{"id":2728,"date":"2025-11-24T19:12:29","date_gmt":"2025-11-24T11:12:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=2728"},"modified":"2025-11-24T19:12:29","modified_gmt":"2025-11-24T11:12:29","slug":"sec-%e6%96%b0%e4%bb%bb%e4%b8%bb%e5%b8%ad%e4%b8%ba-defi-%e5%bc%80%e5%8f%91%e8%80%85%e6%9d%be%e7%bb%91%ef%bc%8cweb3-%e5%8f%b2%e4%b8%8a%e6%9c%80%e5%a4%a7%e7%9b%91%e7%ae%a1%e7%ba%a2%e5%88%a9%e4%bd%a0","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=2728","title":{"rendered":"SEC \u65b0\u4efb\u4e3b\u5e2d\u4e3a DeFi \u5f00\u53d1\u8005\u677e\u7ed1\uff0cWeb3 \u53f2\u4e0a\u6700\u5927\u76d1\u7ba1\u7ea2\u5229\u4f60\u8be5\u5982\u4f55\u6293\u4f4f\uff1f"},"content":{"rendered":"<h1 class=\"art_tit\">SEC \u65b0\u4efb\u4e3b\u5e2d\u4e3a DeFi \u5f00\u53d1\u8005\u677e\u7ed1\uff0cWeb3 \u53f2\u4e0a\u6700\u5927\u76d1\u7ba1\u7ea2\u5229\u4f60\u8be5\u5982\u4f55\u6293\u4f4f\uff1f<\/h1>\n<div class=\"content_text\">\n<div class=\"quote\">                        \u963f\u7279\u91d1\u65af\u4e3b\u5e2d\u7684\u8bb2\u8bdd\uff0c\u662fWeb3\u884c\u4e1a\u4ece\u201c\u91ce\u86ee\u751f\u957f\u201d\u8fc8\u5411\u201c\u5408\u89c4\u53d1\u5c55\u201d\u7684\u5386\u53f2\u6027\u62d0\u70b9\u3002                    <\/div>\n<p><span>\u4f5c\u8005\uff1aMagic Tony<\/span><\/p>\n<p>2025\u5e746\u67089\u65e5\uff0c\u534e\u76db\u987f\u4e0d\u4ec5\u89c1\u8bc1\u4e86\u4e00\u573a\u666e\u901a\u7684\u5706\u684c\u4f1a\u8bae\uff0c\u66f4\u89c1\u8bc1\u4e86\u7f8e\u56fd\u91d1\u878d\u76d1\u7ba1\u53f2\u4e0a\u53ef\u80fd\u7684\u4e00\u6b21\u201c\u8303\u5f0f\u8f6c\u79fb\u201d\u3002\u65b0\u4efbSEC\u4e3b\u5e2d\u4fdd\u7f57\u00b7\u963f\u7279\u91d1\u65af\u7684\u8bb2\u8bdd\uff0c\u5982\u540c\u4e00\u58f0\u7834\u51b0\u7684\u5de8\u54cd\uff0c\u5ba3\u544a\u4e86\u7f8e\u56fd\u5bf9\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff08DeFi\uff09\u7684\u76d1\u7ba1\u54f2\u5b66\u6b63\u4ece\u201c\u56f4\u5835\u201d\u8f6c\u5411\u201c\u758f\u5bfc\u201d\u3002\u8fd9\u4e0d\u4ec5\u662fWeb3\u884c\u4e1a\u7684\u91cd\u5927\u5229\u597d\uff0c\u66f4\u53ef\u80fd\u5728\u5168\u7403\u8303\u56f4\u5185\u89e6\u53d1\u4e00\u573a\u5173\u4e8e\u91d1\u878d\u521