将美国打造为全球加密之都或许不仅仅是口号。

作者：<a href="https://tpan.substack.com/p/378-the-secs-project-crypto" rel="nofollow">TPan</a>编译：Felix, PANews美国证券交易委员会（SEC）主席今日发起了“加密项目”（Project Crypto）的倡议，旨在支持美国的加密货币创新。尽管此前已有迹象表明（例如：ETP 实物赎回、对 Binance、Coinbase、Crypto.com、Immutable、Yuga、Kraken、Gemini、Consensys、OpenSea、Uniswap 等众多机构的诉讼和调查减少），但此举不仅扭转了过去几年造成的损害，并为美国加密货币领域下一阶段的发展奠定了坚实基础。坦白说，当读到 Paul Atkins 主席的演讲文稿时，个人心理上还没从 SEC 过去几年打压加密行业的态势中恢复过来。下图是 Dragonfly 的 Amal 分享的要点，下文将对其中一些要点和潜在影响进行更详细的阐述。SEC“加密项目”的概要：<ul><li>大多数加密资产并非证券</li><li>SEC 将制定规则，明确定义加密资产何时构成证券。</li><li>SEC 将停止对早期中心化或使用传统业务结构的代币发行者进行处罚。</li><li>即将推出一个监管框架，以支持美国境内的股票和债券代币等代币化证券。</li><li>由于监管不确定性，美国人将不再被排除在空投、ICO 或网络奖励之外。</li><li>SEC 将保护加密资产的自主托管权，并更新注册公司的托管规则。</li><li>DeFi 协议和自动做市商 (AMM) 将被允许在无需强制中介的情况下运行。</li><li>SEC 计划在一个平台上推出集加密交易、质押、借贷和证券于一体的超级应用程序。</li><li>新的“创新豁免”将允许加密项目无需完全遵守传统规定即可进入市场。</li><li>SEC 将在适当情况下将加密货币开发者视为代码发布者，而非中介机构。</li><li>目标是让那些因前任政府的强制监管而逃离的加密货币公司重新回归。</li></ul><img src="https://static.fwimg.io/img/feed/810f9179b77548ca2189e0ea4d3b76d5.jpg" alt=""><h3>加密资产分类</h3>“我已指示委员会工作人员制定明确的指导方针，以便市场参与者能够确定加密资产是否属于证券或是否构成投资合约。我们的目标是帮助市场参与者将加密资产归类，例如数字收藏品、数字商品或稳定币，并评估交易的经济实质。这种方法可以让市场参与者根据明确的指导方针，判断发行方是否存在持续承诺或义务，进而判断该资产是否构成投资合约。”此声明值得关注，原因如下：<ul><li>SEC 认识到加密生态系统的丰富性，并支持创建多种不同类型的资产。普通人听到“加密货币”一词时，会想到比特币或他们最喜欢的 memecoin。但实际上，加密资产的范围远不止这些，而且并非每种资产都应一视同仁。</li><li>具体来说，就 NFT（“数字收藏品”）而言，SEC 曾于 2023 年 9 月对 Stoner Cats 提起诉讼，指控其未经注册发行 NFT。</li></ul>SEC 认识到其过去的执法式行动在如今已不合时宜，并将制定（而非通过执法监管）合理的指导方针，为建设者和创造者提供发挥所长的空间。试想一下，如果你的 Labubu 收藏品必须在 SEC 注册，那会是怎样一番景象？规则和指导方针不能一刀切，需要认识到每种资产类型的细微差别。<h3>将美国人纳入代币奖励范畴</h3>“我已要求工作人员提出专门的披露、豁免条款和安全港制度，包括针对所谓的“首次代币发行”、“空投”和网络奖励等。对于此类交易，我们的目标应是让发行方不再因法律复杂性和诉讼风险而将美国用户排除在其分配之外，而是选择将美国人纳入其中，以享受法律确定性和宽松的监管环境。”如果您身处美国（以及其他少数几个司法管辖区），并且积极参与了不同的项目、平台和协议，那么在尝试领取空投时，您可能遇到过类似这样的页面：<img src="https://static.fwimg.io/img/feed/178b7ba53aa6d066e77f50f836832424.jpg" alt="">这些项目是不是对美国有什么意见？不是的，他们只是担心给某些国家/地区的用户提供奖励会引发法律或监管方面的风险。加密项目的目标是消除这些限制，因而不再“保护”美国用户。此规定显而易见的受益者将是美国用户，紧随其后的是项目本身和建设者。更少的法律风险和情感负担，最重要的是更少的摩擦。用户无需费力开启 VPN 或采取其他手段来领取空投。与此同时，团队能够更好地了解他们数月来努力筹备的活动的效果，并专注于更重要的事情。<h3>创新豁免</h3>“根据我对创新豁免的设想，创新者和有远见者将能够立即凭借新技术和商业模式进入市场，而无需遵守那些阻碍经济活动的不兼容或繁琐的规定性监管要求。相反，他们只需遵守某些基于原则的条件，以实现联邦证券法的核心政策目标。这些条件可能包括，承诺向委员会定期提交报告、采用白名单或“验证池”功能，以及仅允许符合合规功能标准（如 ERC3643）的证券代币流通。”这部分内容很有意思，因为它提到了 ERC-3643，这是一个用于 RWA 代币化的开源代币标准。SEC 认识到，该行业一直在努力构建能够补充他们即将出台的指导方针的框架。<img src="https://static.fwimg.io/img/feed/06de14dad1b700624ff2ebeb05c31ed7.jpg" alt="">与过去观望的态度不同，建设者可以继续突破链上应用的界限，无需再“打破常规”地思考，而是在现有框架的基础上进行构建，并将这些框架进一步拓展。<h3>为什么这很重要？</h3>显然，这对行业法律人士至关重要，但对于所有类型的运营商和角色来说，密切关注这些发展也同样重要。严格禁止的行为与公平竞争行为之间的界限仍然模糊，但它们正在向有利于创造力的方向转变。过去的许多机制将不再被视为冒险之举，而是可以优化和扩展的策略或战术。曾经被法律部门否决的伟大想法现在可以更有信心地重新审视。为 SEC 的转变喝彩。期待美国乃至全球范围内开启新的篇章，见证这些想法被许可和可能实现。相关阅读：《<a href="https://www.chaincatcher.com/article/2194714" rel="nofollow">美 SEC 主席有关“加密计划”演讲全文</a>》

