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FollowingPlume 网络就加密金库监管框架提交意见
Plume 网络（@plumenetwork）已向美国证券交易委员会（SEC）加密货币工作组提交了其监管观点，此举旨在为 2026 年 9 月 22 日举行的会议做准备。该文件直接回应了委员 Hester Peirce（@HesterPeirce）于 2026 年 7 月 22 日发表的声明。她在声明中警告称，尽管 SEC 近期的许多工作已澄清许多加密资产和活动不属于证券法管辖范围，但“加密金库”和链上借贷策略仍可能根据具体事实和情况触发联邦证券法。
背景：从“倒立”到“夏季金库”的讨论
Peirce 的声明题为《Headstands and Summervaults》（直译为“倒立与夏季金库”），将金库描述为利用智能合约将用户的加密资产配置到产生收益的活动（如质押和借贷）中的工具。她指出，金库处于一个光谱之中：一端是“完全由不可变的智能合约决定的配置”，另一端则是“由个人或团体全权酌情决定的配置”。她邀请行业参与者与 SEC 互动，并就现有规则如何更好地适应链上金融提供反馈。
Plume 认为监管应适用的边界
As the developer of the Nest vault agreement, Plume has a direct interest in where regulators draw boundaries. Nest is a decentralized finance (DeFi) revenue aggregation protocol that allows users to exchange stablecoins for treasury tokens that represent a basket of institutional revenue. These gains come from tokenized real-world assets, including treasury bonds, bonds, real estate, private credit and exchange-traded funds (ETFs).
In its filing, Plume argued that securities regulation should cover two specific levels:
- Curators: the party responsible for selecting the revenue strategy;
- Treasury tokens: Resulting investment certificates held by investors.
In contrast, the underlying code layer and treasury managers should remain outside supervision unless these management functions are themselves regulated (such as working as transfer agents). This definition is particularly interesting in the context of Plume's own regulatory history. As a registered transfer agent, Plume manages digital securities and shareholder records directly online and supports interoperability with the American Depository Trust and Clearing Corporation (DTCC) settlement network.
The need for a regulatory framework and market impact
根据其设计和结构，加密金库可能会引发“投资合同”或“投资公司”的问题，而链上贷款也可能带有证券“票据”的特征。Plume 的提交旨在为 SEC 提供一个可行的框架，既能捕捉金库架构中真正带来投资者风险的部分，又不会将下方的技术基础设施纳入其中。
随着金库成为 DeFi 领域增长最快的产品之一，其持有资产已超过 80 亿美元，且 Coinbase 和 Robinhood 等主要平台均已整合金库产品以向客户稳定币余额提供收益，Plume 的监管提案在当前 SEC 致力于制定更正式指导方针的背景下，具有额外的分量。