b\u65b0\u7684\u76d1\u7ba1\u7ade\u8d5b\u3002\u672c\u6587\u5c06\u6df1\u5ea6\u89e3\u6790\u6b64\u6b21\u8bb2\u8bdd\u7684\u6838\u5fc3\u5185\u6db5\uff0c\u5e76\u7ed3\u5408\u4e2d\u56fd\u56fd\u60c5\u4e0e\u5168\u7403\u89c6\u91ce\uff0c\u4e3a\u4ece\u4e1a\u8005\u63d0\u4f9b\u6218\u7565\u6027\u524d\u77bb\u3002<\/p>\n<h2>\u4e00\u3001\u963f\u7279\u91d1\u65af\u65b0\u653f\u7684\u4e09\u5927\u652f\u67f1\uff1a\u4e3aDeFi\u53d1\u5c55\u626b\u6e05\u6838\u5fc3\u969c\u788d<\/h2>\n<p>\u963f\u7279\u91d1\u65af\u4e3b\u5e2d\u7684\u8bb2\u8bdd\u7cbe\u51c6\u5730\u62c6\u9664\u4e86\u60ac\u5728DeFi\u5934\u4e0a\u7684\u4e09\u67c4\u201c\u8fbe\u6469\u514b\u5229\u65af\u4e4b\u5251\u201d\uff0c\u6784\u6210\u4e86\u5176\u76d1\u7ba1\u65b0\u653f\u7684\u4e09\u5927\u652f\u67f1\u3002<\/p>\n<h3>\u652f\u67f1\u4e00\uff1a\u4e3a\u7f51\u7edc\u57fa\u7840\u53c2\u4e0e\u8005\u6b63\u540d\u2014\u2014\u201c\u8d28\u62bc\u975e\u8bc1\u5238\u201d<\/h3>\n<p>\u539f\u6587\u5f15\u7528\uff1a\u201cI am grateful to the Division of Corporation Finance staff for clarifying its view that voluntary participation in a proof-of-work or proof-of-stake network as a \u201cminer,\u201d \u201cvalidator,\u201d or \u201cstaking-as-a-service\u201d provider is not within the scope of the federal securities laws.\u201d<\/p>\n<p>\u4e2d\u6587\u91ca\u4e49\uff1a\u201c\u6211\u611f\u8c22\u516c\u53f8\u91d1\u878d\u90e8\u7684\u5de5\u4f5c\u4eba\u5458\u6f84\u6e05\u5176\u89c2\u70b9\uff0c\u5373\u81ea\u613f\u53c2\u4e0e\u5de5\u4f5c\u91cf\u8bc1\u660e\u6216\u6743\u76ca\u8bc1\u660e\u7f51\u7edc\u4f5c\u4e3a\u2018\u77ff\u5de5\u2019\u3001\u2018\u9a8c\u8bc1\u8005\u2019\u6216\u2018\u8d28\u62bc\u670d\u52a1\u63d0\u4f9b\u5546\u2019\uff0c\u4e0d\u5c5e\u4e8e\u8054\u90a6\u8bc1\u5238\u6cd5\u7684\u8303\u56f4\u3002\u201d<\/p>\n<p>\u6b64\u756a\u8868\u6001\u7684\u6cd5\u5f8b\u610f\u4e49\u6781\u4e3a\u91cd\u5927\u3002\u5b83\u5c06\u7ef4\u62a4\u533a\u5757\u94fe\u7f51\u7edc\u5b89\u5168\u4e0e\u5171\u8bc6\u7684\u201c\u6280\u672f\u670d\u52a1\u201d\u884c\u4e3a\uff0c\u4e0e\u53d1\u884c\u201c\u6295\u8d44\u5408\u540c\u201d\u7684\u91d1\u878d\u884c\u4e3a\u8fdb\u884c\u4e86\u660e\u786e\u5207\u5272\u3002\u6b64\u524d\uff0cSEC\u5bf9Kraken\u7b49\u4ea4\u6613\u6240\u7684Staking\u670d\u52a1\u5904\u4ee5\u91cd\u7f5a\uff0c\u5176\u903b\u8f91\u5728\u4e8eStaking\u63d0\u4f9b\u4e86\u56de\u62a5\u9884\u671f\uff0c\u7b26\u5408\u8c6a\u5a01\u6d4b\u8bd5\uff08Howey