#美SEC推进SECCrypto2.0计划

The "SEC Crypto 2.0" initiative, which the U.S. Securities and Exchange Commission (SEC) is actively promoting, is a core measure for a comprehensive reform of the regulatory framework for digital assets. Below are the key points of the initiative:

1. Establishment of the Presidential Cryptocurrency Working Group

The SEC established a cryptocurrency working group led by Commissioner Hester Peirce in January 2025, aiming to create a clear and feasible regulatory framework for crypto assets. The group emphasizes collaboration with investors, industry participants, academia, and international regulatory bodies, aiming to balance investor protection with market innovation.

2. Shift in Regulatory Direction: From Passive Enforcement to Proactive Regulation

The SEC acknowledges that its previous reliance on enforcement actions (often employing "novel and untested legal interpretations") led to chaos in the industry, even "hindering innovation and fostering fraud." The new initiative shifts towards proactive rule-making, focusing on:

Clear registration pathway: Providing a practical compliance route for crypto projects, reducing legal ambiguity;

Customized disclosure framework: Designing information disclosure standards based on the characteristics of blockchain technology;

Optimizing enforcement resources: Focusing on combating malicious behavior rather than regulating the entire industry.

3. Strengthening Off-Chain Transaction and Market Transparency

The SEC proposed several specific measures:

Off-chain transaction regulation: Requiring trading platforms to adhere to the same investor protection rules for off-chain facilitated digital asset securities activities as traditional securities;

Transaction reporting mechanism: Amending the Securities Exchange Act to mandate timely reporting of all digital asset securities transactions;

Inter-agency data collaboration: Collaborating with the CFTC to establish a Digital Asset Trading Repository (DART) to centralize regulatory oversight of all market trading data.

4. Inter-agency and International Coordination

The initiative emphasizes collaboration with the CFTC, Congress, and international regulatory bodies (such as the EU). For instance, the working group will provide technical assistance to Congress to ensure the regulatory framework aligns with statutory authorizations and adapts to future policy adjustments.

5. Policy Goals and Industry Impact

The SEC aims to achieve threefold goals through this initiative: protecting investor rights (such as risk control for retail investors), maintaining market integrity (such as anti-fraud and transparency), and promoting financial innovation (such as providing legal certainty for compliant projects). This shift is viewed as a significant policy adjustment in the U.S. from "regulatory confrontation" to "innovation inclusion."