SEC 主席 Paul Atkins 首度現身 Bitcoin 2026，談美國監理新局

0:00SEC 主席首度現身 Bitcoin 大會

0:00Atkins 主席，非常感謝你來到拉斯維加斯參加 Bitcoin 2026。很高興見到大家。這應該是 SEC 主席第一次在 Bitcoin Conference 發表演說，真的很榮幸能邀請到你。Chairman Atkins, thank you so much for joining us here in Las Vegas. Yeah, my pleasure. It's good to see everybody here. I think it's your first—I think it is the first time we've had the Chairman of the SEC speak at the Bitcoin Conference. That's what they've said, yeah. We're honored to have you. Yep.

0:18這段時間以來，Bitcoin 社群和 SEC 的關係一直很有趣。你接下了 Gary Gensler 的位置，他對數位資產並不友善，幾乎做了所有能拖慢創新的事。你是在川普政府時期加入 SEC，這也是我們第一次有一位真正支持 Bitcoin、支持加密貨幣的總統，而你正是推動這一切的關鍵人物。能不能先談談你作為 SEC 主席，對數位資產的核心理念？So anyway, thank you very much. Well, it's—Been an interesting relationship between the Bitcoin community and the Securities and Exchange Commission. You have filled—how do we call his shoes? I don't know, Gary Gensler's shoes. He was not very open or accepting towards digital assets. He really did. Everything possible to try to slow this innovation down. You've joined the commission as a part of the Trump administration. This is our first pro-Bitcoin, pro-crypto president, and you're really at the forefront of implementing that at the SEC. Maybe before we, like, get into the details, can you just talk a little bit about your guiding philosophy? As the chairman of the SEC and how you think about digital assets.

1:10SEC 新時代：擁抱創新

1:10嗯，我想我喜歡這樣表達，就是現在的 SEC 已經進入了一個新時代。我認為如果你回顧過去大約十年，最初 SEC 的做法就像鴕鳥把頭埋在沙子裡，心想也許、也許這一切都會自動消失。然後就進入了所謂的「以執法來監管」階段，我認為 SEC 在這方面有點不太誠實，他們說：「喔，來跟我們談談吧。你知道，我們網站上有個很簡單的表單，叫做 S-1。」但那可不是個簡單的表單，那需要很多律師和會計師才能填寫完成。Well, so I guess the way I like to frame it is that it is a new day at the SEC. I think if you look at the last sort of decade or so, at first the SEC's approach was—Like an ostrich with a head in the sand, thinking maybe, maybe this will all go away. And then came the regulation through enforcement, where I think it was a little disingenuous for the SEC to say, Oh, come in and talk to us. You know, there's this easy form on our website. It's called an S-1, and that ain't an easy form to fill out. It takes lots of lawyers. And accountants to fill that.

1:50這其實很像是，你知道，這主要是針對首次公開募股（IPO）設計的，實際上是對數位資產領域，特別是代幣，有一種需求。It's very much of a, you know, for an initial public offering is really what it's geared for, really an appetite for something in the digital asset space, especially tokens.

2:01所以我們現在採取全新做法，擁抱創新，積極協助數位資產產業留在美國本土。這也是總統的要求，他希望這些技術和產業能在美國發展。我們正努力實現這個目標。So we're taking a new approach. We're embracing innovation, and we really want to help onshore. We're answering the president's challenge as to, you know, he wants. Digital assets to be done here in the United States with American technology onshore. And so we are, you know, really working to fulfill that.

2:21SEC 與 CFTC 首度攜手合作

2:21你剛剛也看到 CFTC 主席 Mike Selig，他之前就在我辦公室工作，我很高興總統任命他當 CFTC 主席。他做得非常好，我們現在 SEC 和 CFTC 真的密切合作。你可能不相信，過去 SEC 和 CFTC 幾乎沒有合作，像兩座堡壘中間有個無人地帶，結果新產品常常在這種『交火』中被扼殺，這種情況已經持續了幾十年。我們現在要徹底改變，真正合作，為美國樹立新標竿，擁抱變革。You just saw Mike Selig, who's at the Commodity Futures Trading Commission. He's a great guy. He was in my office, and so I'm really happy the president appointed him to be chairman of the CFTC. He's—Doing a great job, and we're working closely. So even the fact that, believe it or not, in Washington, you know, the CFTC and the SEC historically have not really collaborated. It's been more, I liken it to having two fortresses with a no man's land in between, and the crossfire from the fortresses kill all these new products that—Could have gone ahead even 40 years ago. So we're out to change that now, really collaborate with each other and set a new benchmark for the country and to really embrace change.