美 SEC 主席发起“加密项目”倡议后，美国人也将能领空投了

Turning the United States into the global crypto capital may be more than just a slogan.

Author: <a href="https://tpan.substack.com/p/378-the-secs-project-crypto" rel="nofollow">TPan</a>Translated by: Felix, PANewsThe Chairman of the U.S. Securities and Exchange Commission (SEC) today launched the "Project Crypto" initiative, aimed at supporting cryptocurrency innovation in the United States. Although there were previous indications (such as: ETP physical redemption, reduced lawsuits and investigations against numerous institutions like Binance, Coinbase, Crypto.com, Immutable, Yuga, Kraken, Gemini, ConsenSys, OpenSea, Uniswap), this move not only reverses the damage caused in the past few years but also lays a solid foundation for the next phase of development in the U.S. cryptocurrency sector.

Frankly, when reading Chairman Paul Atkins' speech manuscript, I personally have not yet recovered psychologically from the SEC's attitude of suppressing the crypto industry in recent years.

Below is a summary of key points shared by Amal from Dragonfly, and the following text will elaborate on some of these points and their potential impacts.

Overview of SEC's "Project Crypto":

<ul>
<li>Most crypto assets are not securities</li>
<li>SEC will establish rules to clearly define when crypto assets constitute securities</li>
<li>SEC will stop penalizing early centralized or traditionally structured token issuers</li>
<li>An upcoming regulatory framework to support tokenized securities like stock and bond tokens within the U.S.</li>
<li>Due to regulatory uncertainty, Americans will no longer be excluded from airdrops, ICOs, or network rewards</li>
<li>SEC will protect self-custody rights of crypto assets and update custodial rules for registered companies</li>
<li>DeFi protocols and Automated Market Makers (AMM) will be allowed to operate without mandatory intermediaries</li>
<li>SEC plans to launch a super app integrating crypto trading, staking, lending, and securities on one platform</li>
<li>A new "innovation exemption" will allow crypto projects to enter the market without fully complying with traditional regulations</li>
<li>SEC will consider crypto developers as code publishers rather than intermediaries when appropriate</li>
<li>The goal is to encourage crypto companies that fled due to previous government's mandatory regulations to return</li>
</ul>

[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating into English.]

After the US SEC Chairman launched the "Crypto Project" initiative, Americans will also be able to receive airdrops

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