{"id":3802,"date":"2025-08-12T09:04:44","date_gmt":"2025-08-12T01:04:44","guid":{"rendered":"https:\/\/theexchain.com\/the-relationship-between-securities-regulations-and-cryptocurrency-why-are-stos-under-regulatory-scrutiny\/"},"modified":"2025-08-12T09:04:44","modified_gmt":"2025-08-12T01:04:44","slug":"%e8%ad%89%e5%88%b8%e6%b3%95%e8%a6%8f%e8%88%87%e5%8a%a0%e5%af%86%e8%b2%a8%e5%b9%a3%e4%b9%8b%e9%96%93%e7%9a%84%e9%97%9c%e4%bf%82-%e7%82%ba%e4%bb%80%e9%ba%bc-stos-%e5%8f%97%e5%88%b0%e6%b3%95%e8%a6%8f","status":"publish","type":"post","link":"https:\/\/theexchain.com\/zh\/%e8%ad%89%e5%88%b8%e6%b3%95%e8%a6%8f%e8%88%87%e5%8a%a0%e5%af%86%e8%b2%a8%e5%b9%a3%e4%b9%8b%e9%96%93%e7%9a%84%e9%97%9c%e4%bf%82-%e7%82%ba%e4%bb%80%e9%ba%bc-stos-%e5%8f%97%e5%88%b0%e6%b3%95%e8%a6%8f\/","title":{"rendered":"\u8b49\u5238\u6cd5\u898f\u8207\u52a0\u5bc6\u8ca8\u5e63\u4e4b\u9593\u7684\u95dc\u4fc2\n  \u52a0\u5bc6\u8ca8\u5e63\uff1a\u70ba\u4ec0\u9ebc STO \u6703\u53d7\u5230\u6cd5\u898f\u5be9\u67e5\uff1f"},"content":{"rendered":"<h1 id=\"the-secs-crypto-crackdown-why-security-tokens-face-unprecedented-scrutiny\">SEC \u5c0d\u52a0\u5bc6\u8ca8\u5e63\u7684\u6253\u64ca\uff1a\u70ba\u4f55\u5b89\u5168\u4ee3\u5e63\u9762\u81e8\u524d\u6240\u672a\u6709\u7684\u5be9\u67e5<\/h1>\n<h2 id=\"the-unchanging-rules-in-a-changing-market\">\u77ac\u606f\u842c\u8b8a\u7684\u5e02\u5834\u4e2d\u4e0d\u8b8a\u7684\u898f\u5247<\/h2>\n<p>\u5118\u7ba1\u52a0\u5bc6\u8ca8\u5e63\u884c\u696d\u7684\u6280\u8853\u65b0\u7a4e\uff0c\u4f46\u5b83\u537b\u4e00\u76f4\u5728\u8fce\u982d\u649e\u4e0a\u4e00\u500b\u5df2\u6709 80 \u5e74\u6b77\u53f2\u7684\u6cd5\u5f8b\u6a19\u6e96\u3002Howey Test \u662f\u6700\u9ad8\u6cd5\u9662\u5728 1946 \u5e74\u7684 *SEC v. W.J. Howey Co.* \u6848\u4e2d\u5236\u5b9a\u7684\uff0c\u81f3\u4eca\u4ecd\u662f\u7f8e\u570b\u8b49\u5238\u76e3\u7ba1\u7684\u57fa\u77f3\u3002\u9019\u9805\u770b\u4f3c\u9673\u820a\u7684\u6e2c\u8a66\u5c07\u6295\u8cc7\u5408\u7d04\u5b9a\u7fa9\u70ba\uff1a<br \/>(1) \u91d1\u9322\u6295\u8cc7<br \/>(2) \u5728\u5171\u540c\u4f01\u696d\u4e2d<br \/>(3) \u671f\u671b\u7372\u5229<br \/>(4) \u4e3b\u8981\u4f86\u81ea\u4ed6\u4eba\u7684\u52aa\u529b  <\/p>\n<p>SEC \u5728\u4ee3\u5e63\u767c\u884c\u4e2d\u5805\u6301\u4e0d\u61c8\u5730\u61c9\u7528\u6b64\u6846\u67b6\u3002\u7576\u63a8\u92b7\u8005\u5728\u92b7\u552e\u6578\u4f4d\u8cc7\u7522\u6642\uff0c\u627f\u8afe\u4ee5\u7ba1\u7406\u8005\u7684\u52aa\u529b\u70ba\u57fa\u790e\u7684\u56de\u5831\uff0c\u6839\u64da\u806f\u90a6\u6cd5\u5f8b\uff0c\u4ed6\u5011\u5e7e\u4e4e\u80af\u5b9a\u662f\u5728\u63d0\u4f9b\u8b49\u5238\u3002\u6b63\u5982 SEC \u57f7\u884c\u7e3d\u76e3 Gurbir Grewal \u6240\u8aaa\uff0c\u300c\u8b49\u5238\u7684\u5b9a\u7fa9\u73fe\u5728\u662f\uff0c\u800c\u4e14\u4e00\u76f4\u90fd\u662f\uff0c\u4ee5\u539f\u5247\u70ba\u57fa\u790e\uff0c\u5141\u8a31\u5275\u65b0\u6295\u8cc7\u7522\u54c1\u7684\u9748\u6d3b\u6027\uff0c\u7121\u8ad6\u662f\u6280\u8853\u9a45\u52d5\u7684\u9084\u662f\u5176\u4ed6\u300d\u3002  <\/p>\n<h2 id=\"enforcement-actions-that-reshaped-crypto\">\u91cd\u5851\u52a0\u5bc6\u8ca8\u5e63\u7684\u57f7\u6cd5\u884c\u52d5<\/h2>\n<p>SEC \u7684\u57f7\u6cd5\u8ffd\u8e64\u8a18\u9304\u986f\u793a\u51fa\u4e00\u7a2e\u660e\u986f\u7684\u5be9\u67e5\u5347\u7d1a\u6a21\u5f0f\uff1a<\/p>\n<ul>\n<li><strong>DAO \u5831\u544a (2017)\uff1a<\/strong> \u5177\u6709\u91cc\u7a0b\u7891\u610f\u7fa9\u7684\u5224\u5b9a\uff1a\u900f\u904e\u5206\u6563\u5f0f\u81ea\u6cbb\u7d44\u7e54\u767c\u884c\u7684\u4ee3\u5e63\u69cb\u6210\u8b49\u5238  <\/li>\n<li><strong>Telegram (2019\u5e74)\uff1a<\/strong> \u505c\u6b62 Gram \u4ee3\u5e63\u92b7\u552e\uff0c\u5f37\u5316\u672a\u8a3b\u518a\u767c\u552e\u9055\u53cd\u8b49\u5238\u6cd5\u7684\u898f\u5b9a  <\/li>\n<li><strong>BlockFi \u7d50\u7b97 (2022)\uff1a<\/strong> $ \u5c0d\u52a0\u5bc6\u501f\u8cb8\u7522\u54c1\u8655\u4ee5 1 \u5104\u5143\u7f70\u6b3e  <\/li>\n<li><strong>\u745e\u6ce2\u5be6\u9a57\u5ba4 (2023)\uff1a<\/strong> \u5206\u6c34\u5dba\u8a34\u8a1f\u6c7a\u5b9a XRP \u4ee3\u5e63\u662f\u5426\u7b26\u5408\u8b49\u5238\u8cc7\u683c  <\/li>\n<li><strong>Kraken (2023)\uff1a<\/strong> \u56e0\u672a\u8a3b\u518a\u6524\u4f4d\u5373\u670d\u52d9\u8a08\u756b\u800c\u88ab\u6536\u8cbb  <\/li>\n<li><strong>Binance \u548c Coinbase (2023)\uff1a<\/strong> \u540c\u6642\u63a7\u544a\u5168\u7403\u6700\u5927\u7684\u4ea4\u6613\u6240\u4ee5\u672a\u8a3b\u518a\u7d93\u7d00\u5546\u3001\u4ea4\u6613\u6240\u53ca\u7d50\u7b97\u6a5f\u69cb\u7684\u65b9\u5f0f\u71df\u904b<\/li>\n<\/ul>\n<p>\u9019\u4e9b\u6848\u4f8b\u958b\u5275\u4e86\u4e00\u500b\u91cd\u8981\u7684\u5148\u4f8b\uff1a\u5728\u52a0\u5bc6\u8ca8\u5e63\u9818\u57df\uff0c\u76e3\u7ba1\u5408\u898f\u4e26\u4e0d\u662f\u53ef\u6709\u53ef\u65e0\u7684\u3002\u300c\u5728\u9019\u500b\u9818\u57df\uff0c\u6c92\u6709\u4e00\u500b\u5f8b\u5e2b\u6216\u5e02\u5834\u53c3\u8207\u8005\u4e0d\u77e5\u9053\u9069\u7528\u7684\u76e3\u7ba1\u6846\u67b6\u548c\u6e2c\u8a66\uff0c\u300dGrewal \u8868\u793a\u3002\u300c\u4e0d\u559c\u6b61\u9019\u500b\u6d88\u606f\u548c\u6c92\u6709\u6536\u5230\u9019\u500b\u6d88\u606f\u662f\u5169\u56de\u4e8b\u300d\u3002  <\/p>\n<h2 id=\"the-compliance-imperative-for-token-issuers\">\u4ee3\u5e63\u767c\u884c\u8005\u7684\u5408\u898f\u8cac\u4efb<\/h2>\n<p>\u5c0d\u65bc\u767c\u884c\u4ee3\u5e63\u7684\u516c\u53f8\u800c\u8a00\uff0c\u76e3\u7ba1\u7684\u5f71\u97ff\u662f\u6df1\u9060\u7684\uff1a<\/p>\n<p><strong>\u8a3b\u518a\u8981\u6c42\uff1a<\/strong>  <\/p>\n<ul>\n<li>\u5927\u591a\u6578\u4ee3\u7528\u5e63\u767c\u552e\u5fc5\u9808\u5411 SEC \u8a3b\u518a\uff0c\u9664\u975e\u7b26\u5408\u8c41\u514d\u8cc7\u683c  <\/li>\n<li>D \u6cd5\u898f\uff1a\u5411\u7d93\u8a8d\u8b49\u7684\u6295\u8cc7\u8005\u9032\u884c\u79c1\u4eba\u92b7\u552e  <\/li>\n<li>S \u6cd5\u898f\uff1a\u907f\u958b\u7f8e\u570b\u6295\u8cc7\u8005\u7684\u5883\u5916\u767c\u552e  <\/li>\n<li>A+ \u898f\u7bc4\uff1a\u6700\u9ad8 $75 \u767e\u842c\u7f8e\u5143\u7684\u6709\u9650\u516c\u958b\u767c\u552e<\/li>\n<\/ul>\n<p><strong>\u8ca1\u52d9\u62ab\u9732\uff1a<\/strong><br \/>\u8655\u7406\u52a0\u5bc6\u8ca8\u5e63\u7684\u4e0a\u5e02\u516c\u53f8\u5fc5\u9808\u5728 10-Q \u548c 10-K \u5831\u544a\u4e2d\u63d0\u4f9b\u8a73\u7d30\u7684\u62ab\u9732\uff0c\u5167\u5bb9\u5305\u62ec  <\/p>\n<ul>\n<li>\u52a0\u5bc6\u8cc7\u7522\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u5831\u544a  <\/li>\n<li>\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u7684\u6536\u5165\u78ba\u8a8d  <\/li>\n<li>\u4ee3\u5e63\u92b7\u552e\u6536\u76ca\u7684\u5206\u985e\uff08\u8ca0\u50b5\u3001\u6b0a\u76ca\u6216\u905e\u5ef6\u6536\u5165\uff09  <\/li>\n<li>\u4f7f\u7528\u516c\u8a8d\u6703\u8a08\u6e96\u5247\u9032\u884c\u516c\u5141\u50f9\u503c\u8a08\u91cf<\/li>\n<\/ul>\n<p><strong>\u98a8\u96aa\u7ba1\u7406\uff1a<\/strong><br \/>\u516c\u53f8\u5fc5\u9808\u63ed\u9732\u91cd\u5927\u98a8\u96aa\uff0c\u5305\u62ec  <\/p>\n<ul>\n<li>\u6cd5\u898f\u7684\u4e0d\u78ba\u5b9a\u6027\u548c\u57f7\u6cd5\u884c\u52d5  <\/li>\n<li>\u5e02\u5834\u6975\u5ea6\u6ce2\u52d5  <\/li>\n<li>\u7db2\u8def\u5b89\u5168\u6f0f\u6d1e  <\/li>\n<li>\u5e02\u5834\u8870\u9000\u671f\u9593\u7684\u6d41\u52d5\u8cc7\u91d1\u9650\u5236<\/li>\n<\/ul>\n<h2 id=\"the-human-cost-of-noncompliance\">\u4e0d\u5408\u89c4\u7684\u4eba\u529b\u6210\u672c<\/h2>\n<p>\u76e3\u7ba1\u884c\u52d5\u7684\u80cc\u5f8c\uff0c\u662f\u9a5a\u4eba\u7684\u6295\u8cc7\u8005\u640d\u5931\uff1a  <\/p>\n<ul>\n<li>46% \u7684\u7f8e\u570b\u52a0\u5bc6\u8ca8\u5e63\u6295\u8cc7\u8005\u5831\u544a\u6536\u76ca\u4e0d\u5982\u9810\u671f  <\/li>\n<li>\u56db\u5206\u4e4b\u4e09\u7684\u7f8e\u570b\u4eba\u5c0d\u52a0\u5bc6\u8ca8\u5e63\u7684\u5b89\u5168\u6027\u548c\u53ef\u9760\u6027\u7f3a\u4e4f\u4fe1\u5fc3  <\/li>\n<li>31% \u7684\u524d\u52a0\u5bc6\u6295\u8cc7\u8005\u5df2\u5b8c\u5168\u9000\u51fa\u5e02\u5834  <\/li>\n<li>\u4f4e\u6536\u5165\u6295\u8cc7\u8005\u5728 43% \u986f\u793a\u51fa\u66f4\u9ad8\u7684\u9000\u51fa\u7387<\/li>\n<\/ul>\n<p>SEC \u5df2\u8a18\u9304\u4e86\u4ee4\u4eba\u8b66\u89ba\u7684\u50b7\u5bb3\u6a21\u5f0f\uff1a  <\/p>\n<ul>\n<li>\"Defi \"\u767c\u552e\u7684\u7522\u54c1\u300c\u65e2\u4e0d\u662f\u5206\u6563\u5f0f\uff0c\u4e5f\u4e0d\u662f\u91d1\u878d\uff0c\u800c\u662f\u8a50\u9a19\u300d\u3002  <\/li>\n<li>\u7a69\u5b9a\u7684\u786c\u5e63\u300c\u65e2\u4e0d\u7a69\u5b9a\uff0c\u4e5f\u4e0d\u662f\u786c\u5e63\uff0c\u800c\u662f\u507d\u9020\u7684  <\/li>\n<li>\u5e73\u53f0\u5d29\u6f70\uff0c\u300c\u6578\u5341\u5104\u5ba2\u6236\u8cc7\u7522\u88ab\u6feb\u7528\u6216\u76dc\u7528\u300d  <\/li>\n<li>\u5f71\u97ff\u8005\u5728\u672a\u62ab\u9732\u5831\u916c\u7684\u60c5\u6cc1\u4e0b\u975e\u6cd5\u515c\u552e\u4ee3\u5e63<\/li>\n<\/ul>\n<p>\"Grewal \u5728 William &amp; Mary \u7684\u6f14\u8b1b\u4e2d\u900f\u9732\uff1a\u300c\u9019\u4e9b\u88ab\u6307\u63a7\u7684\u9a19\u5c40\u4e2d\uff0c\u6709\u4e9b\u5df2\u5c0e\u81f4\u6295\u8cc7\u4eba\u53d7\u5bb3\u8005\u5728\u7834\u7522\u6cd5\u5ead\u9580\u524d\u6392\u968a\uff0c\u5e0c\u671b\u80fd\u8a0e\u56de\u4ed6\u5011\u8f9b\u82e6\u8cfa\u4f86\u7684\u4e00\u5c0f\u90e8\u5206\u9322\u3002  <\/p>\n<h2 id=\"the-innovation-compliance-paradox\">\u5275\u65b0\u8207\u5408\u898f\u7684\u6096\u8ad6<\/h2>\n<p>\u696d\u754c\u4e00\u76f4\u4ee5\u4f86\u7684\u8ad6\u9ede\u662f\uff0c\u6cd5\u898f\u6703\u627c\u6bba\u5275\u65b0\u3002SEC \u76f4\u63a5\u53cd\u99c1\u4e86\u9019\u7a2e\u8aaa\u6cd5\uff1a<br \/>\"\u521b\u65b0\u548c\u9075\u5b88\u8bc1\u5238\u6cd5\u5e76\u4e0d\u76f8\u4e92\u6392\u65a5\u3002\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\u7684\u5de5\u4f5c\u4eba\u54e1\u96a8\u6642\u6e96\u5099\u8207\u52a0\u5bc6\u5275\u696d\u8005\u5408\u4f5c\uff0c\u4e26\u7406\u89e3\u9748\u6d3b\u61c9\u7528\u6211\u5011\u7684\u62ab\u9732\u8981\u6c42\u7684\u5fc5\u8981\u6027\"\u3002  <\/p>\n<p>\u771f\u6b63\u7684\u554f\u984c\u5728\u65bc\u7d50\u69cb\u4e0a\u7684\u7f3a\u9677\uff1a  <\/p>\n<ul>\n<li>\u50b3\u7d71\u7684\u8b49\u5238\u5e02\u5834\u5c07\u4ea4\u63db\u6240\u3001\u7d93\u7d00\u4eba\u548c\u6e05\u7b97\u529f\u80fd\u5206\u958b\uff0c\u4e26\u5167\u5efa\u6aa2\u67e5\u529f\u80fd  <\/li>\n<li>\u52a0\u5bc6\u5e73\u53f0\u7d93\u5e38\u7d50\u5408\u9019\u4e9b\u529f\u80fd\uff0c\u9020\u6210\u5371\u96aa\u7684\u885d\u7a81  <\/li>\n<li>\u5982\u679c\u6c92\u6709\u9069\u7576\u7684\u8a3b\u518a\uff0c\u9019\u4e9b\u5be6\u9ad4\u5c31\u53ef\u4ee5\u9003\u907f SEC \u7684\u76e3\u7763\u3001\u8a18\u9304\u4fdd\u5b58\u8981\u6c42\u548c\u5be9\u67e5\u3002<\/li>\n<\/ul>\n<p>FTX \u7684\u5012\u9589\u5c31\u662f\u9019\u7a2e\u5371\u96aa\u7684\u4f8b\u8b49\uff0cSEC \u6307\u63a7 Sam Bankman-Fried\u300c\u4e0d\u50c5\u6b3a\u8a50\u5730\u5411\u6295\u8cc7\u8005\u52df\u96c6\u4e86\u6578\u5341\u5104\u7f8e\u5143\uff0c\u9084\u6feb\u7528\u4e86\u5c6c\u65bc FTX \u4ea4\u6613\u5ba2\u6236\u7684\u6578\u5341\u5104\u7f8e\u5143\u8cc7\u91d1\u300d\u3002  <\/p>\n<h2 id=\"predatory-practices-and-vulnerable-communities\">\u63a0\u596a\u6027\u4f5c\u696d\u8207\u5f31\u52e2\u793e\u7fa4<\/h2>\n<p>\u4ee4\u4eba\u4e0d\u5b89\u7684\u662f\uff0c\u76e3\u7ba1\u6f0f\u6d1e\u4f7f\u5f97\u908a\u7de3\u7fa4\u9ad4\u6210\u70ba\u63a0\u596a\u6027\u7684\u76ee\u6a19\uff1a  <\/p>\n<ul>\n<li>\u7f8e\u570b\u9ed1\u4eba\u6bd4\u7f8e\u570b\u767d\u4eba\u66f4\u6709\u53ef\u80fd\u64c1\u6709\u52a0\u5bc6\u8ca8\u5e63  <\/li>\n<li>\u9ed1\u4eba\u548c\u897f\u73ed\u7259\u88d4\u6295\u8cc7\u8005\u5728\u6700\u8fd1\u7684\u5e02\u5834\u5d29\u76e4\u4e2d\u906d\u53d7\u4e86\u4e0d\u6210\u6bd4\u4f8b\u7684\u640d\u5931  <\/li>\n<li>\"\u63a0\u596a\u6027\u878d\u5165\u300d\u7b56\u7565\u5ba3\u63da\u91d1\u878d\u89e3\u653e\u7684\u865b\u5047\u6558\u8ff0  <\/li>\n<li>\u89aa\u4fe1\u8a50\u9a19\u5229\u7528\u793e\u5340\u5c0d\u50b3\u7d71\u91d1\u878d\u7684\u4fe1\u4efb\u548c\u61f7\u7591<\/li>\n<\/ul>\n<p>Grewal \u6307\u51fa\uff0c\u300c\u52a0\u5bc6\u8ca8\u5e63\u63d0\u9ad8\u91d1\u878d\u5305\u5bb9\u6027\u7684\u627f\u8afe\u4ecd\u672a\u5f97\u5230\u652f\u6301\uff0c\u300d\u4ed6\u5f15\u8ff0\u8b49\u64da\u6307\u51fa\uff0c\u5118\u7ba1\u65e9\u671f\u5df2\u88ab\u63a1\u7528\uff0c\u4f46\u5f31\u52e2\u793e\u7fa4\u6700\u7d42\u4ecd\u5728\u5e02\u5834\u8870\u9000\u4e2d\u9996\u7576\u5176\u885d\u3002  <\/p>\n<h2 id=\"the-path-forward\">\u524d\u9032\u4e4b\u8def<\/h2>\n<p>\u6cd5\u898f\u74b0\u5883\u6301\u7e8c\u6f14\u8b8a\uff1a  <\/p>\n<ul>\n<li>\u570b\u6703\u5c0d\u65bc\u7a69\u5b9a\u5e63\u548c\u5206\u6563\u5f0f\u91d1\u878d\u7684\u8faf\u8ad6  <\/li>\n<li>\u754c\u5b9a SEC \u53f8\u6cd5\u7ba1\u8f44\u6b0a\u7bc4\u570d\u7684\u91cd\u8981\u6cd5\u9662\u88c1\u6c7a  <\/li>\n<li>\u570b\u969b\u6cd5\u898f\u767c\u5c55\uff0c\u4f8b\u5982\u6b50\u76df\u7684 MiCA \u67b6\u69cb<\/li>\n<\/ul>\n<p>\u5c0d\u65bc\u5728\u6b64\u9818\u57df\u4e2d\u9068\u904a\u7684\u4f01\u696d\u800c\u8a00\uff0c\u57fa\u672c\u6b65\u9a5f\u662f\u4e0d\u53ef\u6216\u7f3a\u7684\uff1a  <\/p>\n<ol>\n<li><strong>\u6cd5\u5f8b\u8a55\u4f30\uff1a<\/strong> \u900f\u904e\u56b4\u683c\u7684 Howey \u6e2c\u8a66\u5206\u6790\u4f86\u78ba\u5b9a\u8b49\u5238\u72c0\u614b  <\/li>\n<li><strong>\u5408\u898f\u57fa\u790e\u67b6\u69cb\uff1a<\/strong> \u5be6\u65bd\u5065\u5168\u7684\u5167\u90e8\u63a7\u5236\u548c\u6703\u8a08\u5236\u5ea6  <\/li>\n<li><strong>\u900f\u660e\u62ab\u9732\uff1a<\/strong> \u63d0\u4f9b\u660e\u78ba\u7684\u98a8\u96aa\u56e0\u7d20\u548c\u8ca1\u52d9\u5831\u544a  <\/li>\n<li><strong>\u76e3\u8b77\u89e3\u6c7a\u65b9\u6848\uff1a<\/strong> \u8207\u5408\u683c\u7684\u8a17\u7ba1\u4eba\u5408\u4f5c\u4ee5\u4fdd\u8b77\u8cc7\u7522<\/li>\n<\/ol>\n<p>\u96a8\u8457 SEC \u52a0\u5f37\u57f7\u6cd5\u529b\u5ea6\uff0c\u6709\u4e00\u9805\u539f\u5247\u59cb\u7d42\u5982\u4e00\uff1a\u300c\u53ea\u8981\u8b49\u5238\u6295\u8cc7\u4eba\u73fe\u5728\u53d7\u5230\u50b7\u5bb3\uff0c\u6211\u5011\u5c31\u5fc5\u9808\u7acb\u5373\u63a1\u53d6\u884c\u52d5\u300d\u3002\u76e3\u7ba1\u6a21\u7cca\u4e0d\u6e05\u7684\u6642\u4ee3\u5373\u5c07\u7d50\u675f\uff0c\u800c\u8b49\u5238\u4ee3\u7528\u5e63\u6b63\u8655\u65bc\u9019\u5834\u5730\u9707\u8f49\u8b8a\u7684\u4e2d\u5fc3\u3002  <\/p>\n<h2 