{"id":2943,"date":"2025-12-22T00:00:29","date_gmt":"2025-12-21T16:00:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=2943"},"modified":"2025-12-22T00:00:29","modified_gmt":"2025-12-21T16:00:29","slug":"sec%e5%85%b3%e4%ba%8epos%e8%b4%a8%e6%8a%bc%e7%9a%84%e5%a3%b0%e6%98%8e-%e6%94%bf%e7%ad%96%e8%a7%a3%e8%af%bb%e4%b8%8e%e5%b8%82%e5%9c%ba%e5%bd%b1%e5%93%8d%e8%a7%a3%e6%9e%90","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=2943","title":{"rendered":"SEC\u5173\u4e8ePoS\u8d28\u62bc\u7684\u58f0\u660e: \u653f\u7b56\u89e3\u8bfb\u4e0e\u5e02\u573a\u5f71\u54cd\u89e3\u6790"},"content":{"rendered":"<h1 class=\"art_tit\">SEC\u5173\u4e8ePoS\u8d28\u62bc\u7684\u58f0\u660e: \u653f\u7b56\u89e3\u8bfb\u4e0e\u5e02\u573a\u5f71\u54cd\u89e3\u6790<\/h1>\n<div class=\"content_text\">\n<p class=\"s2\">2025\u00a0\u5e74\u00a05\u00a0\u6708\u00a029\u00a0\u65e5\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC, United States Securities and Exchange 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Assets\uff09\u3002\u8fd9\u7c7b\u8d44\u4ea7\u901a\u5e38\u76f4\u63a5\u5173\u7cfb\u5230\u7f51\u7edc\u7684\u8fd0\u884c\u673a\u5236\uff0c\u4e3b\u8981\u7528\u4e8e\u53c2\u4e0e\u7f51\u7edc\u5171\u8bc6\uff08\u5982\u9a8c\u8bc1\u65b0\u533a\u5757\uff09\u548c\u4fdd\u969c\u6280\u672f\u7a33\u5b9a\u6027\u4e0e\u5b89\u5168\u6027\u3002\u7528\u6237\u901a\u8fc7\u8d28\u62bc\u8fd9\u4e9b\u8d44\u4ea7\u53c2\u4e0e\u7f51\u7edc\u8fd0\u4f5c\uff0c\u5e76\u83b7\u5f97\u5bf9\u5e94\u7684\u5956\u52b1\u3002\u5178\u578b\u4f8b\u5b50\u5305\u62ec\u4ee5\u592a\u574a\u7f51\u7edc\u7684 ETH\u3001Polkadot \u7f51\u7edc\u7684 DOT \u4ee5\u53ca Cosmos \u7f51\u7edc\u7684 ATOM\u3002\u00a0<\/p>\n<p 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Party\uff09\u201d\uff0c\u7b2c\u4e09\u65b9\u8282\u70b9\u8fd0\u8425\u8005\u534f\u52a9\u53c2\u4e0e\u9a8c\u8bc1\u5e76\u5206\u4eab\u90e8\u5206\u5956\u52b1\uff0c\u7528\u6237\u4e0e\u9a8c\u8bc1\u8005\u5171\u540c\u83b7\u5f97\u8d28\u62bc\u6536\u76ca\u3002\u00a0<\/p>\n<p>\u2022\u00a0\u7b2c\u4e09\u7c7b\u662f\u7528\u6237\u5c06\u8d44\u4ea7\u4ea4\u7531\u7b2c\u4e09\u65b9\u6258\u7ba1\uff0c\u7531\u6258\u7ba1\u65b9\u4ee3\u4e3a\u8d28\u62bc\u7684\u201c\u6258\u7ba1\u8d28\u62bc\uff08Custodial