{"id":3824,"date":"2025-08-18T09:05:19","date_gmt":"2025-08-18T01:05:19","guid":{"rendered":"https:\/\/theexchain.com\/uncertainty-in-cryptocurrency-regulations-how-should-investors-and-businesses-respond\/"},"modified":"2025-08-18T09:05:19","modified_gmt":"2025-08-18T01:05:19","slug":"%e5%8a%a0%e5%af%86%e8%b2%a8%e5%b9%a3%e6%b3%95%e8%a6%8f%e7%9a%84%e4%b8%8d%e7%a2%ba%e5%ae%9a%e6%80%a7-%e6%8a%95%e8%b3%87%e8%80%85%e8%88%87%e4%bc%81%e6%a5%ad%e8%a9%b2%e5%a6%82%e4%bd%95%e5%9b%a0%e6%87%89","status":"publish","type":"post","link":"https:\/\/theexchain.com\/zh\/%e5%8a%a0%e5%af%86%e8%b2%a8%e5%b9%a3%e6%b3%95%e8%a6%8f%e7%9a%84%e4%b8%8d%e7%a2%ba%e5%ae%9a%e6%80%a7-%e6%8a%95%e8%b3%87%e8%80%85%e8%88%87%e4%bc%81%e6%a5%ad%e8%a9%b2%e5%a6%82%e4%bd%95%e5%9b%a0%e6%87%89\/","title":{"rendered":"\u52a0\u5bc6\u8ca8\u5e63\u6cd5\u898f\u7684\u4e0d\u78ba\u5b9a\u6027\uff1a\u6295\u8cc7\u4eba\u8207\u4f01\u696d\u8a72\u5982\u4f55\u56e0\u61c9\uff1f\n  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<strong>\u76e3\u7ba1\u7684\u4e0d\u78ba\u5b9a\u6027<\/strong>.\u9019\u7a2e\u7121\u8655\u4e0d\u5728\u7684\u4e0d\u78ba\u5b9a\u6027\u4e0d\u53ea\u662f\u5b98\u50da\u4e3b\u7fa9\u7684\u566a\u97f3\uff1b\u5b83\u662f\u5e02\u5834\u6ce2\u52d5\u3001\u71df\u904b\u98a8\u96aa\uff0c\u4ee5\u53ca\u6295\u8cc7\u4eba\u548c\u4f01\u696d\u7b56\u7565\u7671\u7613\u7684\u6839\u672c\u9a45\u52d5\u529b\u3002\u4e86\u89e3\u9019\u7a2e\u4e0d\u78ba\u5b9a\u6027\u7684\u672c\u8cea\u4e26\u5236\u8a02\u5f37\u5065\u7684\u61c9\u5c0d\u63aa\u65bd\u4e0d\u518d\u662f\u53ef\u6709\u53ef\u65e0\u7684\uff0c\u800c\u662f\u751f\u5b58\u548c\u6210\u529f\u7684\u95dc\u9375\u3002<\/p>\n<p><strong>\u6838\u5fc3\u885d\u7a81\uff1a\u5c0d\u6c96\u9084\u662f\u5371\u96aa\uff1f<\/strong><\/p>\n<p>\u652f\u6301\u8005\u7d93\u5e38\u5c07\u52a0\u5bc6\u8ca8\u5e63\u5439\u6367\u70ba\u5c0d\u6c96\u7d93\u6fdf\u52d5\u76ea\u7684\u6f5b\u5728\u5c0d\u6c96\u5de5\u5177\u3002\u7814\u7a76\uff08Koutmos \u7b49\u4eba\uff0c2021 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\u5e74\uff09\u3002<\/p>\n<p>\u8b49\u64da\u4e0d\u4e00\uff1a\u80a1\u7968\u548c\u6bd4\u7279\u5e63\u4e4b\u9593\u5b58\u5728\u986f\u8457\u7684\u6ea2\u51fa\uff08Uzonwanne\uff0c2021\uff09\uff0c\u5b8f\u89c0\u7d93\u6fdf\u65b0\u805e\u5f71\u97ff\u6bd4\u7279\u5e63\uff08Corbet\u3001Larkin \u7b49\u4eba\uff0c2020\uff09\uff0c\u7d93\u6fdf\u653f\u7b56\u7684\u4e0d\u78ba\u5b9a\u6027\u53ef\u4ee5\u9810\u6e2c\u6bd4\u7279\u5e63\u7684\u56de\u5831\uff08Demir \u7b49\u4eba\uff0c2018\uff09\u3002\u6620\u5c04\u4e3b\u8981\u52a0\u5bc6\u8ca8\u5e63\uff08\u5982\u6bd4\u7279\u5e63\u3001\u4ee5\u592a\u574a\u548c CRIX \u7b49\u6307\u6578\uff09\u8207\u95dc\u9375\u5b8f\u89c0\u7d93\u6fdf\u4e0d\u78ba\u5b9a\u6027\u6307\u6578\uff08EPU\u3001VIX\u3001OVX\u3001GVZ\u3001GPR\u3001VXEEM\u3001VXEFA\u3001VXTLT\uff09\u4e4b\u9593\u52d5\u614b\u76f8\u95dc\u6027\u548c\u6ce2\u52d5\u6027\u6ea2\u51fa\u7684\u7814\u7a76\u63ed\u793a\u4e86\u7d30\u5fae\u7684\u771f\u76f8\uff1a<\/p>\n<ul>\n<li><strong>\u76f8\u95dc\u6027\u901a\u5e38\u5f88\u4f4e\u6216\u70ba\u8ca0\uff1a<\/strong> \u52a0\u5bc6\u8ca8\u5e63\u7684\u79fb\u52d5\u5f80\u5f80\u7368\u7acb\u65bc\u50b3\u7d71\u8cc7\u7522\u7684\u98a8\u96aa\uff0c\u652f\u6301\u5176 <em>\u6f5b\u5728<\/em> \u5c0d\u6c96\u4f5c\u7528\u3002<\/li>\n<li><strong>\u6ea2\u51fa\u6548\u61c9\u662f\u771f\u5be6\u4e14\u52d5\u614b\u7684\uff1a<\/strong> \u5b8f\u89c0\u98a8\u96aa <em>\u505a<\/em> \u5c07\u6ce2\u52d5\u6027\u50b3\u8f38\u81f3\u52a0\u5bc6\u8ca8\u5e63\u5e02\u5834\uff0c\u5c24\u5176\u662f\u5728 COVID-19\uff08\u80a1\u7968\u6ce2\u52d5\u6027\u6307\u6578\uff09\u6216\u70cf\u514b\u862d\u6230\u722d\uff08VIX\u3001VXEFA\uff09\u7b49\u5371\u6a5f\u671f\u9593\u3002\u6700\u91cd\u8981\u7684\u662f\uff0c\u6ea2\u51fa\u6548\u5e94 <em>\u4e4b\u9593<\/em> \u52a0\u5bc6\u8ca8\u5e63\u901a\u5e38\u6bd4\u5176\u4ed6\u8ca8\u5e63\u5f37\u5927 2-3 \u500d\u3002 <em>\u5f9e<\/em> \u50b3\u7d71\u98a8\u96aa\u6307\u6578 <em>\u81f3<\/em> crypto.<\/li>\n<li><strong>\u7db2\u8def\u4e2d\u5fc3\u6027\u5f88\u91cd\u8981\uff1a<\/strong> \u7576\u88ab\u8996\u70ba\u4e00\u500b\u76f8\u4e92\u9023\u7d50\u7684\u7cfb\u7d71\u6642\uff0c\u5730\u7de3\u653f\u6cbb\u98a8\u96aa (GPR)\uff0c\u5176\u6b21\u662f\u77f3\u6cb9\u6ce2\u52d5\u6027 (OVX) \u548c\u5df2\u958b\u767c\u5e02\u5834\u80a1\u7968\u6ce2\u52d5\u6027 (VXEFA)\uff0c\u6210\u70ba\u7db2\u8def\u4e2d\u6700\u6709\u5f71\u97ff\u529b\u7684\u6ce2\u52d5\u50b3\u64ad\u8005\uff0c\u5305\u62ec\u50b3\u7d71\u98a8\u96aa\u548c\u786c\u5e63\u3002<\/li>\n<li><strong>\u5371\u6a5f\u653e\u5927\u4e00\u5207\uff1a<\/strong> COVID-19 \u7b49\u4e8b\u4ef6\u986f\u8457\u5f37\u5316\u4e86\u6ce2\u52d5\u6ea2\u51fa\u6548\u61c9\uff0c\u7a81\u986f\u4e86\u4e0d\u78ba\u5b9a\u6027\u5982\u4f55\u64f4\u5927\u806f\u7e6b\u3002<\/li>\n<\/ul>\n<p><strong>\u6cd5\u898f\u97ad\u6253\uff1aSEC \u884c\u52d5\u7684\u4e0d\u78ba\u5b9a\u6027\u6848\u4f8b\u7814\u7a76<\/strong><\/p>\n<p>\u5b8f\u89c0\u7d93\u6fdf\u806f\u7e6b\u6703\u9020\u6210\u80cc\u666f\u6ce2\u52d5\uff0c\u800c\u76f4\u63a5\u7684\u76e3\u7ba1\u5e72\u9810\u5247\u6703\u9020\u6210\u9707\u76ea\u3002\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703 (SEC) \u7684\u884c\u52d5\u5c31\u662f\u4e00\u500b\u660e\u986f\u7684\u4f8b\u5b50\u3002\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\u5728\u4e3b\u5e2d Gary Gensler \u7684\u9818\u5c0e\u4e0b\uff0c\u5805\u6301\u5927\u90e8\u5206\u52a0\u5bc6\u8ca8\u5e63\uff08\u4e0d\u5305\u62ec\u6bd4\u7279\u5e63\uff09\u90fd\u662f\u8b49\u5238\uff0c\u56e0\u6b64\u5fc5\u9808\u9075\u5b88\u56b4\u683c\u7684\u8a3b\u518a\u548c\u62ab\u9732\u8981\u6c42\u3002\u9019\u7a2e\u8868\u9762\u4e0a\u662f\u70ba\u4e86\u4fdd\u8b77\u6295\u8cc7\u8005\u7684\u7acb\u5834\uff0c\u537b\u5f15\u8d77\u4e86\u6fc0\u70c8\u7684\u722d\u8ad6\uff0c\u5c24\u5176\u662f\u95dc\u65bc\u5df2\u6709\u6578\u5341\u5e74\u6b77\u53f2\u7684 Howey Test \u5c0d\u65b0\u578b\u6578\u4f4d\u8cc7\u7522\u7684\u9069\u7528\u6027\u3002<\/p>\n<p>\u63a1\u7528\u4e8b\u4ef6\u7814\u7a76\u65b9\u6cd5\uff08Saggu, Ante, Kopiec, 2025 \u5e74\uff09\u7684\u7814\u7a76\u91cf\u5316\u4e86\u7576\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\u660e\u78ba\u5730\u5c07\u52a0\u5bc6\u8cc7\u7522\u6b78\u985e\u70ba\u8b49\u5238\u6642\uff0c\u5373\u6642\u548c\u6301\u7e8c\u7684\u5e02\u5834\u5f71\u97ff\uff1a<\/p>\n<ul>\n<li><strong>\u6bc0\u6ec5\u6027\u7684\u50f9\u683c\u885d\u64ca\uff1a<\/strong> \u7d2f\u8a08\u7570\u5e38\u5831\u916c\u7387 (CAR) \u66b4\u8dcc\uff0c\u5e73\u5747\u70ba <strong>3 \u5929\u5167 -5.2%\uff0c\u4e00\u9031\u5167 -12.2%\uff0c\u4e00\u500b\u6708\u5167 -17.2%<\/strong> \u7684\u516c\u544a\u3002\u9019\u986f\u793a\u51fa\u5728\u76e3\u7ba1\u9670\u5f71\u4e0b\uff0c\u5e02\u5834\u5c0d\u8cc7\u7522\u524d\u666f\u7684\u5feb\u901f\u3001\u8ca0\u9762\u7684\u91cd\u65b0\u8a55\u4f30\u3002<\/li>\n<li><strong>\u9ad4\u7a4d\u6536\u7e2e\uff1a<\/strong> \u4ea4\u6613\u91cf\u901a\u5e38\u5728\u516c\u544a\u5f8c\u5927\u5e45\u840e\u7e2e\uff0c\u986f\u793a\u5e02\u5834\u53c3\u8207\u5ea6\u548c\u6d41\u52d5\u6027\u964d\u4f4e\uff0c\u9032\u4e00\u6b65\u52a0\u5287\u50f9\u683c\u4e0b\u8dcc\u3002<\/li>\n<li><strong>\u6c92\u6709\u5b89\u5168\u7684\u907f\u98a8\u6e2f\uff1a<\/strong> \u8f03\u5927\u7684\u5e02\u503c\u548c\u8f03\u820a\u7684\u8cc7\u7522\u4e5f\u4e0d\u80fd\u5e78\u514d\uff0c\u9019\u5c0d\u5df2\u5efa\u7acb\u7684\u786c\u5e63\u8f03\u70ba\u5b89\u5168\u7684\u5047\u8a2d\u63d0\u51fa\u4e86\u6311\u6230\u3002\u4e0d\u904e\u3001 <strong>\u6d41\u52d5\u6027\u4e0d\u8db3\u548c\u9ad8\u6ce2\u52d5\u6027\u986f\u8457\u60e1\u5316\u4e86\u8ca0\u9762\u5f71\u97ff\u3002<\/strong>.\u9ad8\u6ce2\u52d5\u6027\u8cc7\u7522\u5728 SEC \u63a1\u53d6\u884c\u52d5\u5f8c\u7684\u4e00\u500b\u6708\u5167\uff0cCAR \u6df1\u5316\u81f3 -5.15%\u3002<\/li>\n<li><strong>\u60c5\u7dd2\u63d0\u4f9b\u6709\u9650\u7684\u4fdd\u8b77\uff1a<\/strong> \u96d6\u7136\u5728 SEC \u767c\u4f48\u516c\u544a\u6642\uff0c\u6574\u9ad4\u52a0\u5bc6\u8ca8\u5e63\u5e02\u5834\u7684\u6b63\u9762\u60c5\u7dd2\u53ef\u4ee5 <em>\u4e2d\u5ea6<\/em> \u91cf\u4e0b\u964d\uff0c\u4f46\u537b\u7121\u6cd5\u9632\u6b62\u6216\u626d\u8f49\u5c0d\u50f9\u683c\u7684\u8ca0\u9762\u5f71\u97ff\u3002<\/li>\n<li><strong>\u77e5\u60c5\u4ea4\u6613\u7684\u63d0\u793a\uff1f<\/strong> SEC \u6240\u91dd\u5c0d\u7684\u6ce2\u52d5\u6027\u8f03\u9ad8\u4e14\u6d41\u52d5\u6027\u8f03\u4f4e\u7684\u8cc7\u7522\uff0c\u5176\u4ea4\u6613\u91cf\u5728\u516c\u544a\u524d\u5927\u5e45\u4e0b\u964d\uff0c\u986f\u793a\u5728\u6b63\u5f0f\u516c\u544a\u524d\u53ef\u80fd\u6709\u8cc7\u8a0a\u6d29\u6f0f\u6216\u77e5\u60c5\u4ea4\u6613\u6d3b\u52d5\u3002<\/li>\n<\/ul>\n<p>\u9019\u7a2e\u76e3\u7ba1\u97ad\u6253\u5275\u9020\u4e86\u4e00\u500b\u6975\u5ea6\u4e0d\u78ba\u5b9a\u7684\u74b0\u5883\u3002\u5c08\u6848\u5728\u4e0d\u65b7\u7684\u57f7\u6cd5\u5a01\u8105\u4e0b\u904b\u4f5c\uff0c\u4ea4\u6613\u6240\u6703\u5728\u4e00\u591c\u4e4b\u9593\u5c07\u8cc7\u7522\u9000\u5e02\uff0c\u800c\u6295\u8cc7\u4eba\u6703\u56e0\u70ba\u6cd5\u898f\u884c\u52d5\u800c\u975e\u5e02\u5834\u57fa\u672c\u9762\uff0c\u7a81\u7136\u9762\u81e8\u91cd\u5927\u640d\u5931\u3002<\/p>\n<p><strong>\u5408\u898f\u96f7\u5340\uff1a\u5728\u5206\u6563\u7684\u74b0\u5883\u4e2d\u904b\u4f5c<\/strong><\/p>\n<p>\u5c0d\u65bc\u4f01\u696d\u4f86\u8aaa\uff0c\u6cd5\u898f\u74b0\u5883\u662f\u7531\u4e0d\u65b7\u6f14\u8b8a\u4e14\u7d93\u5e38\u76f8\u4e92\u885d\u7a81\u7684\u8981\u6c42\u6240\u69cb\u6210\uff1a<\/p>\n<ul>\n<li><strong>Jurisdictional