#加密圆桌会议要点 The shift in regulatory framework proposed by SEC Chairman Paul Atkins during the roundtable on May 12 marks a transition from 'enforcement-first' to systematic rule-making, a directional adjustment that responds to the crypto industry's long-standing call for regulatory clarity. Here are the key analyses:
1. **Definition of Issuance and Securities**
Atkins emphasizes the need to establish clear classification standards for crypto assets, particularly regarding disclosure requirements for token issuance and decentralized projects. The SEC will review existing exemption rules (such as Regulation A) and explore compliance paths for crypto projects that are incompatible with traditional securities laws, such as simplifying provisions in the S-1 form that do not apply to tokenized projects. This move is expected to address the long-standing legal ambiguity troubling the industry, but it should be noted that how to define 'securities' may still spark controversy, as some tokens may cross regulatory boundaries due to functional changes.
2. **Custody Flexibility**
The new framework plan expands the scope of qualified custodians, allowing the use of advanced technologies (such as self-custody solutions) and revokes barriers that hinder banks from custodizing crypto assets (Accounting Announcement No. 121). This lowers the threshold for institutional participation, but it is necessary to balance security with innovation, such as how to refine the technical standards defining 'secure custody.'
3. **Modernization of Transactions**
The SEC supports brokers in developing 'super apps' and reforming alternative trading system (ATS) rules, allowing for the trading of mixed securities and non-securities assets. This could promote the liquidity of tokenized securities (such as tokenized government bonds), but it is necessary to ensure compliance and transparency in cross-platform trading to avoid regulatory arbitrage.
**Industry Impact and Challenges**
Atkins' strategy is seen as a correction to former Chairman Gensler's 'enforcement-driven' model, particularly by reducing corporate compliance risks through rule-making rather than ex-post accountability. However, the industry expects not only a clear framework but also execution efficiency—such as the 'cross-border sandbox' and temporary exemption mechanisms proposed by working groups still require time to validate. Additionally, the SEC needs to coordinate jurisdictional disputes with other agencies (such as the CFTC) to avoid policy fragmentation.
**Conclusion**
This transformation is an important step for the industry towards compliance, but the specific details of rule implementation (such as securities classification and custody standards) will determine its success or failure. If the SEC can continue to collaborate with the industry and maintain flexibility, this framework may become a benchmark for global crypto regulation; otherwise, it may fall back into the dilemma of 'more principles, less practical operation.'