Test\uff09\u4e2d\u201c\u5bf9\u4ed6\u4eba\u52aa\u529b\u7684\u5229\u6da6\u9884\u671f\u201d\u8fd9\u4e00\u6761\uff0c\u56e0\u800c\u88ab\u89c6\u4e3a\u8bc1\u5238\u3002\u963f\u7279\u91d1\u65af\u7684\u8868\u6001\uff0c\u5b9e\u8d28\u4e0a\u662f\u4e3a\u8fd9\u4e9b\u7f51\u7edc\u57fa\u7840\u8bbe\u65bd\u7684\u7ef4\u62a4\u8005\u63d0\u4f9b\u4e86\u76d1\u7ba1\u201c\u5b89\u5168\u6e2f\u201d\u3002<\/p>\n<p>\u6211\u4eec\u7406\u89e3\uff0c\u8fd9\u5c06\u76f4\u63a5\u5229\u597d\u6240\u6709\u4e3b\u6d41\u7684PoS\uff08\u6743\u76ca\u8bc1\u660e\uff09\u516c\u94fe\u751f\u6001\u3002\u4ee5\u592a\u574a\uff08Ethereum\uff09\uff1a\u4f5c\u4e3a\u6700\u5927\u7684PoS\u7f51\u7edc\uff0c\u5176\u751f\u6001\u5185\u7684\u6d41\u52a8\u6027\u8d28\u62bc\u534f\u8bae\u5982Lido\u3001Rocket Pool\u4ee5\u53ca\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7684\u8d28\u62bc\u670d\u52a1\uff0c\u5728\u7f8e\u56fd\u7684\u5408\u89c4\u9634\u4e91\u5c06\u5927\u5927\u6d88\u6563\u3002\u800cSolana, Cardano, Polygon\u7b49\uff1a\u8fd9\u4e9b\u540c\u6837\u4f9d\u8d56\u8d28\u62bc\u6765\u7ef4\u62a4\u7f51\u7edc\u5b89\u5168\u7684\u516c\u94fe\uff0c\u5176\u9a8c\u8bc1\u8005\u548c\u59d4\u6258\u4eba\u5c06\u80fd\u66f4\u5b89\u5fc3\u5730\u53c2\u4e0e\u7f51\u7edc\u6cbb\u7406\u4e0e\u5efa\u8bbe\uff0c\u5438\u5f15\u66f4\u591a\u6765\u81ea\u7f8e\u56fd\u7684\u8d44\u672c\u548c\u53c2\u4e0e\u8005\u3002<\/p>\n<h3>\u652f\u67f1\u4e8c\uff1a\u634d\u536b\u6280\u672f\u4e2d\u7acb\u539f\u5219\u2014\u2014\u201c\u4ee3\u7801\u975e\u7f6a\u201d<\/h3>\n<p>\u539f\u6587\u5f15\u7528\uff1a\u201cEngineers should not be subject to the federal securities laws solely for publishing this type of software code\u2026 it would be irrational to hold the developer of a self-driving car liable\u2026 for a third-party\u2019s use of the car to commit a traffic violation or to rob a bank.