Jumble\uff1a<\/strong> \u806f\u90a6\u76e3\u7ba1\u6a5f\u69cb\uff08SEC\u3001CFTC\u3001IRS\u3001Treasury\uff09\u548c\u5dde\u76e3\u7ba1\u6a5f\u69cb\u90fd\u8072\u7a31\u8981\u5206\u4e00\u676f\u7fb9\u7d66\u52a0\u5bc6\u8ca8\u5e63\uff0c\u5c0e\u81f4\u51fa\u73fe\u91cd\u758a\u548c\u7f3a\u53e3\u3002\u5b83\u662f\u4e00\u7a2e\u8b49\u5238\u55ce\uff1f\u5546\u54c1\uff1f\u9084\u662f\u8ca8\u5e63\uff1f\u7b54\u6848\u6c7a\u5b9a\u4e86\u76e3\u7ba1\u6a5f\u69cb\u548c\u898f\u5247\u3002<\/li>\n<li><strong>\u6388\u6b0a\u8ff7\u5bae\uff1a<\/strong> \u5404\u5dde\u5c0d\u8ca8\u5e63\u670d\u52d9\u516c\u53f8 (MSB) \/ \u8ca8\u5e63\u8f49\u5e33\u5546 (MTL) \u57f7\u7167\u7684\u8981\u6c42\u5404\u4e0d\u76f8\u540c\uff0c\u9020\u6210\u8907\u96dc\u7684\u71df\u904b\u8ca0\u64d4\u3002<\/li>\n<li><strong>\u4e0d\u65b7\u6f14\u9032\u7684\u6a19\u6e96\uff1a<\/strong> \u570b\u969b\u6a5f\u69cb\uff08FSB\u3001BCBS\u3001FATF\uff09\u6b63\u5728\u5236\u5b9a\u6846\u67b6\uff0c\u70ba\u5168\u7403\u516c\u53f8\u589e\u52a0\u4e86\u53e6\u4e00\u5c64\u8907\u96dc\u6027\u3002\u570b\u7a05\u5c40 (IRS) \u5c0d\u52a0\u5bc6\u4ea4\u6613\u7684\u7533\u5831\u8981\u6c42\u73fe\u5df2\u751f\u6548\u3002<\/li>\n<li><strong>Stablecoin \u5be9\u67e5\uff1a<\/strong> \u76e3\u7ba1\u6a5f\u69cb\u5c0d\u65bc\u7a69\u5b9a\u5e63\u7684\u91cd\u8996\u7a0b\u5ea6\u5f88\u9ad8\uff0c\u5efa\u8b70\u767c\u884c\u8005\u61c9\u70ba\u806f\u90a6\u4fdd\u96aa\u7684\u5b58\u6b3e\u6a5f\u69cb\uff0c\u4e26\u9762\u81e8\u56b4\u683c\u7684\u76e3\u7763\u3002<\/li>\n<li><strong>\u57f7\u6cd5\u6fc0\u589e\uff1a<\/strong> \u53f8\u6cd5\u90e8\uff08\u901a\u904e\u5176\u570b\u5bb6\u52a0\u5bc6\u8ca8\u5e63\u57f7\u6cd5\u5c0f\u7d44\uff09\u3001\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u548c\u5546\u54c1\u4ea4 \u6613\u59d4\u54e1\u6703\uff08CFTC\uff09\u7b49\u6a5f\u69cb\u6b63\u7a4d\u6975\u63a1\u53d6\u8207\u6b3a\u8a50\u3001\u672a\u8a3b\u518a\u8b49\u5238\u548c\u53cd\u6d17\u9322\u9055\u898f\u884c\u70ba\u76f8\u95dc\u7684\u57f7\u6cd5\u884c\u52d5\u3002<\/li>\n<\/ul>\n<p><strong>\u6295\u8cc7\u4eba\u8207\u4f01\u696d\u8a72\u5982\u4f55\u56e0\u61c9\uff1f<\/strong><\/p>\n<p>\u8981\u514b\u670d\u9019\u7a2e\u4e0d\u78ba\u5b9a\u6027\uff0c\u5c31\u5fc5\u9808\u63a1\u53d6\u4e3b\u52d5\u3001\u7b56\u7565\u6027\u7684\u9069\u61c9\u63aa\u65bd\uff1a<\/p>\n<p><strong>\u91dd\u5c0d\u6295\u8cc7\u4eba\uff1a<\/strong><\/p>\n<ol>\n<li><strong>\u63a5\u53d7\u6975\u7aef\u76e1\u8077\u8abf\u67e5\uff1a<\/strong> \u8d85\u8d8a\u767d\u76ae\u66f8\u3002\u4ed4\u7d30\u5be9\u67e5\u5c08\u6848\u5718\u968a\u5c0d\u6cd5\u898f\u9075\u5faa\u7684\u77ad\u89e3\u8207\u8a08\u5283\u3002\u8a55\u4f30\u53f8\u6cd5\u7ba1\u8f44\u6b0a\u98a8\u96aa - \u5c08\u6848\u7684\u6240\u5728\u5730\u53ca\u5176\u4f7f\u7528\u8005\u5728\u54ea\u88e1\uff1f<\/li>\n<li><strong>\u4ee5\u900f\u660e\u5ea6\u8207\u5408\u898f\u6027\u70ba\u512a\u5148\uff1a<\/strong> \u9752\u775e\u4e3b\u52d5\u8207\u76e3\u7ba1\u6a5f\u69cb\u63a5\u6d3d\u3001\u53d6\u5f97\u5fc5\u8981\u57f7\u7167\uff0c\u4ee5\u53ca\u5be6\u65bd\u5065\u5168\u7684 KYC\/AML \u7a0b\u5e8f\u7684\u5c08\u6848\u548c\u5e73\u53f0\u3002\u4ee3\u5e63\u7ba1\u7406\u548c\u6cbb\u7406\u7684\u900f\u660e\u5ea6\u662f\u95dc\u9375\u3002<\/li>\n<li><strong>\u5c07\u76e3\u7ba1\u98a8\u96aa\u7d0d\u5165\u8a55\u4f30\uff1a<\/strong> SEC \u4e8b\u4ef6\u7814\u7a76\u8b49\u660e\u76e3\u7ba1\u98a8\u96aa\u662f\u4e3b\u8981\u7684\u50f9\u683c\u9a45\u52d5\u56e0\u7d20\u3002\u5c0d\u65bc\u5728\u76e3\u7ba1\u7070\u8272\u5730\u5e36\u6216\u6709\u6575\u610f\u7acb\u5834\u7684\u53f8\u6cd5\u7ba1\u8f44\u5340\u71df\u904b\u7684\u8cc7\u7522\uff0c\u5728\u4f30\u503c\u4e0a\u6253\u6298\u6263\u3002\u4e86\u89e3 SEC \u7684\u300c\u5b89\u5168\u300d\u5206\u985e\u6703\u5e36\u4f86\u91cd\u5927\u7684\u4e0b\u8dcc\u98a8\u96aa\u3002<\/li>\n<li><strong>\u591a\u5143\u5316\u6bd4\u4ee5\u5f80\u66f4\u70ba\u91cd\u8981\uff1a<\/strong> \u591a\u6a23\u5316 <em>\u8de8\u8d8a<\/em> \u8cc7\u7522\u985e\u578b (\u786c\u5e63\u3001\u4ee3\u5e63\u3001\u6f5b\u5728\u884c\u696d\uff0c\u5982 DeFi\u3001NFT - \u77ad\u89e3\u6bcf\u7a2e\u8cc7\u7522\u90fd\u6709\u7368\u7279\u7684\u6cd5\u898f\u98a8\u96aa) \u548c <em>\u8de8\u8d8a<\/em> \u7ba1\u8f44\u5340\u3002\u4e0d\u8981\u4f4e\u4f30\u5916\u6ea2\u6548\u61c9\u7684\u529b\u91cf <em>\u5167<\/em> \u5bc6\u78bc\u751f\u614b\u7cfb\u7d71\u672c\u8eab\u3002<\/li>\n<li><strong>\u76e3\u63a7\u5b8f\u89c0\u8207\u5730\u7de3\u653f\u6cbb\u98a8\u96aa\uff1a<\/strong> \u8a8d\u8b58\u5230\u52a0\u5bc6\u8ca8\u5e63\u4e26\u975e\u5b64\u5cf6\u3002\u5730\u7de3\u653f\u6cbb\u4e8b\u4ef6 (GPR)\u3001\u6cb9\u50f9\u9707\u76ea (OVX) \u548c\u5ee3\u6cdb\u7684\u80a1\u7968\u5e02\u5834\u6ce2\u52d5\u6027 (VIX, VXEFA) <em>\u53ef\u4ee5<\/em> \u548c <em>\u505a<\/em> \u6ea2\u51fa\uff0c\u5c24\u5176\u662f\u5728\u5371\u6a5f\u671f\u9593\u3002GPR \u662f\u91cd\u8981\u7684\u7db2\u8def\u4e0d\u7a69\u5b9a\u6027\u50b3\u9001\u5668\u3002<\/li>\n<li><strong>\u7ba1\u7406\u6d41\u52d5\u8cc7\u91d1\u98a8\u96aa\uff1a<\/strong> \u77ad\u89e3\u60a8\u6240\u6301\u8cc7\u7522\u7684\u6d41\u52d5\u6027\u72c0\u6cc1\u3002\u5728\u76e3\u7ba1\u6253\u64ca\u548c\u5e02\u5834\u58d3\u529b\u4e0b\uff0c\u975e\u6d41\u52d5\u6027\u8cc7\u7522\u53d7\u5230\u7684\u5f71\u97ff\u66f4\u5927\u3002<\/li>\n<\/ol>\n<p><strong>\u9069\u7528\u65bc\u4f01\u696d\uff08\u767c\u884c\u4eba\u3001\u4ea4\u6613\u6240\u3001\u670d\u52d9\u4f9b\u61c9\u5546\uff09\uff1a<\/strong><\/p>\n<ol>\n<li><strong>\u9032\u884c\u56b4\u683c\u7684\u6cd5\u898f\u8a55\u4f30\uff1a<\/strong> \u6301\u7e8c\u8a55\u4f30\u60a8\u7684\u6d3b\u52d5\u3001\u7522\u54c1\u548c\u4ee3\u7528\u5e63\u6a21\u5f0f\uff0c\u4ee5\u7b26\u5408\u4e0d\u65b7\u6f14\u9032\u7684\u8b49\u5238\u3001\u5546\u54c1\u3001\u8cc7\u91d1\u50b3\u8f38\u548c\u7a05\u52d9\u6cd5\u5f8b\u3002 <em>\u6bcf<\/em> \u60a8\u71df\u904b\u7684\u53f8\u6cd5\u7ba1\u8f44\u5340\u3002\u5047\u8a2d\u76e3\u7ba1\u6a5f\u69cb <em>\u5c07<\/em> \u5be9\u67e5\u4f60\u3002<\/li>\n<li><strong>\u4e3b\u52d5\u8207\u76e3\u7ba1\u6a5f\u69cb\u63a5\u6d3d\uff1a<\/strong> \u4e0d\u8981\u7b49\u5f85\u57f7\u6cd5\u3002\u53ca\u65e9\u4e26\u7d93\u5e38\u8207 SEC \u7684 FinHub \u6216 OCC \u7684 Office of Innovation \u7b49\u6a5f\u69cb\u63a5\u89f8\uff0c\u8a0e\u8ad6\u8a08\u5283\u4e26\u5c0b\u6c42\uff08\u7121\u7d04\u675f\u529b\u7684\uff09\u53cd\u994b\u3002\u63d0\u5021\u660e\u78ba\u7684\u898f\u5247\u3002<\/li>\n<li><strong>\u5927\u529b\u6295\u8cc7\u65bc\u5408\u898f\u57fa\u790e\u67b6\u69cb\uff1a<\/strong> \u5efa\u7acb\u6216\u5f37\u5316\u5065\u5168\u7684 KYC\u3001AML\u3001\u5236\u88c1\u7be9\u9078\u3001\u4ea4\u6613\u76e3\u63a7\u548c\u7a05\u52d9\u7533\u5831\u7cfb\u7d71 <em>\u4e4b\u524d<\/em> \u63a8\u51fa\u3002\u5f9e\u4e00\u958b\u59cb\u5c31\u5c07\u5408\u898f\u6027\u878d\u5165\u7522\u54c1\u8a2d\u8a08\u3002\u70ba IRS \u5831\u544a\u505a\u597d\u6e96\u5099\u3002<\/li>\n<li><strong>\u4e0d\u61c8\u8ffd\u6c42\u6388\u6b0a\uff1a<\/strong> \u78ba\u5b9a\u5fc5\u8981\u7684\u806f\u90a6\u548c\u5dde\u57f7\u7167\uff08\u4f8b\u5982\uff0c\u900f\u904e NMLS \u53d6\u5f97 MTL\uff09\u548c\u8a3b\u518a\uff08\u4f8b\u5982\uff0c\u5728 FINRA\/SEC\u3001NFA\/CFTC\u3001NY DFS\uff09\uff0c\u4e26\u52aa\u529b\u722d\u53d6\u3002\u9019\u662f\u5408\u6cd5\u6027\u7684\u8ced\u6ce8\u3002<\/li>\n<li><strong>\u5be6\u65bd\u5168\u4f01\u696d\u7684\u98a8\u96aa\u7ba1\u7406\uff1a<\/strong> \u5c07\u52a0\u5bc6\u8cc7\u7522\u98a8\u96aa\uff08\u904b\u71df\u3001\u6280\u8853\u3001\u6b3a\u8a50\u3001\u5408\u898f\u3001\u6d41\u52d5\u6027\u3001\u5e02\u