{"id":4312,"date":"2026-09-27T08:21:36","date_gmt":"2026-09-27T00:21:36","guid":{"rendered":"https:\/\/www.sjzylove.com\/?p=4312"},"modified":"2026-09-27T08:21:36","modified_gmt":"2026-09-27T00:21:36","slug":"project-crypto%e7%99%bb%e5%9c%ba%ef%bc%8c%e8%b0%81%e5%b0%86%e6%88%90%e4%b8%ba%e7%be%8e%e5%9b%bd%e9%93%be%e4%b8%8a%e6%96%b0%e7%a7%a9%e5%ba%8f%e7%9a%84%e6%9c%80%e5%a4%a7%e8%b5%a2%e5%ae%b6","status":"publish","type":"post","link":"https:\/\/www.zsmjt.com\/?p=4312","title":{"rendered":"Project Crypto\u767b\u573a\uff0c\u8c01\u5c06\u6210\u4e3a\u7f8e\u56fd\u94fe\u4e0a\u65b0\u79e9\u5e8f\u7684\u6700\u5927\u8d62\u5bb6"},"content":{"rendered":"<div>\n<p>\u4e00\u4e2a\u8f6c\u6298\u6027\u7684\u65f6\u523b\u2014\u2014\u4ece\u653f\u7b56\u538b\u5236\u5230\u76d1\u7ba1\u62a4\u822a<\/p>\n<p>7 \u6708 31 \u65e5\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u4e3b\u5e2d Paul Atkins 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DeFi \u751f\u6001\u91ca\u653e\u51fa\u79ef\u6781\u4fe1\u53f7\u3002\u5c24\u5176\u662f Lido\u3001Uniswap\u3001Aave \u7b49\u65e9\u5df2\u5f62\u6210\u94fe\u4e0a\u7f51\u7edc\u6548\u5e94\u3001\u5e76\u62e5\u6709\u9ad8\u5ea6\u81ea\u6cbb\u5316\u8bbe\u8ba1\u7684\u534f\u8bae\uff0c\u5c06\u5728\u53bb\u4e2d\u4ecb\u76d1\u7ba1\u903b\u8f91\u4e0b\u83b7\u5f97\u5236\u5ea6\u627f\u8ba4\u4e0e\u53d1\u5c55\u7a7a\u95f4\u3002\u957f\u671f\u906d\u53d7\u300c\u8bc1\u5238\u9634\u5f71\u300d\u56f0\u6270\u7684\u534f\u8bae\u4ee3\u5e01\uff0c\u4e5f\u6709\u671b\u5728\u653f\u7b56\u5bbd\u677e\u4e0e\u5e02\u573a\u53c2\u4e0e\u56de\u5f52\u7684\u80cc\u666f\u4e0b\u91cd\u5851\u4f30\u503c\u903b\u8f91\uff0c\u91cd\u65b0\u6210\u4e3a\u6295\u8d44\u8005\u773c\u4e2d\u7684\u300c\u4e3b\u6d41\u8d44\u4ea7\u300d\u3002<\/p>\n<h1>\u6253\u9020\u4e0b\u4e00\u4ee3\u91d1\u878d\u5165\u53e3\uff1aSuper-App \u5c06\u91cd\u5851\u4ea4\u6613\u5e73\u53f0\u7684\u7ade\u4e89\u683c\u5c40<\/h1>\n<p>Paul Atkins \u5728\u6f14\u8bb2\u4e2d\u63d0\u51fa\u4e86\u300cSuper-App\uff08\u8d85\u7ea7\u5e94\u7528\uff09\u300d\u8fd9\u4e00\u6700\u5177\u73b0\u5b9e\u610f\u4e49\u4e14\u53d8\u9769\u529b\u6781\u5f3a\u7684\u8bbe\u60f3\u3002Atkins \u8ba4\u4e3a\uff0c\u5f53\u524d\u8bc1\u5238\u4e2d\u4ecb\u673a\u6784\u5728\u63d0\u4f9b\u4f20\u7edf\u8bc1\u5238\u3001\u52a0\u5bc6\u8d44\u4ea7\u4e0e\u94fe\u4e0a\u670d\u52a1\u65f6\uff0c\u9762\u4e34\u5197\u6742\u7684\u5408\u89c4\u7ed3\u6784\u548c\u91cd\u590d\u8bb8\u53ef\u969c\u788d\uff0c\u8fd9\u76f4\u63a5\u963b\u788d\u4e86\u4ea7\u54c1\u521b\u65b0\u4e0e\u7528\u6237\u4f53\u9a8c\u5347\u7ea7\u3002\u4ed6\u63d0\u51fa\uff0c\u672a\u6765\u4ea4\u6613\u5e73\u53f0\u5e94\u80fd\u5728\u4e00\u5f20\u724c\u7167\u4e4b\u4e0b\uff0c\u6574\u5408\u5305\u62ec\u975e\u8bc1\u5238\u7c7b\u52a0\u5bc6\u8d44\u4ea7\uff08\u5982 $DOGE\uff09\u3001\u8bc1\u5238\u7c7b\u52a0\u5bc6\u8d44\u4ea7\uff08\u5982\u4ee3\u5e01\u5316\u80a1\u7968\uff09\u3001\u4f20\u7edf\u8bc1\u5238\uff08\u5982\u7f8e\u80a1\uff09\u3001\u4ee5\u53ca\u8d28\u62bc\u3001\u501f\u8d37\u7b49\u591a\u79cd\u670d\u52a1\u3002\u8fd9\u4e0d\u4ec5\u662f\u7b80\u5316\u6d41\u7a0b\u7684\u5408\u89c4\u521b\u65b0\uff0c\u66f4\u662f\u672a\u6765\u4ea4\u6613\u5e73\u53f0\u578b\u516c\u53f8\u7ade\u4e89\u529b\u7684\u6838\u5fc3\u6240\u5728\u3002<\/p>\n<p>\u76d1\u7ba1\u5c42\u5c06\u63a8\u52a8\u8fd9\u4e00\u8d85\u7ea7\u5e94\u7528\u67b6\u6784\u7684\u771f\u6b63\u843d\u5730\u3002Atkins \u5df2\u660e\u786e\u6307\u793a\uff0cSEC \u5c06\u8d77\u8349\u76d1\u7ba1\u6846\u67b6\uff0c\u5141\u8bb8\u52a0\u5bc6\u8d44\u4ea7\u65e0\u8bba\u662f\u5426\u6784\u6210\u8bc1\u5238\uff0c\u90fd\u80fd\u5728 SEC \u6ce8\u518c\u7684\u5e73\u53f0\u4e0a\u5171\u5b58\u4ea4\u6613\u3002\u4e0e\u6b64\u540c\u65f6\uff0cSEC \u4e5f\u5728\u8bc4\u4f30\u5982\u4f55\u5229\u7528\u73b0\u6709\u6743\u9650\uff0c\u653e\u5bbd\u67d0\u4e9b\u8d44\u4ea7\u5728\u975e\u6ce8\u518c\u4ea4\u6613\u6240\uff08\u5982\u4ec5\u6301\u5dde\u724c\u7167\u5e73\u53f0\uff09\u4e0a\u7684\u4e0a\u5e02\u6761\u4ef6\u3002\u751a\u81f3 CFTC \u76d1\u7ba1\u7684\u884d\u751f\u54c1\u5e73\u53f0\uff0c\u4e5f\u6709\u671b\u7eb3\u5165\u90e8\u5206\u6760\u6746\u529f\u80fd\uff0c\u4ee5\u91ca\u653e\u66f4\u5927\u7684\u4ea4\u6613\u6d41\u52a8\u6027\u3002\u6574\u4e2a\u76d1\u7ba1\u6539\u9769\u7684\u65b9\u5411\u662f\u6253\u7834\u8bc1\u5238 \/ \u975e\u8bc1\u5238\u7684\u4e8c\u5143\u754c\u9650\uff0c\u8ba9\u5e73\u53f0\u53ef\u4ee5\u6839\u636e\u4ea7\u54c1\u672c\u8d28\u4e0e\u7528\u6237\u9700\u6c42\uff0c\u7075\u6d3b\u914d\u7f6e\u8d44\u4ea7\uff0c\u800c\u975e\u4e3a\u5408\u89c4\u7ed3\u6784\u6240\u7ed1\u67b6\u3002<\/p>\n<p><\/p>\n<p>\u8fd9\u9879\u53d8\u9769\u6700\u76f4\u63a5\u7684\u53d7\u76ca\u8005\uff0c\u6beb\u65e0\u7591\u95ee\u662f