3:09是的，這是一個很好的觀點，關於與CFTC的合作，以及這對於監管明確性、創新、還有美國在市場結構上領先的重要性。在這個產業裡，我看到的情況其實是SEC和CFTC之間存在著真正的競爭，雙方都在爭奪管轄權。有一個機構會說，這是我們的管轄範圍，然後另一個就會說，這是我們的。然後私部門就會想，那到底誰才是監管機構？我們該去哪裡？這就為企業帶來了極大的不確定性和風險，導致很多公司選擇要嘛關閉，要嘛離開。對於那些比較幸運的公司來說——他們沒有因為這種情況而被執法單位追查，這其實就是他們的策略。沒錯。Yeah, it's a great point, the collaboration with the CFTC and how important that is for regulatory clarity, for innovation, for market structure here for the U.S. to lead. In this industry, and the way that I saw it was there was really competition between the SEC and the CFTC clamoring for jurisdiction. And one agency would say, This is in our jurisdiction, and then the other would say, Well, it's in ours. And then the private sector is like, Well, who's the regulator? Where do we go? And it just created so much uncertainty and risk for businesses that many of them just chose to either shut down or leave. For the ones who are lucky enough that—Didn't have enforcement come after them based on that, and that was the strategy. Exactly.

3:51重新詮釋 Howey 測試與代幣分類

3:51所以，真正的關鍵在於，證券的定義是一個非常技術性的議題，但同時又沒有太多指引。因此，我們一直努力推動的真正突破點在於，這一切其實都源自於一個1946年的舊案例，叫做SEC訴Howey案。當時Howey先生在佛羅里達有一片柳橙園，很多人想要參與其中，擁有一點點的權益。基本上，就是有這些證券相關的法規。And so the, you know, the real thing is, the rub is, you know, the definition of a security is a very technical issue, but also there's not a lot of guidance. And so, you know, the real breakthrough that we have tried to push is that a lot of this stems From an old case from 1946 called SEC versus Howey. So Mr. Howey had an orange grove down in Florida, and so a lot of people wanted to be a part of it and, you know, own a little interest there. And so basically, there's, you know, the securities statutes.

4:31我們會討論不同的東西，比如股票、債券等等，但當時他們提出了一個叫做「投資契約」的東西，卻沒有去定義它。所以這個案件，基本上最高法院試圖去定義這個詞。因此，我們在將它應用到數位資產時所做的，就是回到Howey先生的案件裡，投資契約本身並不是那顆橘子，在這裡可以比擬成代幣、比特幣或其他你手上的東西。而投資契約是Howey先生對他的投資人所做的整個承諾生態系，以及他的投資人所期待的東西。所以我們現在就是把這個原則應用過來。Talk about, you know, different things, you know, stocks, bonds, and whatnot, but then it put forth what's called an investment contract, but didn't bother to define it. So this case, basically the Supreme Court took a shot at trying to define it. And so what we have set out to do in applying it to digital assets is that back in Mr. Howey's case, The investment contract wasn't the orange itself, which is here comparable to the token, the Bitcoin, or whatever you have. But the investment contract is the whole ecosystem of promises that Mr. Howey made to his investors and what his investors were expecting. So we now have applied that.

5:16對於整個數位資產領域來說，並且與CFTC合作，我們發布了一份聯合聲明，詮釋什麼是代幣化證券。這是一個重大的突破。我們在今年稍早已經發布了這份聲明。所以接下來我們將會推動其他令人興奮的事情，例如實際允許公司在鏈上進行實驗，建立他們的證券化代幣，並且在美國境內透過我們計畫在接下來幾週內發布的創新豁免條款，在鏈上進行交易，同時也允許透過我們稱為Reg Crypto的方式，在鏈上銷售代幣來進行募資。這些措施都已經在規劃中，很快就會推出。To this whole digital asset space, and partnering with the CFTC, we set out with a joint release where we interpreted what is a tokenized security. So that was a big breakthrough. We issued that, you know, earlier this year. And so now we're going to be moving on to do other exciting things, like to actually allow. firms to experiment on-chain, build their securitized tokens and trade them on-chain here in the United States under an innovation exemption that we plan to issue here in the next few weeks, and then also to allow fundraising, you know, through the sale of tokens. on-chain through what we're calling Reg Crypto. So those things are in the offing. They'll be coming out soon.

