{"id":4355,"date":"2026-06-23T09:36:29","date_gmt":"2026-06-23T01:36:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=4355"},"modified":"2026-06-23T09:36:29","modified_gmt":"2026-06-23T01:36:29","slug":"sec-%e4%b8%bb%e5%b8%ad%e9%a6%96%e5%ba%a6%e8%af%a6%e8%b0%88%e9%93%be%e4%b8%8a%e5%8f%91%e8%a1%8c%e3%80%81%e6%89%98%e7%ae%a1%e4%b8%8e%e4%ba%a4%e6%98%93","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=4355","title":{"rendered":"SEC \u4e3b\u5e2d\u9996\u5ea6\u8be6\u8c08\u94fe\u4e0a\u53d1\u884c\u3001\u6258\u7ba1\u4e0e\u4ea4\u6613"},"content":{"rendered":"<h1 class=\"art_tit\">SEC \u4e3b\u5e2d\u9996\u5ea6\u8be6\u8c08\u94fe\u4e0a\u53d1\u884c\u3001\u6258\u7ba1\u4e0e\u4ea4\u6613<\/h1>\n<div class=\"content_text\">\n<p><em><span>\u539f\u6807\u9898\uff1a\u300aKeynote Address at the Crypto Task Force Roundtable on Tokenization\u300b<\/span><\/em><\/p>\n<p><em><span><span>\u6765\u6e90\uff1a<\/span>SEC<\/span><\/em><\/p>\n<p><em><span>\u7f16\u8bd1\uff1aMeta Era \u7f16\u8bd1<\/span><\/em><\/p>\n<p>\u00a0<\/p>\n<p><span>\u65f6\u95f4\uff1a2025\u5e745\u670812\u65e5<\/span><\/p>\n<p><span>\u5730\u70b9\uff1a\u534e\u76db\u987f\u7279\u533a<\/span><\/p>\n<p><span>\u611f\u8c22\u5927\u5bb6\uff0c\u4e0b\u5348\u597d\u3002\u5f88\u9ad8\u5174\u5728\u4eca\u5929\u8fd9\u4e2a\u5173\u4e8e\u300c\u4ee3\u5e01\u5316\u300d\u7684\u5706\u684c\u4f1a\u8bae\u4e0a\u5411\u5404\u4f4d\u5609\u5bbe\u81f4\u8f9e\u3002[1] \u4e5f\u611f\u8c22\u6240\u6709\u53c2\u4e0e\u8ba8\u8bba\u7684\u5c0f\u7ec4\u6210\u5458\u3002<\/span><\/p>\n<p><span>\u6211\u4eec\u4eca\u5929\u8ba8\u8bba\u7684\u4e3b\u9898\u975e\u5e38\u6709\u65f6\u6548\u6027\uff0c\u56e0\u4e3a\u8bc1\u5238\u6b63\u8d8a\u6765\u8d8a\u591a\u5730\u4ece\u4f20\u7edf\uff08\u5373\u300c\u94fe\u4e0b\u300d\uff09\u6570\u636e\u5e93\u8fc1\u79fb\u81f3\u533a\u5757\u94fe\uff08\u5373\u300c\u94fe\u4e0a\u300d\uff09\u8d26\u672c\u7cfb\u7edf\u3002<\/span><\/p>\n<p><span>\u8bc1\u5238\u4ece\u94fe\u4e0b\u5411\u94fe\u4e0a\u7cfb\u7edf\u7684\u8fc1\u79fb\uff0c\u5c31\u50cf\u51e0\u5341\u5e74\u524d\u97f3\u9891\u4ece\u6a21\u62