SEC提出加密资产新规，为代币发行提供豁免路径
SEC Proposes Crypto Rulebook as Clarity Act Stalls
SEC正式提出加密资产发行监管框架，为代币发行提供明确的豁免路径，直接影响美国市场融资合规成本与可行性，建议加密项目方与合规团队重点关注规则细节与意见征询窗口。
Bitcoin Magazine
比特币杂志
SEC Proposes Crypto Rulebook as Clarity Act Stalls
SEC在《清晰法案》停滞之际提出加密货币规则手册
The Securities and Exchange Commission has proposed its own framework for crypto asset offerings, pressing ahead while landmark legislation stalls.
美国证券交易委员会已提出自己的加密资产发行框架，在具有里程碑意义的立法停滞不前时继续推进。
The regulator unveiled “Regulation Crypto Assets” on Tuesday, a tailored offering regime it says will let token issuers raise money in the U.S. without falling foul of securities laws.
该监管机构周二公布了“加密资产监管规则”，这是一套量身定制的发行制度，据称将使代币发行者在美国筹集资金而不违反证券法。
Tuesday’s proposal carves out two exemptions from registration under the Securities Act of 1933. The first is a one-time exemption allowing issuers to raise up to $5 million in crypto over four years. The second permits up to $75 million in any 12-month period, but comes with financial statements and ongoing reporting obligations. Both require issuers to make narrative disclosures — written explainers for investors outlying a business and its risks — available.
周二的提案在1933年《证券法》下划出了两项注册豁免。第一项是一次性豁免，允许发行者在四年内筹集高达500万美元的加密货币。第二项允许在任何12个月期间筹集高达7500万美元，但附带财务报表和持续报告义务。两者都要求发行者提供叙述性披露——为投资者提供的书面说明，概述业务及其风险。
The rules also dangle a conditional safe harbor. Once an issuer has completed — or permanently abandoned — the managerial work it promised, its token would no longer be deemed subject to an investment contract, and so would sit outside the definition of a “security.”
这些规则还提供了一个有条件的避风港。一旦发行者完成——或永久放弃——其承诺的管理工作，其代币将不再被视为受投资合同约束，因此将不属于“证券”的定义范围。
JUST IN: SEC proposes new "Regulation Crypto Assets" rules to create a framework for investment contracts involving crypto assets pic.twitter.com/AoMGh4Sx0I
最新消息：SEC提议新的“加密资产监管规则”，为涉及加密资产的投资合同建立框架 pic.twitter.com/AoMGh4Sx0I
— Bitcoin Magazine (@BitcoinMagazine) August 18, 2026
— 比特币杂志 (@BitcoinMagazine) 2026年8月18日
SEC Chairman Paul Atkins said the proposal was another step to “onshore innovation in crypto asset markets,” and would give entrepreneurs clear pathways to raise capital “as Congress works to establish a lasting regulatory framework.”
SEC主席保罗·阿特金斯表示，该提案是“将加密资产市场的创新引入国内”的又一步，并将在“国会努力建立持久监管框架之际”为企业家提供清晰的融资途径。
That framework is going nowhere fast. Pro-crypto lawmakers had hoped to pass the Clarity Act before Congress broke for August recess, but the vote slipped to September after Democrats balked at the latest draft. Some Republican senators — like Senator Cynthia Lummis — accused some of deliberately holding it back.
该框架进展缓慢。支持加密货币的立法者曾希望在国会八月休会前通过《清晰法案》，但在民主党人对最新草案表示反对后，投票推迟到九月。一些共和党参议员——如参议员辛西娅·卢米斯——指责某些人故意拖延。
Regulators aren’t waiting. CFTC Chairman Michael Selig has said he will proceed with rulemaking whether or not the Clarity Act is enacted, aiming to finalise rules before the administration’s term is out.
监管机构并未等待。CFTC主席迈克尔·塞利格表示，无论《清晰法案》是否通过，他都将推进规则制定，目标是在本届政府任期结束前敲定规则。
The proposal builds on the SEC’s March interpretation of how securities laws apply to crypto. Comments are open for 60 days after publication in the Federal Register.
该提案基于SEC在3月对证券法如何适用于加密货币的解释。在《联邦公报》公布后，评论期为60天。
This post SEC Proposes Crypto Rulebook as Clarity Act Stalls first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
本文《SEC在《清晰法案》停滞之际提出加密货币规则手册》首发于比特币杂志，由马修·迪萨尔沃撰写。
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