id=\"the-stakes-for-cryptos-future\">\u52a0\u5bc6\u8ca8\u5e63\u672a\u4f86\u7684\u98a8\u96aa<\/h2>\n<p>\u6280\u8853\u5275\u65b0\u8207\u6295\u8cc7\u8005\u4fdd\u8b77\u4e4b\u9593\u7684\u57fa\u672c\u77db\u76fe\u4f9d\u7136\u5b58\u5728\u3002\u96d6\u7136\u5340\u584a\u93c8\u6280\u8853\u672c\u8eab\u4e26\u672a\u53d7\u5230\u5be9\u67e5\uff0c\u4f46\u5176\u91d1\u878d\u61c9\u7528\u5fc5\u9808\u7b26\u5408\u4e45\u7d93\u8003\u9a57\u7684\u539f\u5247\uff1a  <\/p>\n<ul>\n<li>\u900f\u660e\u4f5c\u696d\u53d6\u4ee3\u4e0d\u900f\u660e\u7d50\u69cb  <\/li>\n<li>\u6e05\u6670\u7684\u62ab\u9732\u53d6\u4ee3\u6280\u8853\u4e0a\u7684\u6a21\u7cca  <\/li>\n<li>\u8cac\u4efb\u53d6\u4ee3\u533f\u540d\u767c\u5c55<\/li>\n<\/ul>\n<p>SEC \u5df2\u5b8c\u6210 100 \u591a\u9805\u8207\u52a0\u5bc6\u8ca8\u5e63\u76f8\u95dc\u7684\u57f7\u6cd5\u884c\u52d5\uff0c\u9084\u6709\u66f4\u591a\u884c\u52d5\u6b63\u5728\u9032\u884c\u4e2d\uff0c\u5176\u8a0a\u606f\u975e\u5e38\u660e\u78ba\uff1a\u7121\u8ad6\u8cc7\u7522\u7684\u6578\u4f4d\u6027\u8cea\u5982\u4f55\uff0c\u8b49\u5238\u6cd5\u90fd\u9069\u7528\u3002\u5c0d\u65bc\u5b89\u5168\u4ee3\u5e63\u767c\u552e\u800c\u8a00\uff0c\u9019\u610f\u5473\u8457\u8981\u9ebc\u63a5\u53d7\u5408\u898f\uff0c\u8981\u9ebc\u9762\u81e8\u5f8c\u679c\u3002\u76e3\u7ba1\u5be9\u67e5\u4e0d\u6703\u6d88\u5931\uff0c\u53cd\u800c\u6703\u6210\u70ba\u65b0\u7684\u5e38\u614b\u3002<\/p>","protected":false},"excerpt":{"rendered":"<p>The SEC&#39;s Crypto Crackdown: Why Security Tokens Face Unprecedented Scrutiny The Unchanging Rules in a Changing Market For all its technological novelty, the cryptocurrency industry keeps running headfirst into an 80-year-old legal standard. The Howey Test\u2014established by the Supreme Court in 1946&#39;s *SEC v. W.J. Howey Co.*\u2014remains the bedrock of securities regulation in the United [&hellip;]<\/p>","protected":false},"author":1,"featured_media":3801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-3802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/3802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/comments?post=3802"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/3802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media\/3801"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media?parent=3802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/categories?post=3802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/tags?post=3802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}