#SEC加密资产证券披露指南

The new SEC regulations on cryptocurrency asset securities in the United States have sparked heated discussions in the industry. This guideline systematically standardizes the information disclosure obligations of cryptocurrency projects in securities issuance for the first time, even requiring the public disclosure of the underlying code of smart contracts, extending the traditional financial regulatory framework into the blockchain domain. While the new regulations enhance market transparency and strengthen investor protection, they also raise concerns about the space for technological innovation. For cryptocurrency projects, compliance costs are sharply increasing, necessitating the establishment of specialized legal teams, and core technical secrets may face security risks due to the open-source nature of the code. The operation of projects under anonymity fundamentally conflicts with regulatory requirements for real-name systems. Regulatory agencies still need to clarify technical details such as the legal classification of smart contracts and code auditing standards. This marks a shift in the cryptocurrency industry from 'wild growth' to 'deep regulatory waters,' and how to maintain technological innovation momentum within a compliance framework will be key for project teams to break through. With the strengthening of global regulatory cooperation, cryptocurrency assets may accelerate their integration into the mainstream financial system.