6:11我們也知道國會現在有個 CLARITY Act 法案正在審議，我們非常期待國會能針對這個領域立法。我們已經準備好解讀國會的指示，把它落實成大家可以依循的規則，讓創新能在美國本土發生，不必再出走海外，這才是最重要的。But we, I know the discussion here just a few minutes ago about the statute, which is the bill pending in Congress right now called the Clarity Act. We really need to have Congress speak to this area, and so we're ready, willing, and able. To interpret what they say and to put that into rules that people then can rely on and pursue their innovative ideas. Again, here in the United States, they don't have to go offshore. That's what's really the vital concept here.

6:45代幣分類與監理明確性

6:45所以，這不僅僅是提供那種協助企業了解 SEC 管轄權何時開始、何時結束，以及 CFTC 管轄範圍的監管明確性。這一直是我們所有人面臨的最複雜、最具挑戰性的問題之一。但我們要更進一步，不只是擁有監管明確性，還要能夠將更多金融應用帶到鏈上。所以這裡有很多內容需要拆解。也許可以從代幣分類指引開始，再次協助釐清不同類型代幣由哪個機構負責管轄：數位證券、數位商品、數位收藏品，等等。So it's not just providing that regulatory clarity of helping businesses. understand when the SEC's jurisdiction begins and ends and where the CFTC's jurisdiction lies as well. That's been one of the most complicated and challenging questions for all of us. But taking that several steps forward of not just having regulatory clarity, but being able to bring more financial applications on chain. So there's a lot to unpack there. Maybe starting with the token taxonomy guidance, again, helping clarify which agency has jurisdiction over different types of tokens: digital securities, digital commodities, digital collectibles, so on and so forth.

7:27說到數位商品，你們在我的會議——就在幾週前的DC Blockchain Summit——上所宣布的代幣分類指引，真的很感謝你們。那是一個非常令人興奮的公告，也是我們討論很久的一件事，就是要有一個分類法。SEC明確列出了一份代幣清單，這些代幣被認定為數位商品。我們看到市場對此做出了反應，現在這些代幣在交易時有溢價，特別是在亞洲市場。所以現在這又產生了一些其他的問題。When it comes to digital commodities, In your token taxonomy guidance that you guys announced actually at my conference at the DC Blockchain Summit just a couple of weeks ago, thank you for that. It was a very exciting announcement and something, you know, we've been talking about for a long time, having a taxonomy. There is a list of tokens that the SEC clearly stated are Digital commodities. What we've seen is the market has reacted to that, and now those tokens are trading at a premium, particularly in Asian markets. So now that's creating some other questions.

8:07好的，那如果我有興趣的代幣不在那個清單上，但我們認為它仍然符合所有其他資格條件。你對市場參與者有什麼建議，關於如何獲得更多明確指引，以及如何處理這個清單的問題？Okay, well, what if the token I'm interested in isn't on that list, but we think it still is because it meets all the other qualifications. What comments do you have for market participants about getting additional clarity and just addressing the list?

8:25是的，這確實是一個非常重要的問題。在發布這份解釋性公告時，我們舉了很多例子，這些都只是說明用途。這並不是要成為一個明確或不可更動的清單。我的意思是，我們談論的是背後的原則，可以追溯到Howey test。重點不是橘子本身，而是圍繞它的承諾。所以，這一切最重要的地方在於，某些事物一開始可能是帶著這些承諾出現的，但在這個框架下，這些承諾也可能被履行，或者消失、變得無法履行。Yeah, well, so that's a really important question. So, in setting out this interpretive release, we gave a lot of examples, and these are all illustrations. It wasn't meant to be. You know, like a firm or immutable sort of list. I mean, so it's, we talk about the principles behind this, going back to, you know, the Howey test. It's not about the orange itself, but about the promises around it. So the real important thing about all of this is that, you know, that things can start out, you know, with these promises. But in that framework, but they can also then, the promises can be fulfilled. They can go away and be impossible to perform.

