美国监管机构在国会缺席下推进加密货币监管

核心要点

监管机构不会等待国会行动。证券交易委员会（SEC）的豁免措施提供了最清晰的第一步。商品期货交易委员会（CFTC）的计划目前仅指明方向，而非确立新规。更快的行动往往伴随着更大的法律不确定性。正式文件的出台将决定政策的实际影响。

白宫将紧迫工作移交监管机构

白宫加密货币顾问帕特里克·威特（Patrick Witt）于9月22日表示，SEC和CFTC将继续推进数字资产政策，而不是等待中期选举后国会重新审议市场结构立法。威特承认这种方法的弱点：在没有新立法的背景下，机构采取的行动可能会面临法律挑战。据CoinDesk报道，财政部卢克·佩蒂（Luke Pettit）表示，国会对此的支持力度“极其冷淡”。

这些评论发生在参议院未能推进《CLARITY法案》之后。正如Coindoo在投票后的报道中所述，该法案未达到所需的60票以继续推进。这一失败并未终结华盛顿的加密货币议程，而是改变了路径：豁免、指导和规则制定现在承担了更紧迫的工作量，尽管国会仍负责建立全面的法律框架。

政策转变意味着什么

监管机构能做什么：

• 解释现有法律
• 发布有条件豁免
• 发布指导意见
• 在国会已授予的权力范围内制定规则

仍需国会介入的事项：

• 创建新的法定权力
• 确立永久性的职责分工
• 解决现有证券法和商品法未涵盖的空缺

SEC已迈出实质性第一步

政策转变不仅停留在言论上。9月17日，SEC针对某些交易代币化美国股票的场所及符合条件的流动性提供商引入了临时性有条件救济措施。正如我们对SEC代币化股票豁免的分析所示，该措施为基于区块链的交易提供了一条受控路径，而非《CLARITY法案》所设想的那种全面的市场结构。

这项为期五年的豁免允许符合条件的“代币化证券场所”在不注册为国家证券交易所的情况下运营，前提是其满足相关条件。它还给予特定流动性提供商免除经销商注册要求的待遇。该豁免并未暂停证券法的适用，反欺诈和反操纵条款仍然有效，参与场所必须满足涵盖制裁合规、准入权和股东权利的要求。公司还可以反对其股份的代币化版本进行交易。

豁免的实际作用

当合格企业满足特定条件时，豁免使其免于遵守某些规定要求。它并不废除其余法律，也不创造无限许可，更不保证豁免期结束后会有相同的待遇。

Selig's CFTC agenda points to tokenization markets

Hours after Witt described the institution-led path, CFTC Chairman Michael Selig outlined the type of market infrastructure he hopes the existing regulatory framework will accommodate. In an official speech at the U.S. Treasury Department Markets Conference, Selig said regulators should prepare for what he called "large-scale tokenization," on-chain finance and potential continuous markets.

He also stated that these speeches only represented his personal views as chairman and did not necessarily reflect the approval position of the committee as a whole. The speech set the direction, but did not adopt new rules or authorize new products.

Tokenization across more asset classes

Tokenization is the placement of a digital representation of an asset or its economic rights on the blockchain. Whether a token grants legal ownership to the holder depends on the product structure and governance documents. Selig said blockchain technology may eventually support tokenization of all asset classes. This will change how certain assets are recorded, transferred or settled, but will not remove legal constraints associated with the underlying instrument.

For example, tokenized treasury bonds are still treasury bonds. Moving their records to the blockchain will not eliminate legal responsibilities surrounding custody, ownership, and transactions.

stablecoins as collateral for derivatives

Collateral is an asset used to support leveraged positions. If the selected stablecoin is eligible, market participants can transfer collateral between approved accounts outside ordinary bank hours. Selig said the CFTC had expanded its list of eligible tokenized collateral earlier in 2026 to include certain payment stablecoins issued by National Trust Bank. Regulators are considering other ways to support the use of stablecoins by regulated participants, exchanges and clearing houses.

This does not mean that all stablecoins are eligible for collateral. This treatment only applies to eligible products and market participants operating under relevant conditions.

Near-instant settlement and collateral flow

In traditional transactions, cash and assets may be in transit, while banks, brokers and clearing organizations are updating their records. On-chain infrastructure can shorten this process and make approved collateral easier to move between participants. Faster settlement does not eliminate operational risks. Companies still need to control private key management, transaction errors, network outages, sanctions compliance and controversial transfers.

Some markets may be trading around the clock

Selig said that cryptocurrencies and precious metals may be suitable for continuous trading, while agricultural products, energy and some financial products may not be suitable. The CFTC has solicited public comments and issued operating guidelines, but has not yet ordered exchanges to implement round-the-clock trading. Any expansion requires a monitoring system, margin system and operational safeguards that can operate continuously.

并非所有监管声明都具有同等权重

为何更快的路线伴随更高的法律风险

国会可以定义新的监管类别，并决定SEC权力的终点和CFTC权力的起点。各机构必须在现有法律已提供的权力范围内运作。这使得监管路径更快，但也更窄。豁免可以移除特定障碍而不需要另一次参议院投票，而规则可以阐明现有法规如何适用于新技术。

机构行动也可能因监管机构是否在其法定权限内行事以及是否遵循了必要程序而受到挑战。与国会法案难以被废除相比，未来的领导层更容易修订指导意见和临时救济措施。这并不意味着机构行动无效，而是意味着公司可能获得继续进行的许可，却无法获得框架保持不变 permanent 确定性的保障。

与其依赖演讲，不如关注以下方面

• 文件类型：演讲、豁免和最终规则具有不同的法律效力。
• 生效日期：拟议措施可能需要评论或进一步批准才能生效。
• 资格条件：救济可能仅涵盖注册公司、批准的网络或特定资产。
• 抵押品规则：发行人、保管安排和估值折扣将决定哪些稳定币可以使用。
• 任何法院挑战：诉讼可能会延迟机构举措或限制其范围。
• 运营要求：连续交易需要全天候监控、保证金管理和客户支持。

下一份文件比下一次演讲更重要

华盛顿并未用另一个综合框架取代《CLARITY法案》，而是选择绕过其缺失来开展工作。该策略的成功与否，将取决于企业能否利用由此产生的豁免和规则，而无需让法律基础在法庭上反复受到质疑。在这些文件到位之前，方向虽然更清晰，但最终的结构尚不明确。