Staking\uff09\u201d\uff0c\u5956\u52b1\u6309\u7ea6\u5b9a\u6bd4\u4f8b\u5206\u914d\u3002\u00a0<\/p>\n<p 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Services\uff09\uff0cSEC\u00a0\u8ba4\u4e3a\u5b83\u4eec\u672c\u8d28\u4e0a\u90fd\u662f\u8f85\u52a9\u6027\u7684\u884c\u653f\u6216\u4e8b\u52a1\u6027\u64cd\u4f5c\uff0c\u4e0d\u6784\u6210\u8bc1\u5238\u884c\u4e3a\u3002\u6bd4\u5982\uff1a\u5e2e\u7528\u6237\u627f\u62c5\u56e0\u8282\u70b9\u88ab\u7f5a\uff08slashing\uff09\u9020\u6210\u7684\u635f\u5931\u3001\u63d0\u4f9b\u63d0\u524d\u8d4e\u56de\u670d\u52a1\u3001\u8c03\u6574\u5956\u52b1\u53d1\u653e\u65f6\u95f4\u6216\u9891\u7387\u3001\u6216\u5c06\u591a\u4e2a\u7528\u6237\u7684\u8d44\u4ea7\u805a\u5408\u8d77\u6765\u6ee1\u8db3\u8d28\u62bc\u95e8\u69db\u7b49\u3002\u8fd9\u4e9b\u670d\u52a1\u53ea\u662f\u4e3a\u4e86\u8ba9\u7528\u6237\u8d28\u62bc\u66f4\u65b9\u4fbf\uff0c\u4e0d\u6d89\u53ca\u5229\u6da6\u627f\u8bfa\u6216\u4e3b\u52a8\u7ba1\u7406\uff0c\u6240\u4ee5\u4e5f\u4e0d\u5c5e\u4e8e\u8bc1\u5238\u76d1\u7ba1\u8303\u56f4\u3002\u00a0<\/p>\n<h2 class=\"customstyle_text\">\u5c3d\u7ba1\u00a0SEC\u00a0\u5728\u8fd9\u4efd\u58f0\u660e\u4e2d\u8868\u793a\u90e8\u5206\u00a0PoS\u00a0\u534f\u8bae\u8d28\u62bc\u6d3b\u52a8\u672c\u8eab\u5e76\u4e0d\u6784\u6210\u8bc1\u5238\u53d1\u884c\uff0c\u4f46\u5b83\u4e5f\u660e\u786e\u5f3a\u8c03\u4e86\u4e00\u4e2a\u524d\u63d0\uff1a\u53ea\u6709\u5728\u8d28\u62bc\u6d3b\u52a8\u5b8c\u5168\u662f\u7528\u6237\u201c\u81ea\u4e3b\u7ba1\u7406\u201d\u7684\u60c5\u51b5\u4e0b\uff0c\u4f8b\u5982\u81ea\u884c\u8fd0\u884c\u8282\u70b9\u3001\u63a7\u5236\u79c1\u94a5\u3001\u4f7f\u7528\u81ea\u8eab\u8d44\u4ea7\u53c2\u4e0e\u8d28\u62bc\uff0c\u4e0d\u4f9d\u8d56\u7b2c\u4e09\u65b9\u83b7\u53d6\u6536\u76ca\uff0c\u624d\u4e0d\u5c5e\u4e8e\u8bc1\u5238\u8303\u7574\u3002\u00a0<\/p>\n<p class=\"s2\">\u90a3\u4e48\u76f8\u53cd\uff0c\u90a3\u4e9b\u4f9d\u8d56\u7b2c\u4e09\u65b9\u7684\u8d28\u62bc\u884c\u4e3a\u53ef\u80fd\u4f1a\u5728\u4e0d\u4e45\u7684\u5c06\u6765\u88ab\u5b9a\u4e49\u4e3a\u8bc1\u5238\u8303\u7574\u3002\u5c24\u5176\u5f53\u7528\u6237\u5c06\u52a0\u5bc6\u8d44\u4ea7\u4ea4\u7531\u4e2d\u5fc3\u5316\u5e73\u53f0\u6216\u6258\u7ba1\u65b9\u4fdd\u7ba1\uff0c\u7528\u6237\u5e76\u4e0d\u76f4\u63a5\u53c2\u4e0e\u8282\u70b9\u8fd0\u8425\uff0c\u800c\u662f\u4f9d\u8d56\u8fd9\u4e9b\u7b2c\u4e09\u65b9\u5b8c\u6210\u8d28\u62bc\u5e76\u83b7\u53d6\u56de\u62a5\u3002\u6b64\u7c7b\u6a21\u5f0f\u53ef\u80fd\u4f1a\u89e6\u53d1\u7f8e\u56fd\u6cd5\u5f8b\u4e2d