突发：美国参议院未能推进《加密货币明晰法案》，这意味着什么

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突发：美国参议院未能推进《加密货币明晰法案》，这意味着什么

2026-09-16 04:13:52

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美国参议院未能推进CLARITY法案，立法进程面临延迟

美国参议院未能通过CLARITY法案（《数字资产市场清晰法》）。由于未达到所需的60票赞成门槛，该法案的辩论将继续进行。

理解投票的真实意图

需要明确的是，今天的投票并非旨在直接通过该法案，而是为了推动其进入最终表决阶段。由于这一目标未能实现，立法辩论得以继续，这不可避免地导致了进一步的延期。

核心监管框架与“辅助资产”定义

如我们此前报道，CLARITY法案包含一些基础性条款，旨在明确划分商品期货交易委员会（CFTC）与证券交易委员会（SEC）的监管边界。此外，该法案引入了“辅助资产”（ancillary assets）的概念，指那些价值可能依赖于企业家精神或管理努力的网络代币。这些代币既被视为商品，同时也需满足特定的披露要求。

规范去中心化金融（DeFi）与交易平台

该法案还致力于解决困扰去中心化金融领域的重大问题。最新修订版要求，在集中式DeFi协议上进行的现货数字商品相关活动，必须向CFTC注册。这一规定看似具有争议性，但实际上主要针对那些表面去中心化、却存在可识别主体并保留实质性控制权的协议。

In addition, companies that most Americans actually use to buy and sell cryptocurrencies will also be included in regulatory considerations. The CLARITY Act aims to bring exchanges, brokers and dealers into a clear federal registration and supervision system.

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