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Following监管机构在《清晰度法案》受阻后，转向独立制定规则
美国证券交易委员会（SEC）和商品期货交易委员会（CFTC）已释放出信号，表明其对加密货币监管采取新的方法。两家机构均表示，打算自行起草数字资产的相关规则。此举发生在旨在界定加密货币市场结构的《清晰度法案》（Clarity Act）在国会陷入停滞之后。
立法僵局与监管空白
《清晰度法案》的设计初衷是解决一场长期存在的争议，该争议的核心在于哪家监管机构负责监管哪些数字资产。立法者在最终条款的措辞上难以达成一致，导致该法案缺乏明确的推进路径。其停滞状态使得监管机构和行业参与者未能获得许多人所期望的法律明确性。
与其无限期等待，SEC和CFTC现在表示将利用现有的规则制定权力采取行动。这种方法将使每个机构能够自行定义其在加密货币监管方面的管辖范围，而无需国会通过新的立法。
历史上，SEC一直主张对其视为“证券”的代币拥有管辖权；而CFTC则主张对大宗商品及相关衍生品市场拥有权威。在没有市场结构法律的情况下，这两个职责之间的界限一直存在争议。行业参与者长期以来表示，这种不确定性增加了合规难度以及上市决策的复杂性。
Differences between rulemaking and legislation
Regulatory rulemaking and legislation differ in important aspects. Rules can be issued faster than bills can pass Congress. However, the rules could also face court challenges or be overturned by future committees. In contrast, once the law is signed into effect, it provides market participants with a more lasting legal foundation.
The timing of the announcement follows a period of legislative deadlock on cryptocurrency policy. Congress has been debating market structure legislation for years but has failed to pass it. The Clarity Act represents the most progressive version of this effort. Its stagnation has put renewed pressure on regulators to act unilaterally.
Currently, the two agencies have not detailed the specific content of any upcoming rules. It remains unclear how broad the scope of the proposal will be, or how quickly it will be finalized. Industry groups are likely to pay close attention to details about registration, custody and transaction requirements.
Impact on the market
Cryptocurrency exchanges, custodians and token issuers currently operate under a set of guidelines rather than a single law. Independent rulemaking by the SEC and CFTC may bring faster clarity than waiting for Congress, but it may also introduce new compliance costs as companies adapt to specific agency requirements.
市场参与者此前曾指出，监管不确定性是限制机构投资者参与数字资产市场的因素之一。任何迈向正式规则的步伐，即使没有新立法，也可能影响交易所如何构建上市流程，以及企业未来如何处理注册问题。
SEC和CFTC计划独立行动，反映了人们对立法延误的持续沮丧情绪。规则制定能否提供市场结构法原本旨在提供的清晰性，仍有待观察。
常见问题解答
问：什么是《清晰度法案》？
答：《清晰度法案》是一项拟议中的立法，旨在为数字资产定义市场结构规则，包括监管机构之间如何划分监督职责。
问：为什么SEC和CFTC现在要自行制定规则？
答：两家机构表示，由于《清晰度法案》在国会陷入停滞，市场结构问题未能通过立法得到解决，因此他们计划采取行动。
问：机构规则制定与国会通过的法律有何不同？
答：规则制定可以更快推进，因为它不需要国会通过，但规则通常比已签署的法律更容易在法院受到挑战，或在未来的委员会下发生变更。
问：这是否意味着加密货币监管现在已经尘埃落定？
答：No. The two agencies have not yet issued detailed rule proposals, and issues regarding jurisdiction over specific digital assets remain unresolved.