\u201d\u4e2d\u6587\u91ca\u4e49\uff1a\u201c\u5de5\u7a0b\u5e08\u4e0d\u5e94\u4ec5\u4ec5\u56e0\u4e3a\u53d1\u5e03\u6b64\u7c7b\u8f6f\u4ef6\u4ee3\u7801\u800c\u53d7\u5230\u8054\u90a6\u8bc1\u5238\u6cd5\u7684\u7ea6\u675f\u2026\u2026\u8ffd\u7a76\u4e00\u4e2a\u81ea\u52a8\u9a7e\u9a76\u6c7d\u8f66\u5f00\u53d1\u8005\u5bf9\u7b2c\u4e09\u65b9\u5229\u7528\u8be5\u8f66\u8fdb\u884c\u4ea4\u901a\u8fdd\u7ae0\u6216\u62a2\u52ab\u94f6\u884c\u7684\u8d23\u4efb\uff0c\u662f\u4e0d\u5408\u7406\u7684\u3002\u201d<\/p>\n<p>\u6df1\u5ea6\u89e3\u8bfb\uff1a\u8fd9\u662f\u5bf9\u201c\u5de5\u5177\u4e2d\u7acb\u201d\u539f\u5219\u5728\u6570\u5b57\u65f6\u4ee3\u7684\u5f3a\u529b\u91cd\u7533\u3002Tornado Cash\u5f00\u53d1\u8005\u88ab\u6355\u4e8b\u4ef6\uff0c\u8ba9\u6574\u4e2a\u5f00\u6e90\u793e\u533a\u98ce\u58f0\u9e64\u5533\u3002\u963f\u7279\u91d1\u65af\u7528\u201c\u81ea\u52a8\u9a7e\u9a76\u6c7d\u8f66\u201d\u7684\u7c7b\u6bd4\uff0c\u6e05\u6670\u5730\u8868\u660e\u4e86\u7acb\u573a\uff1a\u6cd5\u5f8b\u60e9\u7f5a\u7684\u662f\u884c\u4e3a\uff0c\u800c\u4e0d\u662f\u5de5\u5177\u3002\u5f00\u53d1\u4e00\u4e2a\u53bb\u4e2d\u5fc3\u5316\u7684\u4ea4\u6613\u534f\u8bae\uff08DEX\uff09\u6216\u6df7\u5e01\u5668\uff0c\u672c\u8eab\u4e0d\u5e94\u88ab\u89c6\u4e3a\u7ecf\u8425\u8bc1\u5238\u4e1a\u52a1\u6216\u6d17\u94b1\uff0c\u9664\u975e\u5f00\u53d1\u8005\u672c\u8eab\u53c2\u4e0e\u4e86\u975e\u6cd5\u8fd0\u8425\u3002<\/p>\n<h3>\u652f\u67f1\u4e09\uff1a\u5f00\u542f\u5408\u89c4\u521b\u65b0\u4e4b\u95e8\u2014\u2014\u201c\u521b\u65b0\u8c41\u514d\u201d<\/h3>\n<p>\u539f\u6587\u5f15\u7528\uff1a\u201cI have directed the staff to consider a conditional exemptive relief framework or \u201cinnovation exemption\u201d that would expeditiously allow registrants and non-registrants to bring on-chain products and services to market.\u201d\u4e2d\u6587\u91ca\u4e49\uff1a\u201c\u6211\u5df2\u6307\u793a\u5458\u5de5\u8003\u8651\u4e00\u4e2a\u6709\u6761\u4ef6\u7684\u8c41\u514d\u6551\u6d4e\u6846\u67b6\u6216\u2018\u521b\u65b0\u8c41\u514d\u2019\uff0c\u8be5\u6846\u67b6\u5c06\u8fc5\u901f\u5141\u8bb8\u6ce8\u518c\u548c\u975e\u6ce8\u518c\u5b9e\u4f53\u5c06\u94fe\u4e0a\u4ea7\u54c1\u548c\u670d\u52a1\u63a8\u5411\u5e02\u573a\u3002\u201