Coinbase \u4e0e Robinhood\u3002\u8fd9\u4e24\u5bb6\u516c\u53f8\u65e9\u5df2\u5efa\u7acb\u4e86\u591a\u5143\u5316\u7684\u4ea4\u6613\u7ed3\u6784\uff0c\u65e2\u8986\u76d6\u4e3b\u6d41\u52a0\u5bc6\u8d44\u4ea7\uff0c\u4e5f\u8fd0\u8425\u4f20\u7edf\u8bc1\u5238\u4ea4\u6613\uff0c\u8fd8\u63d0\u4f9b\u501f\u8d37\u4e0e\u94b1\u5305\u670d\u52a1\u3002\u5728 Project Crypto \u7684\u9f13\u52b1\u4e0b\uff0c\u5b83\u4eec\u6709\u671b\u6210\u4e3a\u7387\u5148\u5403\u5230\u653f\u7b56\u7ea2\u5229\u7684\u5e73\u53f0\u2014\u2014\u5b9e\u73b0\u4e00\u7ad9\u5f0f\u670d\u52a1\uff0c\u5e76\u5c06\u94fe\u4e0a\u4ea7\u54c1\u4e0e\u4f20\u7edf\u7528\u6237\u7fa4\u6253\u901a\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0cRobinhood \u5df2\u5728\u4eca\u5e74\u5185\u5b8c\u6210\u5bf9 Bitstamp \u7684\u6536\u8d2d\uff0c\u5e76\u6b63\u5f0f\u542f\u52a8\u4e86\u4ee3\u5e01\u5316\u80a1\u7968\uff08tokenized equity\uff09\u4ea4\u6613\u529f\u80fd\uff0c\u5c06\u82f9\u679c\u3001\u82f1\u4f1f\u8fbe\u3001\u7279\u65af\u62c9\u7b49\u7f8e\u80a1\u4ee5 ERC-20 \u683c\u5f0f\u4e0a\u7ebf\u3002\u8fd9\u4e00\u4e3e\u52a8\u6070\u6070\u662f Super-App \u6a21\u5f0f\u7684\u9884\u6f14\uff1a\u7528\u94fe\u4e0a\u534f\u8bae\u63d0\u4f9b\u4f20\u7edf\u80a1\u7968\u4ea4\u6613\u4f53\u9a8c\uff0c\u4e14\u65e0\u987b\u7834\u574f\u7528\u6237\u719f\u6089\u7684\u4f7f\u7528\u65b9\u5f0f\u3002<\/p>\n<p><\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"SEC\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/02\/1754127462095377.jpg\"><\/p>\n<p>Coinbase \u65b9\u9762\uff0c\u5219\u901a\u8fc7 Base \u94fe\u63a8\u8fdb\u5f00\u53d1\u8005\u751f\u6001\uff0c\u5c1d\u8bd5\u5c06\u4ea4\u6613\u6240\u3001\u94b1\u5305\u3001\u793e\u4ea4\u4e0e\u5e94\u7528\u5c42\u670d\u52a1\u4e00\u4f53\u5316\u3002\u672a\u6765\u82e5\u80fd\u5728\u5408\u89c4\u5c42\u6574\u5408\u4f20\u7edf\u8bc1\u5238\u4e0e\u94fe\u4e0a\u8d44\u4ea7\uff0cCoinbase \u6781\u6709\u53ef\u80fd\u53d1\u5c55\u4e3a\u300c\u94fe\u4e0a\u7248\u5609\u4fe1\u7406\u8d22\u300d\u6216\u300c\u4e0b\u4e00\u4ee3\u6469\u6839\u58eb\u4e39\u5229\u300d\u2014\u2014\u4e0d\u4ec5\u662f\u8d44\u4ea7\u5165\u53e3\uff0c\u66f4\u662f\u5b8c\u6574\u7684\u91d1\u878d\u5de5\u5177\u5206\u53d1\u4e0e\u8fd0\u8425\u5e73\u53f0\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"SEC\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/02\/1754127461539394.jpg\"><\/p>\n<p>\u53ef\u4ee5\u9884\u89c1\u7684\u662f\uff0cSuper-App \u67b6\u6784\u4e00\u65e6\u5168\u9762\u653e\u884c\uff0c\u5c06\u6210\u4e3a\u4ea4\u6613\u5e73\u53f0\u7ade\u4e89\u7684\u6838\u5fc3\u6218\u573a\u3002\u8c01\u80fd\u7387\u5148\u5b9e\u73b0\u5408\u89c4\u5316\u7684\u300c\u591a\u8d44\u4ea7\u805a\u5408\u4ea4\u6613\u300d\uff0c\u8c01\u5c31\u80fd\u5728\u4e0b\u4e00\u8f6e\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u5347\u7ea7\u4e2d\u5360\u636e\u9886\u5148\u8eab\u4f4d\u3002\u76d1\u7ba1\u5c42\u7684\u6001\u5ea6\u5df2\u7ecf\u8d8a\u6765\u8d8a\u660e\u6670\uff0c\u5e73\u53f0\u4eec\u4e5f\u5df2\u7ecf\u5728\u52a0\u901f\u8dd1\u6b65\u8fdb\u573a\u3002\u5bf9\u7528\u6237\u800c\u8a00\uff0c\u8fd9\u610f\u5473\u7740\u66f4\u987a\u7545\u7684\u4ea4\u6613\u4f53\u9a8c\u3001\u66f4\u4e30\u5bcc\u7684\u4ea7\u54c1\u9009\u62e9\uff0c\u4ee5\u53ca\u4e00\u4e2a\u66f4\u63a5\u8fd1\u672a\u6765\u7684\u91d1\u878d\u4e16\u754c\u3002<\/p>\n<h1>ERC-3643\uff1a\u4ece\u6280\u672f\u534f\u8bae\u5230\u653f\u7b56\u6a21\u677f\uff0cRWA \u8d5b\u9053\u7684\u5408\u89c4\u6865\u6881<\/h1>\n<p>RWA \u65b9\u9762\uff0cPaul Atkins \u5728\u6f14\u8bb2\u4e2d\u660e\u786e\u63d0\u51fa\uff0c\u5c06\u63a8\u52a8\u4f20\u7edf\u8d44\u4ea7\u7684\u901a\u8bc1\u5316\uff0c\u5e76\u70b9\u540d ERC-3643 \u4f5c\u4e3a\u76d1\u7ba1\u6846\u67b6\u4e2d\u503c\u5f97\u53c2\u8003\u7684\u901a\u8bc1\u6807\u51c6\u3002\u8fd9\u4e5f\u662f\u6574\u573a\u8bb2\u8bdd\u4e2d\u552f\u4e00\u88ab\u516c\u5f00\u63d0\u53ca\u7684\u4ee3\u5e01\u6807\u51c6\uff0c\u610f\u5473\u7740 ERC-3643 \u5df2\u4ece\u6280\u672f\u534f\u8bae\u8dc3\u5347\u4e3a\u653f\u7b56\u7ea7\u522b\u7684\u53c2\u8003\u6a21\u578b\uff0c\u5176\u91cd\u8981\u6027\u4e0d\u8a00\u800c\u55bb\u3002<\/p>\n<p>Paul \u5f3a\u8c03\uff0c\u5728\u8bbe\u8ba1\u521b\u65b0\u8c41\u514d\u6846\u67b6\u65f6\uff0cSEC \u5c06\u4f18\u5148\u8003\u8651\u90a3\u4e9b\u300c\u5185\u7f6e\u5408\u89c4\u80fd\u529b\u300d\u7684\u4ee3\u5e01\u7cfb\u7edf\uff0c\u800c