#SEC加密资产证券披露指南

The U.S. Securities and Exchange Commission (SEC) recently released a draft of disclosure guidelines for cryptocurrency assets when classified as securities, indicating that regulators are accelerating the process of 'legitimizing' and 'regulating' crypto assets. This move not only provides a compliance direction for crypto companies but may also have far-reaching effects on the financing, operations, and listing methods of the entire crypto industry.

Highlights of the guidelines:

1. Standardization of information disclosure: Project teams must disclose core elements including network consensus mechanisms, token distribution, circulation mechanisms, and smart contract permissions.

2. Strengthened risk warnings: Detailed explanations are required for technical vulnerabilities, unstable governance mechanisms, market manipulation risks, and more.

3. Transparent regulatory path: Project teams can proactively indicate whether the asset has 'security attributes' when submitting documents, in order to seek a clearer regulatory status.

My perspective:

This guideline may not necessarily be a 'crackdown', but rather a 'paving the way'. In the past, the SEC's enforcement leaned towards 'post-factum enforcement', whereas now they are starting to provide 'preemptive rules'. This is favorable for crypto projects looking to operate long-term in the U.S., but it will bring a certain level of deterrence for those projects that do not intend to follow a compliance route.

An implied signal: If the SEC adopts these guidelines in the future, it may mean that discussions around mainstream tokens like ETH being classified as 'securities' will have further clarification. It may also provide a compliance basis for ETH spot ETFs.