5834\u3001\u8072\u8b7d\uff09\u7d0d\u5165\u516c\u53f8\u7684\u6574\u9ad4\u6a5f\u69cb\u98a8\u96aa\u7ba1\u7406\u6846\u67b6\u3002\u6301\u7e8c\u91cd\u65b0\u8a55\u4f30\u65b0\u7522\u54c1\/\u6280\u8853\u7684\u98a8\u96aa\u627f\u53d7\u80fd\u529b\u3002<\/li>\n<li><strong>\u5f37\u5316\u6cbb\u7406\u8207\u8463\u4e8b\u6703\u76e3\u7763\uff1a<\/strong> \u78ba\u4fdd\u8463\u4e8b\u6703\u6536\u5230\u6e05\u6670\u3001\u53ca\u6642\u4e14\u6613\u65bc\u7406\u89e3\u7684\u8cc7\u8a0a\uff0c\u5305\u62ec\u76e3\u7ba1\u767c\u5c55\u3001\u516c\u53f8\u7684\u52a0\u5bc6\u7b56\u7565\u3001\u76f8\u95dc\u98a8\u96aa\u4ee5\u53ca\u5408\u898f\u63a7\u5236\u7684\u6709\u6548\u6027\u3002\u8463\u4e8b\u6703\u5fc5\u9808\u63a5\u53d7\u6709\u95dc\u7279\u5b9a\u52a0\u5bc6\u98a8\u96aa\u7684\u6559\u80b2\u3002<\/li>\n<li><strong>\u8a08\u5283\u61c9\u8b8a\u63aa\u65bd\uff1a<\/strong> \u91dd\u5c0d\u6f5b\u5728\u7684\u6cd5\u898f\u884c\u52d5\uff0c\u5305\u62ec\u9000\u5e02\u3001\u57f7\u884c\u7a0b\u5e8f\u6216\u6cd5\u898f\u8a6e\u91cb\u7684\u7a81\u7136\u6539\u8b8a\uff0c\u5236\u5b9a\u660e\u78ba\u7684\u61c9\u8b8a\u8a08\u756b\u3002\u60a8\u5c07\u5982\u4f55\u4fdd\u8b77\u5ba2\u6236\u8cc7\u7522\u548c\u8cc7\u6599\uff1f<\/li>\n<li><strong>\u9075\u5b88 KPMG \u67b6\u69cb\uff1a<\/strong> 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Chaos: Navigating Regulatory Storms as an Investor or Business The cryptocurrency landscape thrums with innovation and opportunity, promising decentralized finance, borderless transactions, and potential hedges against traditional market risks. Yet, beneath the surface lies a churning sea of regulatory uncertainty. This pervasive ambiguity isn&#39;t just bureaucratic noise; it&#39;s a fundamental driver of market volatility, [&hellip;]<\/p>","protected":false},"author":1,"featured_media":3823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-3824","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\/3824","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=3824"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/3824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media\/3823"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media?parent=3824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/categories?post=3824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/tags?post=3824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}