ERC-3643 \u7684\u667a\u80fd\u5408\u7ea6\u4e2d\u5c31\u96c6\u6210\u4e86\u6743\u9650\u63a7\u5236\u3001\u8eab\u4efd\u9a8c\u8bc1\u4e0e\u4ea4\u6613\u9650\u5236\u7b49\u673a\u5236\uff0c\u53ef\u76f4\u63a5\u6ee1\u8db3\u73b0\u884c\u8bc1\u5238\u6cd5\u89c4\u5bf9 KYC\u3001AML \u53ca\u5408\u683c\u6295\u8d44\u8005\u7684\u8981\u6c42\u3002<\/p>\n<p>ERC-3643 \u7684\u6700\u5927\u7279\u8272\uff0c\u5728\u4e8e\u5176\u300c\u5408\u89c4\u5373\u4ee3\u7801\u300d\u7684\u8bbe\u8ba1\u601d\u8def\u3002\u5b83\u5185\u7f6e\u4e86\u4e00\u4e2a\u53eb\u505a ONCHAINID \u7684\u53bb\u4e2d\u5fc3\u5316\u8eab\u4efd\u6846\u67b6\uff0c\u6240\u6709\u4ee3\u5e01\u6301\u6709\u8005\u90fd\u9700\u901a\u8fc7\u8eab\u4efd\u9a8c\u8bc1\uff0c\u7b26\u5408\u9884\u8bbe\u7684\u89c4\u5219\u540e\u624d\u80fd\u5b8c\u6210\u6301\u6709\u6216\u8f6c\u8d26\u64cd\u4f5c\u3002\u65e0\u8bba\u4ee3\u5e01\u90e8\u7f72\u5728\u54ea\u6761\u516c\u94fe\u4e0a\uff0c\u53ea\u6709\u6ee1\u8db3 KYC \u6216\u5408\u683c\u6295\u8d44\u8005\u6807\u51c6\u7684\u7528\u6237\uff0c\u624d\u80fd\u771f\u6b63\u62e5\u6709\u8fd9\u4e9b\u8d44\u4ea7\u3002\u667a\u80fd\u5408\u7ea6\u5c42\u5373\u5b8c\u6210\u5408\u89c4\u5224\u5b9a\uff0c\u4e0d\u518d\u4f9d\u8d56\u4e2d\u5fc3\u5316\u5ba1\u6838\u3001\u624b\u52a8\u8bb0\u5f55\u6216\u79bb\u94fe\u534f\u8bae\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"SEC\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/02\/1754127462080789.jpg\"><\/p>\n<p>\u8fd9\u4e0e ERC-20 \u6700\u5927\u7684\u4e0d\u540c\uff0c\u6b63\u662f\u300c\u6743\u9650\u300d\u8fd9\u4e00\u7ef4\u5ea6\u7684\u5f15\u5165\u3002ERC-20 \u8bde\u751f\u4e8e\u5b8c\u5168\u5f00\u653e\u3001\u65e0\u9700\u8bb8\u53ef\u7684\u94fe\u4e0a\u539f\u751f\u8bed\u5883\u4e2d\uff0c\u4efb\u4f55\u94b1\u5305\u5730\u5740\u90fd\u80fd\u968f\u610f\u63a5\u6536\u548c\u8f6c\u8d26\uff0c\u662f\u5b8c\u5168\u7684\u300c\u53ef\u66ff\u4ee3\u6027\u5de5\u5177\u300d\u3002\u800c ERC-3643 \u9488\u5bf9\u7684\u662f\u8bc1\u5238\u3001\u57fa\u91d1\u3001\u503a\u5238\u7b49\u9ad8\u4ef7\u503c\u3001\u5f3a\u76d1\u7ba1\u7684\u8d44\u4ea7\u7c7b\u522b\uff0c\u5f3a\u8c03\u7684\u662f\u300c\u8c01\u53ef\u4ee5\u6301\u6709\u300d\u4e0e\u300c\u662f\u5426\u5408\u89c4\u300d\uff0c\u662f\u4e00\u4e2a\u300c\u6743\u9650\u578b\u4ee3\u5e01\u6807\u51c6\u300d\u3002\u6362\u53e5\u8bdd\u8bf4\uff0cERC-20 \u662f\u52a0\u5bc6\u4e16\u754c\u7684\u81ea\u7531\u8d27\u5e01\uff0c\u800c ERC-3643 \u662f\u94fe\u4e0a\u91d1\u878d\u7684\u5408\u89c4\u5bb9\u5668\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"SEC\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/02\/1754127461539111.jpg\"><\/p>\n<p>\u76ee\u524d\uff0cERC-3643 \u5df2\u88ab\u5168\u7403\u591a\u4e2a\u56fd\u5bb6\u4e0e\u91d1\u878d\u673a\u6784\u91c7\u7eb3\u3002\u6b27\u6d32\u6570\u5b57\u8bc1\u5238\u5e73\u53f0 Tokeny \u8fd1\u5e74\u6765\u6b63\u5c06 ERC-3643 \u6807\u51c6\u62d3\u5c55\u81f3\u79c1\u52df\u5e02\u573a\u8bc1\u5238\u5316\u3002\u4eca\u5e74 6 \u6708\uff0cTokeny \u5ba3\u5e03\u4e0e\u6570\u5b57\u8bc1\u5238\u5e73\u53f0 Kerdo \u8fbe\u6210\u5408\u4f5c\uff0c\u8ba1\u5212\u901a\u8fc7 ERC-3643 \u6784\u5efa\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u79c1\u52df\u6295\u8d44\u57fa\u7840\u8bbe\u65bd\uff0c\u6db5\u76d6\u623f\u5730\u4ea7\u3001\u79c1\u52df\u80a1\u6743\u3001\u5bf9\u51b2\u57fa\u91d1\u53ca\u79c1\u52df\u503a\u7b49\u8d44\u4ea7\u7c7b\u578b\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"SEC\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/02\/1754127461539902.jpg\"><\/p>\n<p><\/p>\n<p>\u4ece\u623f\u5730\u4ea7\u5230\u827a\u672f\u6536\u85cf\uff0c\u4ece\u79c1\u52df\u80a1\u6743\u5230\u4f9b\u5e94\u94fe\u7968\u636e\uff0cERC-3643 \u4e3a\u5404\u79cd\u8d44\u4ea7\u7684\u788e\u7247\u5316\u3001\u6570\u5b57\u5316\u548c\u5168\u7403\u5316\u6d41\u901a\u63d0\u4f9b\u4e86\u5e95\u5c42\u652f\u6491\u3002\u5b83\u662f\u76ee\u524d\u552f\u4e00\u517c\u5177\uff1a\u53ef\u7f16\u7a0b\u5408\u89c4\u6027\u3001\u94fe\u4e0a\u8eab\u4efd\u9a8c\u8bc1\u3001\u8de8\u56fd\u6cd5\u5f8b\u517c\u5bb9\u6027\u4e0e\u73b0\u6709\u91d1\u878d\u67b6\u6784\u5bf9\u63a5\u80fd\u529b\u7684\u516c\u94fe\u901a\u8bc1\u6807\u51c6\u3002<\/p>\n<p>\u6b63\u5982 Paul Atkins \u5728\u8bb2\u8bdd\u4e2d\u6240\u8a00\uff0c\u672a\u6765\u7684\u8bc1\u5238\u5e02\u573a\u4e0d\u4ec5\u8981\u300c\u94fe\u4e0a\u8fd0\u884c\u300d\uff0c\u66f4\u8981\u300c\u5408\u89c4\u4e0a\u94fe\u300d\u3002\u5728\u8fd9\u4e2a\u65b0\u65f6\u4ee3\u4e2d\uff0cERC-3643 \u6216\u5c06\u6210\u4e3a\u8fde\u63a5 SEC \u4e0e\u4ee5\u592a\u574a\u3001\u8fde\u63a5 TradFi \u4e0e DeFi \u7684\u5173\u952e\u6865\u6881\u3002<\/p>\n<h1>\u521b\u4e1a\u8005\u56de\u6d41\u7f8e\u56fd\uff0c\u4e00\u7ea7\u5e02\u573a\u5c06\u4ece\u94fe\u4e0a\u518d\u8d77\u98de<\/h1>\n<p>\u957f\u671f\u4ee5\u6765\uff0c\u300c\u8c6a\u4f0a\u6d4b\u8bd5\u300d\uff08Howey Test\uff09\u4e00\u76f4\u662f\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u5224\u5b9a\u67d0\u79cd\u8d44\u4ea7\u662f\u5426\u6784\u6210\u8bc1\u5238\u7684\u4e3b\u8981\u4f9d\u636e\u3002\u5177\u4f53\u6765\u8bf4\uff0c\u5b83\u5305\u62ec\u56db\u4e2a\u8981\u7d20\uff1a\u662f\u5426\u6709\u91d1\u94b1\u6295\u8d44\u3001\u662f\u5426\u6295\u8d44\u4e8e\u4e00\u4e2a\u5171\u540c\u4f01\u4e1a\u3001\u662f\u5426\u4f9d\u8d56\u4ed6\u4eba\u52aa\u529b\u4ea7\u751f\u6536\u76ca\u3001\u4ee5\u53ca\u662f\u5426\u671f\u5f85\u83b7\u5f97\u5229\u6da6\u3002\u5982\u679c\u4e00\u4e2a\u9879\u76ee\u6ee1\u8db3\u4ee5\u4e0a\u56db\u9879\u6807\u51c6\uff0c\u5c31\u4f1a\u88ab\u8ba4\u5b9a\u4e3a\u8bc1\u5238\uff0c\u4ece\u800c\u53d7\u5230\u53d1\u884c\u524d\u62db\u80a1\u8bf4\u660e\u4e66\u3001\u4fe1\u606f\u62ab\u9732\u548c\u76d1\u7ba1\u5907\u6848\u7b49\u4e00\u7cfb\u5217\u8bc1\u5238\u6cd5\u6846\u67b6\u7684\u7ea6\u675f\u3002<\/p>\n<p class=\"ql-align-center\"><img decoding=\"async\" alt=\"SEC\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/02\/1754127462071633.jpg\"><\/p>\n<p><\/p>\n<p>\u6b63\u662f\u7531\u4e8e\u8be5\u6d4b\u8bd5\u6807\u51c6\u6a21\u7cca\u3001\u6267\u6cd5\u5c3a\u5ea6\u4e0d\u4e00\uff0c\u5bfc\u81f4\u8fc7\u53bb\u51e0\u5e74\u5927\u91cf\u9879\u76ee\u5b81\u53ef\u727a\u7272\u7f8e\u56fd\u5e02\u573a\uff0c\u4e5f\u8981\u89c4\u907f\u53ef\u80fd\u7684\u76d1\u7ba1\u98ce\u9669\uff0c\u751a\u81f3\u523b\u610f\u300c\u5c4f\u853d\u300d\u7f8e\u56fd\u7528\u6237\uff0c\u4e0d\u5f00\u653e\u7a7a\u6295\u4e0e\u6fc0\u52b1\u3002<\/p>\n<p>\u800c\u5728\u6700\u65b0\u53d1\u5e03\u7684 Project Crypto \u653f\u7b56\u4e2d\uff0cSEC \u4e3b\u5e2d Paul Atkins \u9996\u6b21\u660e\u786e\u63d0\u51fa\uff1a\u5c06\u5236\u5b9a\u52a0\u5bc6\u8d44\u4ea7\u7684\u91cd\u65b0\u5206\u7c7b\u6807\u51c6\uff0c\u4e3a\u7a7a\u6295\u3001ICO\u3001Staking 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