9:12這就是我們所做的安全性工作的本質。這也是我們一直以來所採取的方法。因此，我們試圖做的事情，就是排除這些數位商品、數位工具、數位收藏品，當然還有穩定幣。這些顯然都不是證券。穩定幣之所以不是，因為國會通過並且總統簽署了GENIUS Act，這是一個重大的進展。美國首次承認了一整類的數位資產，並且為它們建立了一個可以進行交易等活動的框架。所以這一點非常重要。因此，我們的重點是放在代幣化證券上。So that's what's really the essence of the security that we've done. And so that's what this, you know, our approach has been. So what we try to do is exclude, you know, these. Digital commodities, digital tools, digital collectibles, and then, of course, stablecoins. Those are clearly not securities. Stablecoins, because Congress adopted and the president signed the Genius Act, which was a huge step forward. The United States, for the first time, recognized a whole genre. of digital assets. And so, and has a framework for, you know, for them to be able to be traded and whatnot. So that's really important. So we're focused on tokenized securities.

10:00所以我們正在嘗試將它們定義為不屬於其他這四個類別。這才是重點。這是一種以原則為基礎的方法。所以，你知道，大家有疑問。我們也歡迎他們進來釐清。不過我們希望透過這次發布的內容，事情能夠變得清楚，當然，所有事情總是有改進和進一步說明的空間。So we're trying to define them as not being in these other four buckets. So that's the important thing. It's a principles-based approach. So, you know, people have questions. You know, we're inviting them to come in to clarify. But we were hoping that things would be clear through this release that we did, and obviously things are always subject to be improved and be further explained.

10:29市場結構法案與未來監理挑戰

10:29Lummis參議員剛剛在這裡，為我們帶來了法案通過時程的最新進度。她預期五月會有進展，並且有可能在六月於參議院進行表決，希望之後能送到總統辦公桌上。這是在眾議院通過後不久的事，我的意思是，這之間還有很多事情必須發生。我曾經是國會幕僚，我了解立法的流程，所有事情都必須配合得剛剛好，這一切才能成真，當然我們都希望能如此，但這並沒有保證。所以，如果市場結構法案沒有通過的話……Senator Lummis was just here moments ago and gave us an update on the timeline for the passage, hopefully, of the bill. She's expecting movement in May and potentially a vote in the Senate by June, and hopefully will go to the president's desk. Shortly after passing it in the House, I mean, a lot of things have to happen. I was a former congressional staffer. I understand the legislative pathway, and a lot of things have to line up in order for all that to happen, which of course, you know, we're hoping happens, but that is not guaranteed. So in the event market structure does Not pass.

11:12我知道很多人都很擔心，特別是那些已經在這個圈子裡打滾過幾次的人，他們會想：「那川普政府之後會發生什麼事？如果有一個新政府上台，像拜登政府一樣對加密貨幣非常敵對，然後我們又有一個像Gary Gensler那樣的新SEC主席，想要關掉這一切，怎麼辦？」這也是為什麼很多人覺得市場結構這件事對於未來的保障非常重要，能夠保護這一屆政府所做的所有努力。所以你能不能談談大家對於如果市場結構沒有實現的這個擔憂？你們正在做什麼來降低這方面的風險？如果法案沒有通過，我們真的需要有什麼樣的反應才算合理？I know many people are concerned, especially people who have been around this block a couple times, of, well, what happens after the Trump administration? What if a new administration comes in that was like the Biden administration, was very hostile towards crypto, and we have a new SEC chairman that's like Gary Gensler and wants to shut it down? That's why a lot of people feel that market structure is so important to future-proof. All the work of this administration. So can you talk about that concern that people have in the event market structure doesn't happen? What are you doing to mitigate against that? And do we really need to be, you know, what kind of a reaction is justified in the event the bill does not happen?

11:56這是一個很棒的問題。所以我想，你們大家應該要意識到，選舉確實會帶來影響，而且可能是巨大的。在這裡，我的意思是，誰能想到，十年前我們會看到美國政府有這麼徹底的轉變，幾乎是180度大轉彎，無論是在我們、CFTC、銀行監管機構，還是國會的介入。所以這是很棒的事情。SEC在法規之下其實有相當大的行動空間，我們也可以很靈活，但是我們還是受到現有權限的約束，這些權限當然是隨著時間有一些修正，但基本上還是如此。Well, great question. And so I just, you know, you all should realize that. Elections do have consequences and can be huge. And so here, I mean, who would have thought, you know, 10 years ago that we would have this complete pivot, 180-degree pivot pretty much by the U.S. government between us, the CFTC, the bank regulatory agencies, and Congress, you know, stepping in. So that's wonderful. So the SEC has a pretty large ambit of maneuver under the statutes, but, and we can be nimble, and, but we, we have, we're bound by our existing authority, which of course is pretty much grounded with some amendments, you know, over the years, but it's still basically.

