SEC commissioners advocate reducing KYC data, while Brazil mandates more

本周监管动态对比：美国主张减轻身份核查，巴西则实施更严格规定

纵观本周的监管记录，呈现出两种截然不同的趋势：在美国，有观点主张减轻加密货币行业的身份核查要求；而在巴西，一项实际生效的规则却要求加重此类核查力度。

委员的观点不等于规则变更

美国证券交易委员会（SEC）委员海丝特·皮尔斯（Hester Peirce）指出，目前针对加密货币公司的“了解你的客户”（KYC）要求收集了超出必要的个人数据。她提出，包括零知识证明在内的加密工具可以在满足身份验证和反洗钱检查的同时，限制数据暴露。然而，这仅代表一位现任委员的个人立场，并非机构规则、拟议的规则制定或投票结果。尽管Coin Edition、Coindoo、Cryptopolitan和crypto.news等媒体广泛报道了这一消息，但报道量并不能将委员的表态转化为具有约束力的政策。目前的记录显示，SEC并未就此开启规则制定程序，因此现状仅为一种论点，而非企业必须遵守的实际收集要求的改变。

This difference is crucial because it contrasts sharply with other regions during the same period. If Pierce's views represent current U.S. policy, it would mean a relaxation of industry-wide identity verification obligations. But this is not the case. This is only a member's public position, which should be interpreted based on this before rules are formulated or orders are issued.

Brazil's reporting obligation has come into effect instead of a proposal

Brazilian authorities have introduced a new rule requiring reporting of cryptocurrency transactions involving self-managed wallets and in amounts exceeding US$10,000. This expands the scope of supervision from the previous focus on exchanges to the transfer process where users hold private keys. This is not a comment or discussion paper, but a binding directive reported by Bitcoin.com News, Coinfomania and crypto.news that changes what self-hosting users in Brazil currently must disclose. The key terms are the threshold and scope: Wallet transactions that were not previously included in the reporting scope, with amounts exceeding $10,000 and outside the custody of the exchange, are now included in the reporting scope.

In contrast to Pierce's advocacy of lightweight identity verification, Brazilian rules go in the opposite direction, imposing more scrutiny on self-trusteeship holding, which is what they are trying to protect in order to reduce the KYC burden. The two documents do not cover each other. They only describe that during the same week, two different regulators pointed in two different directions.

Ondo's product restrictions reveal prohibitions under current U.S. rules

Ondo Finance has launched a tokenized portfolio based on BlackRock's development strategy. According to reports, the product was limited to non-U.S. traders at the beginning of its release. This restriction itself is an objective reflection of the current regulatory environment: it is a business framework built by the company based on existing constraints, rather than a forecast of future changes. Compare this with Pierce's point of view and the gap is sobering. While a committee member could advocate a lighter identity verification system, when launching a tokenized product linked to BlackRock, the company still designed access rules around existing restrictions rather than the ones being proposed.

This gap is the substantive news, which is why Oondo's reporting should be juxtaposed with Pierce's views and Brazil's record, rather than just as part of a product review. Through a company's own issuance decision, it proves that in the United States, there is no sign of relaxation in the rule book on who can hold such products.

The core point of this issue is the Brazilian rule, as it is the only document in this group that has taken effect and expanded reporting obligations, while the U.S. material is either an argument for future change or a company's adaptation to existing restrictions.

Overview of this issue's story

(Note: The following statistics show real-time numbers on each page as of release.)

SEC Commissioner Pierce argues that cryptocurrency companies should collect less KYC data

Two independent publishers reported-showing members 'public positions on identity verification requirements rather than promulgated rules.

Brazil mandates reporting of self-custodial cryptocurrency transactions in excess of US$10,000

Two independent publishers report-documented actual instructions to extend reporting obligations to self-custodial transfers.

Ondo Finance launches tokenized portfolio based on BlackRock's strategy

Two independent publishers report-Through the company's product design, it demonstrates the scope allowed by current U.S. regulatory restrictions.