#美SEC推进加密监管改革

1. Legislative Advocacy
SEC Chair Paul Atkins testified before the Senate in February 2026, actively promoting the Digital Asset Clarity Act, which aims to clearly define the jurisdictional boundaries between the SEC and CFTC over cryptocurrencies through legislation, addressing longstanding regulatory ambiguities. If passed, the bill will establish a regulatory framework for DeFi and stablecoins, but it requires support from at least seven Democratic senators to pass in the Senate.

2. Rule Refinement and Categorized Regulation
The SEC continues to improve crypto asset regulations through the “Project Crypto” initiative, exploring compliance pathways for tokenized securities, on-chain transactions, and other scenarios. For example, clarifying issuer responsibilities for tokenized securities, distinguishing between “native on-chain equity,” “on-chain security rights mapping,” and “synthetic exposure,” and requiring issuers to comply with anti-money laundering and investor protection regulations.

3. Enforcement and Cross-Border Cooperation
The SEC has strengthened enforcement actions in the crypto space by establishing cross-border enforcement task forces to combat overseas manipulation and fraud. It also mandates that crypto companies comply with U.S. securities laws, regulating unregistered token offerings and trading activities.

4. Industry Engagement and Pilot Programs
The SEC communicates with the industry through channels like the Investor Advisory Committee, shifting from a confrontational approach to a system-oriented strategy. It allows certain compliant projects to explore innovations via pilot exemption mechanisms, such as permitting DTC to launch security tokenization projects on compliant blockchains, providing a compliant pathway for the integration of traditional finance and crypto assets.

5. Technological Preparation and Risk Classification
The SEC collaborates with agencies like the Federal Reserve to promote risk classification and technical standards for crypto assets. For instance, the Federal Reserve has proposed setting independent initial margin weights for crypto derivatives to accommodate the volatility of crypto assets, providing technical support for future regulation.

Overall, the SEC’s regulatory reform aims to incorporate crypto assets into the U.S. financial regulatory system through legislation, rule refinement, enforcement, and technological standards, balancing innovation with risk management, and promoting the integration of traditional finance and the crypto sector.