Howey Test \u5bf9\u8bc1\u5238\u7684\u5224\u5b9a\u6807\u51c6\uff0c\u5373\u7528\u6237\u57fa\u4e8e\u201c\u4ed6\u4eba\u52aa\u529b\u201d\u6765\u83b7\u53d6\u9884\u671f\u6536\u76ca\u3002\u00a0<\/p>\n<p class=\"s2\">\u7ed3\u5408\u8be5\u653f\u7b56\u7533\u58f0\u660e\uff0c\u5f53\u4e0b\u4e00\u4e9b\u52a0\u5bc6\u8d5b\u9053\u53ef\u80fd\u4f1a\u53d7\u5230\u4e0d\u540c\u7a0b\u5ea6\u7684\u5f71\u54cd\uff1a\u00a0<\/p>\n<p class=\"s2\">\u5bf9\u00a0PoS\u00a0\u516c\u94fe\u9879\u76ee\uff08\u5982\u4ee5\u592a\u574a\u3001Cosmos\u00a0\u7b49\uff09\u800c\u8a00\uff0c\u867d\u7136\u76ee\u524d\u534f\u8bae\u8d28\u62bc\u88ab\u8ba4\u4e3a\u4e0d\u5c5e\u4e8e\u8bc1\u5238\u8303\u7574\uff0c\u4f46\u5176\u751f\u6001\u4e2d\u7684\u8d28\u62bc\u884c\u4e3a\u82e5\u88ab\u7b2c\u4e09\u65b9\u5546\u4e1a\u5316\u3001\u96c6\u4e2d\u5316\u5904\u7406\uff0c\u53ef\u80fd\u5c06\u88ab\u76d1\u7ba1\u673a\u6784\u4f5c\u4e3a\u8bc1\u5238\u4ea4\u6613\u8fdb\u884c\u7ea6\u675f\u3002\u00a0<\/p>\n<p class=\"s2\">\u5bf9\u4e2d\u5fc3\u5316\u8d28\u62bc\u5e73\u53f0\uff0c\u5982\u00a0Coinbase\u3001Binance\u00a0\u7b49\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0cCEX\u00a0\u63d0\u4f9b\u7684\u5e73\u53f0\u8d28\u62bc\u4ea7\u54c1\u901a\u5e38\u6d89\u53ca\u7528\u6237\u8d44\u4ea7\u6258\u7ba1\u548c\u5e2e\u7528\u6237\u8d5a\u53d6\u6536\u76ca\u7b49\u884c\u4e3a\uff0c\u7b26\u5408 Howey Test \u7684\u5178\u578b\u7279\u5f81\u3002SEC \u672a\u6765\u53ef\u80fd\u8981\u6c42\u8fd9\u7c7b\u670d\u52a1\u5b8c\u6210\u8bc1\u5238\u6ce8\u518c\u6216\u91c7\u53d6\u66f4\u4e25\u683c\u7684\u62ab\u9732\u4e49\u52a1\u4e0e\u5408\u89c4\u5ba1\u67e5\uff0c\u4ece\u800c\u52a0\u5927\u5e73\u53f0\u7684\u5408\u89c4\u6210\u672c\u4e0e\u6cd5\u5f8b\u98ce\u9669\u3002\u00a0<\/p>\n<p