d<\/p>\n<p>\u8fd9\u662f\u6574\u7bc7\u8bb2\u8bdd\u4e2d\u6700\u5177\u524d\u77bb\u6027\u548c\u98a0\u8986\u6027\u7684\u4e00\u70b9\u3002\u8bbe\u7acb\u201c\u521b\u65b0\u8c41\u514d\u201d\uff08\u6216\u79f0\u76d1\u7ba1\u6c99\u76d2\uff09\uff0c\u6807\u5fd7\u7740SEC\u7684\u76d1\u7ba1\u89d2\u8272\u4ece\u201c\u4e8b\u540e\u60e9\u7f5a\u8005\u201d\u8f6c\u53d8\u4e3a\u201c\u4e8b\u524d\u5f15\u5bfc\u8005\u201d\u3002<\/p>\n<p>\u7f8e\u56fd\u7684\u8fd9\u4e00\u4e3e\u52a8\uff0c\u5c06\u5bf9\u5176\u4ed6\u91d1\u878d\u4e2d\u5fc3\u6784\u6210\u5f3a\u5927\u7684\u7ade\u4e89\u538b\u529b\u3002\u82f1\u56fd\u3001\u65b0\u52a0\u5761\u3001\u963f\u8054\u914b\u3001\u6b27\u76df\u7b49\u5df2\u7ecf\u6216\u6b63\u5728\u63a2\u7d22\u7c7b\u4f3c\u6846\u67b6\u7684\u56fd\u5bb6\uff0c\u53ef\u80fd\u4f1a\u52a0\u5feb\u6b65\u4f10\uff0c\u4f18\u5316\u653f\u7b56\uff0c\u4ee5\u4e89\u593a\u5168\u7403Web3\u7684\u8d44\u672c\u3001\u9879\u76ee\u548c\u4eba\u624d\u3002\u4e00\u573a\u56f4\u7ed5\u201c\u5982\u4f55\u66f4\u597d\u5730\u76d1\u7ba1\u521b\u65b0\u201d\u7684\u5168\u7403\u7ade\u8d5b\u5df2\u7ecf\u9e23\u67aa\u3002<\/p>\n<p>\u4e2d\u56fd\u7684\u91d1\u878d\u76d1\u7ba1\u4f53\u7cfb\u4ee5\u201c\u7a33\u5b9a\u538b\u5012\u4e00\u5207\u201d\u4e3a\u91cd\u8981\u539f\u5219\uff0c\u77ed\u671f\u5185\u4e0d\u53ef\u80fd\u76f4\u63a5\u6548\u4eff\u7f8e\u56fd\u7684\u201c\u521b\u65b0\u8c41\u514d\u201d\u3002\u4f46\u662f\uff0c\u8fd9\u4e00\u4e3e\u63aa\u5c06\u6781\u5927\u5730\u6fc0\u52b1\u548c\u63a8\u52a8\u9999\u6e2f\u7684Web3\u653f\u7b56\u3002\u9999\u6e2f\u4f5c\u4e3a\u4e2d\u56fd\u7684\u201c\u7279\u522b\u521b\u65b0\u533a\u201d\uff0c\u5176\u865a\u62df\u8d44\u4ea7\u653f\u7b56\u7684\u5f00\u653e\u7a0b\u5ea6\u548c\u7075\u6d3b\u6027\uff0c\u5c06\u5728\u4e0e\u7f8e\u56fd\u7684\u7ade\u4e89\u4e2d\u53d8\u5f97\u81f3\u5173\u91cd\u8981\u3002\u5185\u5730\u53ef\u4ee5\u7ee7\u7eed\u4e25\u5b88\u91d1\u878d\u98ce\u9669\u5e95\u7ebf\uff0c\u540c\u65f6\u901a\u8fc7\u9999\u6e2f\u8fd9\u4e2a\u7a97\u53e3\uff0c\u95f4\u63a5\u53c2\u4e0e\u5230\u5168\u7403Web3\u7684\u521b\u65b0\u6d6a\u6f6e\u4e2d\u3002<\/p>\n<h2>\u4e8c\u3001\u4e13\u9898\u805a\u7126\uff1aTornado