimizing burdens on honest businesses.

尽管有良好的意图，这些法律已变得过于复杂，扼杀竞争和限制投资者自由。为了重新构想金融市场的监管，特别是鉴于新兴技术和数字资产受证券法的约束，我们必须恢复塑造这些法律的原则，这些原则是促进公平性的，同时最大程度地减少对诚实企业的负担的原则。

Based on Chairman Pitt’s vision, I distilled the core values for market participants into the following ten commandments for a trustworthy market:

根据皮特（Pitt）董事长的愿景，我将市场参与者的核心价值提炼成以下十诫的值得信赖的市场：

By focusing on these core principles, we can create adaptable regulatory frameworks that keep pace with technological advancements and avoid the constraints of outdated laws. This is the time for a seismic shift in financial regulation toward an approach that anticipates future markets and innovations. We can build a future-proof financial system that benefits everyone by ensuring clarity, fairness, and order while fostering innovation.

通过关注这些核心原则，我们可以创建适应性的监管框架，以与技术进步保持同步，并避免过时的法律的限制。现在是时候将金融监管朝向预期未来市场和创新的方法进行地震转变的时候了。我们可以建立一个未来的财务系统，通过确保在促进创新的同时确保清晰度，公平和秩序来使每个人受益。