美国SEC与CFTC在加密货币监管方面协调员工指导方针

美国SEC更新加密资产指导原则，强调“豪威测试”核心地位

美国证券交易委员会（SEC）已更新其关于联邦证券法如何适用于“某些类型的加密资产及涉及加密资产的某些交易”的指导方针。此次更新是对该机构今年3月所概述框架的进一步阐释。新的澄清意见通过更新该机构的常见问题解答（FAQ）发布，此举紧随商品期货交易委员会（CFTC）上周早些时候采取的类似行动。

在周五发布的加密资产FAQ更新中，SEC强调这些指导原则不具有约束力。该机构表示，此类解释“不具备法律效力或效果”，不修改现有法律，也不为任何人创设额外义务。FAQ材料旨在解释SEC将如何分析某些数字资产产品是否可能根据“豪威测试”（Howey Test）被认定为投资合同。

核心要点

• SEC更新的加密资产FAQ重申其非约束性性质，且不改变适用的证券法。
• SEC的豪威测试分析围绕代币相关活动是否涉及“关键的管理性工作”展开，包括回购和网络功能等场景。
• 如果底层架构保持去中心化且缺乏中央主导方，代币发行方的回购计划未必会自动触发证券分类。
• 网络运营和某些质押收据代币（Staking Receipt Tokens）并不总是被视为证券，具体取决于事实情况与豪威测试的匹配程度。
• SEC的此次更新是在CFTC提供其自身代币指导之后不久作出的，而国会此前并未推进拟议的加密资产市场结构法案。

SEC FAQ更新：非约束性，但旨在明确豪威测试的应用

SEC修订后的FAQ旨在引导市场参与者了解该机构如何处理可能被视为投资合同的加密资产安排。正如SEC所指出的，FAQ是其持续澄清立场努力的一部分，而非重写法律。

SEC方法的核心在于豪威测试，该测试考察数字资产安排是否构成投资合同——通常概括为：资金投资于共同企业，并基于他人的努力获得利润的合理预期。SEC更新的FAQ特别关注其如何考虑落入该投资合同框架内的“数字资产产品”。

回购、网络功能及“中央主导方”的含义

SEC解决的一个实际领域是代币发行方进行的客户回购计划。监管机构指出，只要满足相关条件，回购行为可能无需必然导致投资合同的结论。

According to the SEC, such repurchase activities can be considered non-securities if "the crypto system is fully functional and has no central leader." In this case, the agency recommends that repurchase does not necessarily constitute a "representative or commitment to perform key management work"-a key concept in its investment contract analysis.

The SEC's reasoning highlights the importance of decentralization in its securities valuation: The more the system relies on central actors to perform regulatory or profit-driving efforts, the more likely it is that the SEC will link token holders 'profit expectations to those efforts.

The SEC also extends similar logic to cryptographic networks. It said a system described as "fully functional", including services designed to "safeguard, maintain, improve or enhance the system or its functions" or "promote network effects," does not necessarily meet the agency's Howe test standards.

In other words, routine network maintenance and enhancements-if they fail to meet the thresholds set by the SEC and do not translate into efforts tied to management efforts and profits-may not automatically trigger securities treatment.

Pledged receipt tokens: Not automatically classified as securities

The SEC also discussed pledged receipt tokens. Regulators said pledged receipt tokens are "not always" classified as securities, reinforcing the view that results depend on the structure of a particular pledge arrangement and its fit in the Howe test.

这一措辞对市场参与者意义重大，因为质押通常被视为许多加密生态系统中的核心效用功能。SEC更新后的立场表明，质押机制并非因其作为“收据”的性质而自动成为证券；但如果投资者的合理利润预期来自他人所做的努力，且该努力被视为该安排的关键部分，则可能构成证券。

对于开发者和代币发行方而言，得出的结论并非质押默认就是安全的，而是事实和设计方案依然至关重要。SEC“会”将其视为投资合同的内容，继续取决于努力是否具有足够的管理性质以及与利润预期的关联性。

各监管机构动态与国会立法停滞

SEC的行动紧随CFTC的类似步骤，后者也向代币发行方发布了指导。这两份工作人员问答均是在参议院未能推进一项加密资产市场结构法案后几天发布的，许多行业参与者曾指望该法案能更清晰地界定两个监管机构之间的监管分工。

在没有新联邦立法的情况下，SEC和CFTC的领导层表示，机构可能会在没有国会先行行动的情况下继续处理加密资产监管问题。因此，SEC的更新处于这样一种背景之下：合规预期正通过机构指导而非法定变更来塑造。

For investors and traders, these updates can influence how exchanges, custodians and market platforms think about listing decisions and risk management. Although the SEC emphasizes that its FAQ guidance is not legally binding, it still serves as a roadmap for the agency's possible interpretation of securities laws in enforcement or regulatory interactions.

Hester Peirce is leaving SEC

In addition to the FAQ update, SEC Commissioner Hester Peirce announced she plans to resign on October 2, a position she has served for eight years. Pierce, often known in industry circles as an advocate of more crypto-asset-friendly regulatory approaches, is expected to join Reagan University in Virginia's Law School as an associate professor in November.

With Pierce's departure, the SEC's top leadership positions will fall largely in the hands of Chairman Paul Atkins and Commissioner Mark Uyeda. Both are Republican commissioners, and the committee usually consists of five members. As of Monday, the White House had not announced potential successors for Pierce or the two other remaining Democratic SEC seats.

This shift in leadership composition may affect whether the SEC pursues enforcement more aggressively or strikes a balance between guidance and interaction-especially at a time when Congress has not yet provided a broader statutory framework for digital asset markets.

展望未来，市场参与者很可能会观察SEC和CFTC的指导是否会导致跨各类代币更一致的合规标准，以及皮尔斯离职后的领导层变化是否会加快额外的解释步骤——特别是在回购、质押安排和网络治理方面。