Cash\u6848\u5728\u4e2d\u56fd\u6cd5\u4e0b\u7684\u5ba1\u89c6<\/h2>\n<p>\u963f\u7279\u91d1\u65af\u4e3a\u5f00\u53d1\u8005\u8fa9\u62a4\uff0c\u4f46Tornado Cash\u7684\u9634\u5f71\u72b9\u5728\u3002\u82e5\u6b64\u6848\u53d1\u751f\u5728\u4e2d\u56fd\uff0c\u5f00\u53d1\u8005\u5c06\u9762\u4e34\u4f55\u79cd\u5883\u9047\uff1f<\/p>\n<p>\u6839\u636e\u4e2d\u56fd\u300a\u5211\u6cd5\u300b\uff0c\u5f00\u53d1\u5e76\u8fd0\u8425\u7c7b\u4f3cTornado Cash\u7684\u5de5\u5177\uff0c\u6700\u53ef\u80fd\u89e6\u53ca\u7684\u7f6a\u540d\u662f\u300a\u5211\u6cd5\u300b\u7b2c\u4e8c\u767e\u516b\u5341\u4e03\u6761\u4e4b\u4e8c\u7684\u201c\u5e2e\u52a9\u4fe1\u606f\u7f51\u7edc\u72af\u7f6a\u6d3b\u52a8\u7f6a\u201d\uff08\u7b80\u79f0\u201c\u5e2e\u4fe1\u7f6a\u201d\uff09\u3002<\/p>\n<p>\u6b64\u7f6a\u540d\u7684\u6784\u6210\u8981\u4ef6\u6838\u5fc3\u662f\u201c\u660e\u77e5\u4ed6\u4eba\u5229\u7528\u4fe1\u606f\u7f51\u7edc\u5b9e\u65bd\u72af\u7f6a\uff0c\u4e3a\u5176\u72af\u7f6a\u63d0\u4f9b\u4e92\u8054\u7f51\u63a5\u5165\u3001\u670d\u52a1\u5668\u6258\u7ba1\u3001\u7f51\u7edc\u5b58\u50a8\u3001\u901a\u8baf\u4f20\u8f93\u7b49\u6280\u672f\u652f\u6301\uff0c\u6216\u8005\u63d0\u4f9b\u5e7f\u544a\u63a8\u5e7f\u3001\u652f\u4ed8\u7ed3\u7b97\u7b49\u5e2e\u52a9\u201d\u3002<\/p>\n<p>\u6cd5\u5f8b\u5206\u6790\u7684\u5173\u952e\u5728\u4e8e\u5bf9\u201c\u660e\u77e5\u201d\u7684\u8ba4\u5b9a\uff1a<\/p>\n<ol>\n<li>\n<p>\u7eaf\u7cb9\u7684\u6280\u672f\u5f00\u53d1\u8005\uff1a\u5982\u679c\u4e00\u4e2a\u5f00\u53d1\u8005\u4ec5\u7f16\u5199\u5e76\u5f00\u6e90\u4e86\u6df7\u5e01\u534f\u8bae\u4ee3\u7801\uff0c\u672a\u53c2\u4e0e\u540e\u7eed\u8fd0\u8425\uff0c\u4e5f\u672a\u4ece\u4e2d\u83b7\u5f97\u4e0e\u975e\u6cd5\u8d44\u91d1\u89c4\u6a21\u6302\u94a9\u7684\u6536\u76ca\uff0c\u90a3\u4e48\u8981\u8bc1\u660e\u5176\u201c\u660e\u77e5\u201d\u7279\u5b9a\u7528\u6237\u5229\u7528\u5176\u4ee3\u7801\u8fdb\u884c\u6d17\u94b1\uff0c\u8bc1\u636e\u94fe\u4e0a\u5b58\u5728\u96be\u5ea6\u3002\u4ed6\u53ef\u4ee5\u8fa9\u79f0\u81ea\u5df1\u53ea\u662f\u521b\u9020\u4e86\u4e00\u4e2a\u5177\u5907\u9690\u79c1\u4fdd\u62a4\u529f\u80fd\u7684\u201c\u6280\u672f\u5de5\u5177\u201d\u3002<\/p>\n<\/li>\n<li>\n<p>\u534f\u8bae\u7684\u8fd0