#美SEC推动加密创新监管 Core Conclusion: The SEC is shifting from "enforcement equals regulation" to a balance between innovation and compliance, with Project Crypto at its core, promoting three main initiatives: innovation exemption sandbox, token classification, and asset tokenization, in conjunction with legislation and inter-agency collaboration to pave the way for compliant innovation.
1. Core Framework and Key Actions (as of 2025.12.17)
1. Project Crypto (Core Initiative)
- Led by Chair Atkins, focused on token classification + innovation exemptions + exit paths, starting January 2026
- Token Classification (Non-Securities Path): Clearly defines three categories of digital goods, functional, and collectible that can be exempt from securities regulation; only those whose profits depend on others' management are classified as securities
- Innovation Exemption Sandbox: Compliant projects enjoy simplified disclosure for 12-24 months, with decentralized standards extendable to 36 months; thresholds include governance dispersion (single address ≤10%), dual audits, non-custodial, and no violation records
2. Asset Tokenization Release
- 12.11: Issued a no-objection letter to DTC, allowing it to tokenize stocks/bonds/government bonds in a controlled environment, launching in the second half of 2026, for a period of three years
- Clearly states that tokenized assets have the same rights and protections as traditional assets, creating a compliant channel between TradFi and DeFi
3. Custody and Compliance Infrastructure
- 12.3: Released guidelines for crypto asset custody, clarifying risks of self/third-party custody, aiding institutional entry
- 9.30: Recognized state-chartered trust companies as qualified custodians, providing a pathway for fund custody compliance
4. Inter-agency and Legislative Coordination
- Coordinated jurisdiction with CFTC to clarify roles in conjunction with the CLARITY Act
- 12.15: Held a privacy roundtable to explore compliance paths for privacy technologies like ZKP/FHE
2. Key Thresholds for Innovation Exemption Applications
- Decentralization: Governance token dispersion (single address ≤10%), voting rate ≥30%, 90%+ decentralization enjoys the highest exemption
- Technical Security: Dual audits + vulnerability disclosure, eliminating code risks
- Structural Compliance: Non-custodial design, platform does not handle private keys
- Subject Integrity: No records of securities violations, money laundering, etc., anonymous/shell projects directly rejected $XRP