class=\"s2\">\u5bf9\u00a0DeFi\u00a0\u8d28\u62bc\u534f\u8bae\u5982\u00a0Lido\u3001Lombard\u00a0\u7b49\uff0c\u867d\u7136\u8fd9\u4e9b\u534f\u8bae\u5f3a\u8c03\u201c\u53bb\u4e2d\u5fc3\u5316\u201d\uff0c\u4f46\u5176\u6cbb\u7406\u3001\u8282\u70b9\u8fd0\u8425\u662f\u5426\u771f\u6b63\u53bb\u4e2d\u5fc3\u3001\u7528\u6237\u662f\u5426\u6e05\u6670\u4e86\u89e3\u6536\u76ca\u903b\u8f91\uff0c\u4f9d\u7136\u53ef\u80fd\u5f15\u53d1\u76d1\u7ba1\u8ba8\u8bba\u3002\u7279\u522b\u662f\u6d41\u52a8\u6027\u8d28\u62bc\u884d\u751f\u8d44\u4ea7\uff08\u5982 stETH\u3001LBTC\uff09\uff0c\u662f\u4e00\u79cd\u7528\u6237\u8d28\u62bc\u540e\u83b7\u5f97\u7684\u4ee3\u5e01\uff0c\u4ee3\u8868\u5176\u8d28\u62bc\u6743\u76ca\u3002\u8fd9\u79cd\u4ee3\u5e01\u53ef\u4ee5\u5728\u5e02\u573a\u4e0a\u4ea4\u6613\uff0c\u6709\u91d1\u878d\u8d44\u4ea7\u7684\u5c5e\u6027\u3002\u56e0\u4e3a\u5b83\u4eec\u5e26\u6709\u53ef\u4ea4\u6613\u3001\u7c7b\u4f3c\u8bc1\u5238\u7684\u7279\u5f81\uff0c\u53ef\u80fd\u4f1a\u88ab\u76d1\u7ba1\u95f4\u63a5\u5173\u6ce8\uff0c\u751a\u81f3\u8ba4\u5b9a\u4e3a\u9700\u8981\u7b26\u5408\u91d1\u878d\u76d1\u7ba1\u89c4\u5b9a\u7684\u8d44\u4ea7\uff0c\u4ece\u800c\u4f7f\u8fd9\u7c7b\u9879\u76ee\u9762\u4e34\u66f4\u4e25\u683c\u7684\u76d1\u7ba1\u73af\u5883\u3002\u00a0<\/p>\n<p class=\"s2\">\u5bf9\u4e8e\u666e\u901a\u7528\u6237\u800c\u8a00\uff0c\u66f4\u5408\u89c4\u548c\u7a33\u59a5\u7684\u505a\u6cd5\u662f\u4f18\u5148\u9009\u62e9\u201c\u81ea\u6211\u8d28\u62bc\u201d\u6216\u201c\u975e\u6258\u7ba1\u201d\u65b9\u5f0f\uff0c\u4f8b\u5982\u4f7f\u7528\u786c\u4ef6\u94b1\u5305\u3001\u81ea\u884c\u8fd0\u884c\u9a8c\u8bc1\u8282\u70b9\uff0c\u6216\u9009\u62e9\u5177\u5907\u53bb\u4e2d\u5fc3\u5316\u7279\u5f81\u7684\u8d28\u62bc\u670d\u52a1\uff1b\u5c3d\u91cf\u907f\u514d\u5b8c\u5168\u4f9d\u8d56\u7b2c\u4e09\u65b9\u5e73\u53f0\u8fdb\u884c\u8d28\u62bc\uff0c\u5c24\u5176\u662f\u90a3\u4e9b\u5bf9\u6536\u76ca\u8fdb\u884c\u6253\u5305\u627f\u8bfa\u7684\u670d\u52a1\uff0c\u56e0\u4e3a\u5176\u98ce\u9669\u4e0d\u4ec5\u6765\u81ea\u5e73\u53f0\u672c\u8eab\uff0c\u4e5f\u53ef\u80fd\u53d7\u5230\u76d1\u7ba1\u653f\u7b56\u53d8\u5316\u7684\u5f71\u54cd\uff1b\u6b64\u5916\uff0c\u7528\u6237\u8fd8\u5e94\u5173\u6ce8\u5e73\u53f0\u662f\u5426\u63d0\u4f9b\u900f\u660e\u7684\u8d28\u62bc\u6d41\u7a0b\u4e0e\u98ce\u9669\u63d0\u793a\uff0c\u5305\u62ec\u8282\u70b9\u9009\u62e9\u65b9\u5f0f\u3001\u6536\u76ca\u6765\u6e90\u53ca\u6263\u8d39\u673a\u5236\u7b49\uff0c\u4ee5\u6b64\u5224\u65ad\u5176\u662f\u5426\u5177\u5907\u4e2d\u7acb\u3001\u975e\u64cd\u63a7\u6027\u8d28\u7684\u670d\u52a1\u7279\u5f81\u3002\u00a0<\/p>\n<h2 