\u8425\u8005\/\u83b7\u5229\u8005\uff1a\u4f46\u5982\u679c\u5f00\u53d1\u8005\u901a\u8fc7\u6536\u53d6\u4ea4\u6613\u8d39\u7528\u3001\u53d1\u884c\u6cbb\u7406\u4ee3\u5e01\u5e76\u4ece\u4e2d\u83b7\u5229\uff0c\u4e14\u6709\u8bc1\u636e\u8868\u660e\u5176\u5bf9\u5e73\u53f0\u88ab\u5927\u89c4\u6a21\u7528\u4e8e\u6d17\u94b1\u6d3b\u52a8\u6301\u653e\u4efb\u6001\u5ea6\uff0c\u751a\u81f3\u901a\u8fc7\u5ba3\u4f20\u5438\u5f15\u975e\u6cd5\u8d44\u91d1\uff0c\u90a3\u4e48\u88ab\u8ba4\u5b9a\u4e3a\u201c\u660e\u77e5\u201d\u7684\u98ce\u9669\u5c06\u6025\u5267\u5347\u9ad8\u3002<\/p>\n<\/li>\n<\/ol>\n<p>\u5728\u4e2d\u56fd\u4e25\u683c\u7684\u53f8\u6cd5\u5b9e\u8df5\u4e0b\uff0c\u5373\u4fbf\u4ec5\u662f\u5f00\u53d1\u8005\uff0c\u4e00\u65e6\u5176\u5f00\u53d1\u7684\u5de5\u5177\u88ab\u5e7f\u6cdb\u7528\u4e8e\u72af\u7f6a\u6d3b\u52a8\uff0c\u5176\u9762\u4e34\u7684\u6cd5\u5f8b\u98ce\u9669\u8fdc\u9ad8\u4e8e\u7f8e\u56fd\u3002\u4e2d\u56fd\u6cd5\u5f8b\u66f4\u5f3a\u8c03\u7ed3\u679c\u548c\u5bf9\u793e\u4f1a\u79e9\u5e8f\u7684\u7ef4\u62a4\uff0c\u5bf9\u201c\u6280\u672f\u4e2d\u7acb\u201d\u7684\u8c41\u514d\u7a7a\u95f4\u76f8\u5bf9\u6709\u9650\u3002<\/p>\n<h2>\u4e09\u3001\u5706\u684c\u4e4b\u5185\uff1a\u534e\u76db\u987f\u7684Web3\u7fa4\u82f1\u4f1a\u4e0e\u4ed6\u4eec\u7684\u201c\u516b\u5366\u201d<\/h2>\n<p>\u8fd9\u573a\u5706\u684c\u4f1a\u7684\u5609\u5bbe\u540d\u5355\u672c\u8eab\u5c31\u662f\u4e00\u51fa\u5927\u620f\uff0c\u4e2a\u4e2a\u90fd\u662f\u884c\u4e1a\u5185\u7684\u201c\u9876\u6d41\u201d\u3002<\/p>\n<ul>\n<li>\n<p>Erik Voorhees (Venice AI)\uff1aWeb3\u5708\u65e0\u4eba\u4e0d\u6653\u7684\u201c\u8001\u70ae\u513f\u201d\uff0c\u4e00\u4e2a\u575a\u5b9a\u7684\u81ea\u7531\u610f\u5fd7\u4e3b\u4e49\u8005\u3002\u4ed6\u65e9\u5e74\u521b\u7acb\u7684ShapeShift\u4ea4\u6613\u6240\uff0c\u5c31\u56e0\u575a\u6301\u4e0d\u8fdb\u884cKYC\uff08\u4e86\u89e3\u4f60\u7684\u5ba2\u6237\uff09\u800c\u4e0e\u76d1\u7ba1\u673a\u6784\u201c\u786c\u521a\u201d\u591a\u5e74\u3002\u8ba9\u4ed6\u6765\u53c2\u4f1a\uff0c\u672c\u8eab\u5c31\u4ee3\u8868\u4e86SEC\u613f\u610f\u503e\u542c\u6700\u201c\u6fc0\u8fdb\u201d\u7684\u58f0\u97f3\u3002<\/p>\n<\/li>\n<li>\n<p>Peter Van