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美 SEC 委員 Peirce 發表聲明:加密金庫與鏈上借貸策略或受聯邦證券法監管

2026-07-22 22:28:49

ChainCatcher 消息,据 SEC 官網,委員 Hester M. Peirce 發表聲明,就加密金庫(Vaults)及鏈上借貸策略與聯邦證券法的交叉問題作出提示。Peirce 指出,將活動遷移至鏈上並不意味著其自動脫離證券法監管範圍。加密金庫通過智能合約將用戶資產分配至質押、借貸等收益活動,其管理方若涉及選擇收益策略、重新分配資產等行為,可能觸發證券法合規義務;部分金庫結構或被認定為共同企業,或落入投資公司監管範疇。

鏈上借貸策略方面,利率設定、資產準入、清算閾值等管理行為同樣可能涉及證券法,相關貸款在特定條件下或被認定為證券性質的票據。Peirce 表示,SEC 歡迎金庫及鏈上借貸領域的市場參與者主動溝通,並徵詢各方意見,探討是否需要修訂規則以在保護投資者的同時為創新留出空間。

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