class=\"customstyle_text\">\u603b\u7ed3\u6765\u770b\uff0cSEC \u6b63\u5728\u901a\u8fc7\u66f4\u6e05\u6670\u7684\u5206\u7c7b\u548c\u76d1\u7ba1\uff0c\u4e3a\u201c\u8d28\u62bc\u662f\u5426\u6784\u6210\u8bc1\u5238\u884c\u4e3a\u201d\u94fa\u8def\u3002\u65e0\u8bba\u662f\u4e2d\u5fc3\u5316\u5e73\u53f0\uff0c\u8fd8\u662f\u00a0DeFi\u00a0\u534f\u8bae\uff0c\u53ea\u8981\u6d89\u53ca\u7528\u6237\u8d44\u4ea7\u6258\u7ba1\u3001\u6536\u76ca\u627f\u8bfa\u6216\u7b2c\u4e09\u65b9\u64cd\u4f5c\uff0c\u5c31\u53ef\u80fd\u843d\u5165\u76d1\u7ba1\u89c6\u91ce\u3002\u672a\u6765\uff0c\u201c\u4e2d\u7acb\u5de5\u5177\u201d\u4e0e\u201c\u91d1\u878d\u670d\u52a1\u201d\u7684\u754c\u9650\u5c06\u66f4\u52a0\u6e05\u6670\u3002\u9879\u76ee\u65b9\u548c\u5e73\u53f0\u9700\u8981\u66f4\u91cd\u89c6\u5408\u89c4\u8bbe\u8ba1\uff0c\u7528\u6237\u4e5f\u5e94\u4f18\u5148\u9009\u62e9\u8d44\u4ea7\u81ea\u4e3b\u53ef\u63a7\u3001\u4fe1\u606f\u900f\u660e\u7684\u8d28\u62bc\u65b9\u5f0f\u3002\u00a0<\/p>\n<p class=\"s2\">\u53c2\u8003\u00a0<\/p>\n<p>1.\u00a0Statement on Certain Protocol Staking Activities. Link:\u00a0https:\/\/www.sec.gov\/newsroom\/speeches-statements\/statement-certain-protocol-staking-activities-052925<\/p>\n<p>2.Re: Law and Policy Considerations Relevant to Staking Services. Link:\u00a0https:\/\/www.sec.gov\/files\/ctf-written-input-posa-043025.pdf<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SEC\u5173\u4e8ePoS\u8d28\u62bc\u7684\u58f0\u660e: \u653f\u7b56\u89e3\u8bfb\u4e0e\u5e02\u573a\u5f71\u54cd\u89e3\u6790 2025\u00a0\u5e74\u00a05\u00a0\u6708\u00a029\u00a0\u65e5\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SE [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2943","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2943"}],"version-history":[{"count":1,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2943\/revisions"}],"predecessor-version":[{"id":5387,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2943\/revisions\/5387"}],"wp:attachment":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2943"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}