Valkenburgh (Coin Center)\uff1a\u4ed6\u662f\u534e\u76db\u987f\u7684\u201c\u52a0\u5bc6\u5e03\u9053\u8005\u201d\uff0c\u4ee5\u5176\u51b7\u9759\u3001\u4e25\u8c28\u548c\u6781\u5177\u8bf4\u670d\u529b\u7684\u98ce\u683c\u8457\u79f0\u3002\u591a\u6b21\u5728\u7f8e\u56fd\u56fd\u4f1a\u542c\u8bc1\u4f1a\u4e0a\uff0c\u4ed6\u50cf\u4e00\u4f4d\u5927\u5b66\u6559\u6388\u4e00\u6837\uff0c\u8010\u5fc3\u5730\u5411\u8bae\u5458\u4eec\u89e3\u91ca\u6bd4\u7279\u5e01\u548c\u52a0\u5bc6\u6280\u672f\u7684\u539f\u7406\u3002\u4ed6\u662f\u884c\u4e1a\u4e0e\u76d1\u7ba1\u4e4b\u95f4\u6700\u7406\u6027\u7684\u6c9f\u901a\u6865\u6881\u3002<\/p>\n<\/li>\n<li>\n<p>Michael Mosier (Arktouros)\uff1a\u8fd9\u4f4d\u8001\u5144\u7684\u5c65\u5386\u582a\u79f0\u201c\u8de8\u754c\u4e4b\u738b\u201d\uff0c\u66fe\u662f\u7f8e\u56fd\u8d22\u653f\u90e8\u91d1\u878d\u72af\u7f6a\u6267\u6cd5\u7f51\u7edc\uff08FinCEN\uff09\u7684\u4ee3\u7406\u4e3b\u4efb\uff0c\u540e\u6765\u53c8\u8df3\u5230Chainalysis\u548cEspresso Systems\u62c5\u4efb\u6cd5\u52a1\u3002\u4ed6\u65e2\u61c2\u76d1\u7ba1\u7684\u201c\u5c60\u9f99\u672f\u201d\uff0c\u53c8\u61c2\u884c\u4e1a\u7684\u201c\u751f\u610f\u7ecf\u201d\uff0c\u662f\u64ae\u5408\u53cc\u65b9\u7684\u7edd\u4f73\u4eba\u9009\u3002<\/p>\n<\/li>\n<li>\n<p>Rebecca Rettig (Jito 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class=\"pl30 pr30 pb30\">\n<p class=\"f18 fw\">\u6b22\u8fce\u52a0\u5165\u6df1\u6f6eTechFlow\u5b98\u65b9\u793e\u7fa4<\/p>\n<div class=\"line32 mt20\">                        Telegram\u8ba2\u9605\u7fa4\uff1ahttps:\/\/t.me\/TechFlowDaily<br \/>                        Twitter\u5b98\u65b9\u8d26\u53f7\uff1ahttps:\/\/x.com\/TechFlowPost<br \/>                        Twitter\u82f1\u6587\u8d26\u53f7\uff1ahttps:\/\/x.com\/BlockFlow_News                    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SEC \u65b0\u4efb\u4e3b\u5e2d\u4e3a DeFi \u5f00\u53d1\u8005\u677e\u7ed1\uff0cWeb3 \u53f2\u4e0a\u6700\u5927\u76d1\u7ba1\u7ea2\u5229\u4f60\u8be5\u5982\u4f55\u6293\u4f4f\uff1f \u963f\u7279\u91d1\u65af\u4e3b\u5e2d\u7684\u8bb2\u8bdd\uff0c\u662fWe 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