df\u9ed1\u80f6\u5531\u7247\u8fc7\u6e21\u5230\u78c1\u5e26\uff0c\u518d\u5230\u6570\u5b57\u8f6f\u4ef6\u7684\u8f6c\u53d8\u3002\u97f3\u9891\u80fd\u591f\u88ab\u6570\u5b57\u7f16\u7801\uff0c\u5e76\u53ef\u4ee5\u8f7b\u677e\u4f20\u8f93\u3001\u4fee\u6539\u548c\u5b58\u50a8\uff0c\u8fd9\u4e00\u80fd\u529b\u91ca\u653e\u4e86\u97f3\u4e50\u4ea7\u4e1a\u7684\u5de8\u5927\u521b\u65b0\u6f5c\u529b\u3002[2] \u97f3\u9891\u4e0d\u518d\u5c40\u9650\u4e8e\u9759\u6001\u3001\u56fa\u5b9a\u7684\u683c\u5f0f\uff0c\u800c\u662f\u53ef\u8de8\u8bbe\u5907\u3001\u8de8\u5e94\u7528\u7a0b\u5e8f\u4e92\u64cd\u4f5c\u3002\u5b83\u53ef\u4ee5\u88ab\u7ec4\u5408\u3001\u62c6\u5206\u548c\u7f16\u7a0b\uff0c\u4ece\u800c\u5f62\u6210\u5168\u65b0\u7684\u4ea7\u54c1\u5f62\u6001\u3002\u8fd9\u8fd8\u50ac\u751f\u4e86\u5404\u79cd\u65b0\u578b\u786c\u4ef6\u8bbe\u5907\u548c\u6d41\u5a92\u4f53\u5546\u4e1a\u6a21\u5f0f\uff0c\u6781\u5927\u5730\u60e0\u53ca\u4e86\u6d88\u8d39\u8005\u548c\u7f8e\u56fd\u7ecf\u6d4e\u3002[3]<\/span><\/p>\n<p><span>\u6b63\u5982\u6570\u5b57\u97f3\u9891\u98a0\u8986\u4e86\u97f3\u4e50\u884c\u4e1a\uff0c\u94fe\u4e0a\u8bc1\u5238\u4e5f\u6709\u6f5c\u529b\u91cd\u5851\u8bc1\u5238\u5e02\u573a\u5305\u542b\u53d1\u884c\u3001\u4ea4\u6613\u3001\u6301\u6709\u548c\u4f7f\u7528\u8bc1\u5238\u7684\u7684\u5404\u4e2a\u65b9\u9762\u3002\u4f8b\u5982\uff0c\u94fe\u4e0a\u8bc1\u5238\u53ef\u901a\u8fc7\u667a\u80fd\u5408\u7ea6\u5b9e\u73b0\u80a1\u606f\u7684\u81ea\u52a8\u5206\u53d1\u3002\u4ee3\u5e01\u5316\u8fd8\u53ef\u589e\u5f3a\u8d44\u672c\u5f62\u6210\uff0c\u5c06\u539f\u672c\u6d41\u52a8\u6027\u5dee\u7684\u8d44\u4ea7\u8f6c\u53d8\u4e3a\u53ef\u4ea4\u6613\u7684\u6295\u8d44\u673a\u4f1a\u3002\u533a\u5757\u94fe\u6280\u672f\u6709\u671b\u62d3\u5c55\u8bc1\u5238\u7684\u591a\u79cd\u65b0\u7528\u9014\uff0c\u50ac\u751f\u51fa\u8bb8\u591a\u73b0\u884c\u59d4\u5458\u4f1a\u89c4\u5219\u672a\u66fe\u8bbe\u60f3\u8fc7\u7684\u5e02\u573a\u6d3b\u52a8\u3002<\/span><\/p>\n<p><span>\u4e3a\u4e86\u5b9e\u73b0\u7279\u6717\u666e\u603b\u7edf\u63d0\u51fa\u7684\u300c\u8ba9\u7f8e\u56fd\u6210\u4e3a\u5168\u7403\u52a0\u5bc6\u4e4