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SEC的赫斯特·皮尔斯推动零知识隐私，员工澄清代币回购和流动性质押

2026-09-26 15:13:22

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SEC委员希斯特·皮尔斯呼吁采用零知识隐私技术，简化合规流程

美国证券交易委员会（SEC）委员希斯特·皮尔斯（Hester Peirce）敦促金融监管机构采纳具有隐私保护功能的密码学技术。该技术能够在无需金融机构反复收集姓名、地址及其他敏感个人信息的情况下，验证客户的资格。

9月23日，皮尔斯在纽约举行的SIFMA数字资产大会上发表演讲。她指出，“零知识证明”（Zero-Knowledge Proofs）技术允许交易对手方在不查看底层个人数据的前提下，验证客户是否满足年龄、公民身份、合格投资者地位或制裁筛查等要求。她呼吁监管机构从规定性的数据收集模式转向基于属性的验证模式，利用技术手段实现这一转变。

皮尔斯批评现有的了解你的客户（KYC）和反洗钱框架导致各金融机构存储了越来越多的客户信息。客户身份识别程序可能要求提供姓名、出生日期、地址和身份证号码，而持续的监控和监管报告则会增加更多的交易数据。她认为，在不同机构间重复记录这些信息会增加意外或故意数据泄露的风险，却未必能改善执法效果。

零知识系统进入金融合规领域

Pierce's proposal aims to allow agencies to verify specific facts, rather than automatically collecting documents and personal information used to establish those facts. For example, customers can prove they are eligible to purchase a financial product without having to disclose income amounts, home addresses, or complete identity records to each platform involved.

This approach overlaps with the growing use of zero-knowledge cryptography in blockchain privacy systems. A "Shielded Bitcoin" proposal released this week uses cryptographic notes, null identifiers, and zero-knowledge certificates to verify private transfers denominated in Bitcoin, while concealing the amount and counterparty information. This scheme will sort the underlying protocol data without changing the consensus rules.

Pierce also linked privacy technologies to permissionless networks, arguing that regulation should not force intermediaries simply to create a node that facilitates the collection of customer data. Public blockchains have created permanent records of transactions that can be analyzed, while cryptographic systems can limit unnecessary disclosures of information related to individual users.

SEC employees clarify token repurchase and pledge receipts

Another SEC employee guidance document released on September 25 narrows the scope of several securities law issues surrounding cryptocurrency assets.

对于功能完备的加密系统而言，宣布回购非证券类加密资产并不构成《豪威测试》（Howey test）投资合同分析中所考虑的“基本管理努力”的承诺。但在系统变得功能完备之前，如果发行人将回购宣传为能为代币持有者产生收益或回报，则可能适用不同的分析标准。

同一份常见问题解答（FAQ）将代表不属于投资合同的数字商品的质押收据归类为“数字工具”，因为它证明了对其基础资产的所有权。然而，由基于协议的流动性质押提供商发行的质押收据，如果其价值源于功能完备的加密系统的程序化运作以及市场供需关系，则可能被归类为数字商品。

该指导文件代表了SEC公司融资部门员工的观点，而非新的委员会规则。它不具有独立的法律效力，也不创造额外的义务。

皮尔斯即将离任

在提出隐私建议不到一周后，SEC推出了针对符合资格的代币化美国股票链上交易的“创新豁免”。这也是皮尔斯在SIFMA会议上讨论过的另一个领域。

皮尔斯于9月25日提交了辞职信，其离职将于10月2日正式生效。雷根大学（Regent University）已任命她为该校法学院副教授，自11月起任职。届时，她的工作将继续涵盖金融监管和数字资产领域。

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