美國證券交易委員會（SEC）主席保羅·阿特金斯（Paul Atkins）於 4 月 21 日在華盛頓經濟俱樂部就任主席一周年的主題演講中，宣布圍繞「A-C-T」戰略（推進、澄清、轉型）的數位資產監管「重置」計劃，核心內容包括「創新豁免」機制、五類代幣分類框架，以及與美國商品期貨交易委員會（CFTC）簽署的諒解備忘錄。
五類代幣框架：縮小 SEC 管轄範圍
（來源：SEC）
根據阿特金斯的演講，SEC 推出的五類代幣框架將五種代幣類型中的四種明確置於證券法管轄範圍之外，僅保留一小部分加密資產在現行證券法下監管，從而縮小 SEC 的直接管轄範圍。阿特金斯在演講中表示：「我們的目標是幫助市場參與者將加密資產歸入清晰的類別，而不是讓他們事後猜測 SEC 是否會將某些資產認定為證券。」
阿特金斯同時強調「形式不改變實質」的原則，指出股票無論以傳統紙本形式、通過 DTCC 登記還是以區塊鏈代幣形式存在，其性質仍為股票，但並非所有用於融資的代幣都應被永遠視為證券。
創新豁免：12 至 36 個月寬限期
根據阿特金斯的演講及 SEC 此前的「加密貨幣項目」（Project Crypto）指導意見，「創新豁免」允許符合條件的發行人和交易場所在 12 至 36 個月的寬限期內，在較為寬鬆的監管條件下發行和交易鏈上代幣化證券，無需履行全部即時註冊要求。寬限期結束後，相關主體須證明已實現「充分的去中心化」，或過渡至標準的證券監管制度。
阿特金斯表示，此豁免旨在將股票、債券和其他現實世界資產的代幣化保留在美國市場內部，並稱新路線圖旨在「恢復監管的清晰度，增強競爭力，並加速創新」。
SEC 與 CFTC 諒解備忘錄
根據 SEC 的公開聲明，SEC 已與 CFTC 簽署諒解備忘錄，承諾就加密資產進行聯合解釋、協調制定規則，並建立適合鏈上市場需求的監管框架。Project Crypto 的擴展工作同步聚焦於推動鏈上工具清算、保證金及抵押品規則的現代化，旨在將代幣化市場正式納入美國資本市場的監管延伸體系。
常見問題
SEC「創新豁免」的主要條款是什麼？
根據 SEC 主席阿特金斯的演講及 Project Crypto 指導意見，「創新豁免」允許符合條件的發行人和交易場所在 12 至 36 個月寬限期內，在較寬鬆條件下交易鏈上代幣化證券；寬限期後須證明「充分的去中心化」或過渡至標準證券監管制度。
SEC 的五類代幣框架如何影響加密資產的監管範疇？
根據阿特金斯的演講，五類代幣框架將五種代幣類型中的四種置於證券法管轄範圍之外，僅保留一小部分加密資產在現行證券法下監管，旨在為市場參與者提供明確的類別分類，而非依賴事後執法認定。
SEC 與 CFTC 諒解備忘錄涉及哪些核心內容？
根據 SEC 的公開聲明，SEC 與 CFTC 簽署的諒解備忘錄承諾對加密資產進行聯合解釋、協調制定規則，並建立適合鏈上工具需求的監管框架，涵蓋清算、保證金及抵押品規則的現代化。
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