b\u90fd\u300d\u7684\u613f\u666f\uff0c[4] \u672c\u59d4\u5458\u4f1a\u5fc5\u987b\u7d27\u8ddf\u521b\u65b0\u6b65\u4f10\uff0c\u5e76\u91cd\u65b0\u8bc4\u4f30\u73b0\u884c\u76d1\u7ba1\u662f\u5426\u9700\u8981\u66f4\u65b0\u4ee5\u9002\u914d\u94fe\u4e0a\u8bc1\u5238\u548c\u5176\u4ed6\u52a0\u5bc6\u8d44\u4ea7\u3002\u9002\u7528\u4e8e\u94fe\u4e0b\u8bc1\u5238\u7684\u89c4\u5219\u82e5\u76f4\u63a5\u5957\u7528\u4e8e\u94fe\u4e0a\u8d44\u4ea7\uff0c\u53ef\u80fd\u4f1a\u4ea7\u751f\u4e0d\u517c\u5bb9\u6216\u4e0d\u5fc5\u8981\u7684\u76d1\u7ba1\u8d1f\u62c5\uff0c\u6291\u5236\u533a\u5757\u94fe\u6280\u672f\u7684\u53d1\u5c55\u3002<\/span><\/p>\n<p><span>\u6211\u4f5c\u4e3a\u4e3b\u5e2d\u7684\u4e00\u9879\u6838\u5fc3\u4efb\u52a1\uff0c\u5c06\u662f\u5efa\u7acb\u4e00\u4e2a\u5408\u7406\u3001\u6e05\u6670\u7684\u52a0\u5bc6\u8d44\u4ea7\u76d1\u7ba1\u6846\u67b6\uff0c\u4e3a\u52a0\u5bc6\u8d44\u4ea7\u7684\u53d1\u884c\u3001\u6258\u7ba1\u548c\u4ea4\u6613\u5236\u5b9a\u660e\u786e\u7684\u89c4\u5219\uff0c\u540c\u65f6\u6253\u51fb\u8fdd\u6cd5\u8005\uff0c\u4fdd\u62a4\u6295\u8d44\u8005\u514d\u53d7\u6b3a\u8bc8\u4fb5\u5bb3\u3002<\/span><\/p>\n<p><span>SEC\u7684\u653f\u7b56\u5c06\u4e0d\u518d\u901a\u8fc7\u300c\u5373\u5174\u6267\u6cd5\u300d\u51b3\u5b9a\u3002\u6211\u4eec\u5c06\u56de\u5f52\u56fd\u4f1a\u8bbe\u5b9a\u7684\u521d\u8877\uff0c\u901a\u8fc7\u6b63\u5f0f\u5236\u5b9a\u89c4\u5219\u3001\u91ca\u4e49\u548c\u8c41\u514d\u7b49\u6cd5\u5b9a\u7a0b\u5e8f\uff0c\u8bbe\u5b9a\u9002\u7528\u4e8e\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u660e\u786e\u6807\u51c6\u3002\u800c\u6267\u6cd5\uff0c\u5219\u5e94\u56de\u5f52\u5230\u5bf9\u65e2\u6709\u89c4\u5219\u7684\u6267\u884c\uff0c\u5c24\u5176\u662f\u9632\u8303\u6b3a\u8bc8\u548c\u64cd\u7eb5\u884c\u4e3a\u3002<\/span><\/p>\n<p><span>\u8fd9\u4e00\u5de5\u4f5c\u9700\u8981 SEC \u5404\u529e\u516c\u5ba4\u548c\u90e8\u95e8\u4e4b\u95f4\u7684\u7d27\u5bc6\u534f\u4f5c\u3002\u56e0\u6b64\uff0c\u6211\u975e\u5e38\u9ad8\u5174 Uyeda \u548c Peirce \u4e24\u4f4d\u59d4\u5458\u5171\u540c\u6210\u7acb\u4e86\u300c\u52a0\u5bc6\u8d44\u4ea7\u5de5\u4f5c\u7ec4\u300d\u3002SEC \u957f\u671f\u4ee5\u6765\u53d7\u56f0\u4e8e\u653f\u7b56\u5b64\u5c9b\u73b0\u8c61\u3002\u8fd9\u4e2a\u5de5\u4f5c\u7ec4\u4f53\u73b0\u4e86\u6211\u4eec\u5728\u6253\u7834\u58c1\u5792\u3001\u5feb\u901f\u5236\u5b9a\u6e05\u6670\u653f\u7b56\u65b9\u9762\u7684\u51b3\u5fc3\u3002<\/span><\/p>\n<p><span>\u63a5\u4e0b\u6765\uff0c\u6211\u5c06\u5206\u4eab\u52a0\u5bc6\u8d44\u4ea7\u653f\u7b56\u7684\u4e09\u4e2a\u91cd\u70b9\u9886\u57df\uff1a\u53d1\u884c\u3001\u6258\u7ba1\u548c\u4ea4\u6613<\/span><strong>\u3002<\/strong><\/p>\n<h3><span>\u4e00\u3001\u53d1\u884c<\/span><\/h3>\n<p><span>\u9996\u5148\uff0c\u6211\u5e0c\u671b SEC \u80fd\u4e3a\u6d89\u53ca\u8bc1\u5238\u6216\u6295\u8d44\u5408\u7ea6\u7684\u52a0\u5bc6\u8d44\u4ea7\u53d1\u884c\u5efa\u7acb\u660e\u786e\u4e14\u5408\u7406\u7684\u6307\u5f15\u3002\u8fc4\u4eca\u4e3a\u6b62\uff0c\u4ec5\u6709\u56db\u5bb6\u52a0\u5bc6\u8d44\u4ea7\u516c\u53f8\u901a\u8fc7\u6ce8\u518c\u548c\u300a\u89c4\u7ae0A\u300b\uff08Regulation A\uff09\u7684\u65b9\u5f0f\u53d1\u884c\u8fc7\u52a0\u5bc6\u8d44\u4ea7\u3002[5] \u5927\u591a\u6570\u53d1\u884c\u4eba\u9009\u62e9\u56de\u907f\u6ce8\u518c\u53d1\u884c\uff0c\u90e8\u5206\u539f\u56e0\u5728\u4e8e\u76f8\u5173\u62ab\u9732\u8981\u6c42\u96be\u4ee5\u6ee1\u8db3\u3002\u82e5\u53d1\u884c\u7684\u4e0d\u662f\u4f20\u7edf\u8bc1\u5238\uff08\u5982\u80a1\u7968\u3001\u503a\u5238\u3001\u7968\u636e\uff09\uff0c\u53d1\u884c\u4eba\u66f4\u96be\u5224\u65ad\u8be5\u52a0\u5bc6\u8d44\u4ea7\u662f\u5426\u6784\u6210\u300c\u8bc1\u5238\u300d\u6216\u6295\u8d44\u5408\u7ea6\u3002[6]<\/span><\/p>\n<p><span>\u8fc7\u53bb\u51e0\u5e74\uff0cSEC \u91c7\u53d6\u4e86\u6211\u79f0\u4e4b\u4e3a\u300c\u9e35\u9e1f\u653f\u7b56\u300d\u7684\u65b9\u6cd5\u2014\u2014\u4f3c\u4e4e\u6307\u671b\u52a0\u5bc6\u884c\u4e1a\u81ea\u52a8\u6d88\u4ea1\u3002\u968f\u540e\u53c8\u8f6c\u4e3a\u300c\u5148\u5f00\u67aa\u540e\u63d0\u95ee\u300d\u7684\u6267\u6cd5\u5f0f\u76d1\u7ba1\u3002\u53e3\u5934\u4e0a\u6b22\u8fce\u9879\u76ee\u65b9\u300c\u8d70\u8fdb\u6765\u4ea4\u6d41\u300d\uff0c\u4f46\u5176\u5b9e\u6ca1\u6709\u5bf9\u6ce8\u518c\u8868\u683c\u505a\u51fa\u4efb\u4f55\u5fc5\u8981\u8c03\u6574\u3002\u4f8b\u5982\uff0cS-1 \u8868\u683c\u4ecd\u8981\u6c42\u62ab\u9732\u9ad8\u7ba1\u85aa\u916c\u548c\u8d44\u91d1\u7528\u9014\uff0c\u800c\u8fd9\u4e9b\u5728\u52a0\u5bc6\u9879\u76ee\u4e2d\u5f80\u5f80\u65e0\u5173\u7d27\u8981\u6216\u65e0\u4ece\u8bc4\u4f30\u3002SEC \u66fe\u9488\u5bf9\u8d44\u4ea7\u652f\u6301\u8bc1\u5238\u548c\u623f\u5730\u4ea7\u4fe1\u6258\u7b49\u7279\u6b8a\u60c5\u51b5\u8c03\u6574\u8fc7\u8868\u683c\uff0c\u4f46\u9762\u5bf9\u8fd1\u5e74\u6301\u7eed\u589e\u957f\u7684\u52a0\u5bc6\u8d44\u4ea7\u6295\u8d44\u5174\u8da3\uff0c\u5374\u8fdf\u8fdf\u672a\u5bf9\u52a0\u5bc6\u53d1\u884c\u505a\u51fa\u8c03\u6574\u3002\u6211\u4eec\u4e0d\u80fd\u8bd5\u56fe\u628a\u300c\u65b9\u9489\u786c\u585e\u8fdb\u5706\u5b54\u300d\u6765\u5f00\u8f9f\u65b0\u9053\u8def\u3002<\/span><\/p>\n<p><span>\u76ee\u524d\uff0cSEC \u5de5\u4f5c\u4eba\u5458\u5df2\u53d1\u5e03\u4e86\u4e00\u4efd\u5173\u4e8e\u52a0\u5bc6\u8d44\u4ea7\u53d1\u884c\u62ab\u9732\u4e49\u52a1\u7684\u58f0\u660e\u3002[7] \u5de5\u4f5c\u4eba\u5458\u4e5f\u5f00\u59cb\u660e\u786e\u67d0\u4e9b\u52a0\u5bc6\u8d44\u4ea7\u548c\u5206\u53d1\u884c\u4e3a\u5e76\u4e0d\u9002\u7528\u8bc1\u5238\u6cd5\u3002[8] 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\u5728\u8bc1\u5238\u6cd5\u4e0b\u62e5\u6709\u5e7f\u6cdb\u7684\u81ea\u7531\u88c1\u91cf\u6743\u6765\u652f\u6301\u52a0\u5bc6\u884c\u4e1a\uff0c\u800c\u6211\u5c06\u63a8\u52a8\u8fd9\u9879\u5de5\u4f5c\u53d6\u5f97\u6210\u679c\u3002<\/span><\/p>\n<h3><span>\u4e8c\u3001\u6258\u7ba1<\/span><\/h3>\n<p><span>\u5176\u6b21\uff0c\u6211\u652f\u6301\u8ba9\u6ce8\u518c\u673a\u6784\u5728\u6258\u7ba1\u52a0\u5bc6\u8d44\u4ea7\u65b9\u9762\u62e5\u6709\u66f4\u591a\u9009\u62e9\u6743\u3002SEC \u5de5\u4f5c\u4eba\u5458\u6700\u8fd1\u64a4\u9500\u4e86\u300c\u4f1a\u8ba1\u516c\u62a5\u7b2c121\u53f7\u300d\uff08SAB 121\uff09\uff0c\u8fd9\u4e3a\u4f01\u4e1a\u63d0\u4f9b\u52a0\u5bc6\u8d44\u4ea7\u6258\u7ba1\u670d\u52a1\u626b\u6e05\u4e86\u91cd\u5927\u969c\u788d\u3002[9] 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