12:45這是一種1930年代的思維方式。所以，你知道，這就是為什麼擁有一部能夠讓未來發展有保障的法規是如此重要。然後我們可以，嗯，運用新的授權，並且從中獲得彈性，而這正是這個正在推進中的法案所包含的內容。不過，你知道，我們也可以和CFTC合作，協調並釐清定義，並且在我們已經完成的基礎上繼續擴展。但再次強調，沒有什麼比一部法規更能保障未來，然後，再加上法院給出的良好意見，來進一步雕琢。A 1930s type of think. And so, you know, that's why it's so important to have a statute that would future-proof what's going forward. And then we can, you know, use new authority and be, you know, the flexibility from that, which is bound up in this particular. bill that's going through. But, you know, the—and we can work with the CFTC to, you know, coordinate and clarify definitions and, you know, kind of build out from what we've already done. But again, nothing future-proofs things like a statute, and then, you know, good opinions from courts to, you know, kind of chisel.

13:31你知道法律條文是白紙黑字寫在那裡，還有整個法院體系的運作等等。所以這一切都非常重要，但是，我們現在的重點是要簡化流程，讓事情變得更有效率，協助創新者能夠有把握地進行創新，而不會被那些想要保護自己既有利益的人給打壓。我們希望確保美國能夠站在創新的最前線。You know what the statute says in the stone and through, you know, the whole apparatus of the court system and all that. So it's all very important, but, you know, we are, you know, focused on trying to streamline things, trying to make things more efficient, trying to help innovators innovate so that they can do so with certainty and then not get picked off by, you know. Either, you know, folks who are jealously guarding their turf from existing ways of doing things, but, you know, we want to make sure that we are at the forefront of innovation here in the United States.

14:11區塊鏈與代幣化證券的未來

14:11說到站在創新前沿，我們市場中有一個非常適合受益的領域。區塊鏈的力量就在於代幣化股票，你剛才也提到過。監管委員會正處於一個非常關鍵的位置，可以促成這項創新的實現。我看到的一個挑戰是，代幣化股票涉及到很多利害關係人。有很多參與者。在交易執行到交易結算之間，有很多步驟，還有中間人會在這個過程中收取費用。Well, speaking of being at the forefront of innovation, an area in our markets that's very ripe to benefit. The power of blockchains is in tokenized equities, which you alluded to earlier. The commission sits at a really important position to enable this innovation to take place. One of the challenges that I see is that there's a lot of stakeholders involved in tokenized equities. There's a lot of players. There's a lot of steps in place between the execution of a trade and the settlement of a trade, and there's middlemen that collect fees along the way.

14:49你能談談這個過程中所有的利害關係人嗎？我們是否能夠實現區塊鏈的全部好處，也就是即時結算？同時還要應對所有不同的參與者，他們要嘛必須在這個過程中跟上，要嘛他們的商業模式可能會因此改變，甚至被淘汰。Can you talk about all the stakeholders in that process, and will we be able to realize the full benefit of blockchain, which is instant settlement? While also navigating all the different players that either have to come along the way, or maybe their business models are going to change or be obviated through this process.

15:08是啊，這真的是個很棒的方式。我想我們可能很快就要結束了。是啊，時間過得很快。不過，無論如何，對我來說，區塊鏈，也就是分散式帳本技術，是這一切中最令人興奮的部分。我在 Bitcoin 會議上這麼說可能有點猶豫，但你知道的，對於實際的代幣本身或其他東西，我基本上是持中立態度，讓市場來決定什麼是最好的。不過，能夠實現我們所說的 T zero，也就是許多金融工具的即時結算，這樣的前景真的很吸引人。Yeah. Well, so that's a great way, even. I think we probably have to end here pretty quickly. Yeah, time flies quickly. But anyway, so, you know, the blockchain for me is the distributed ledger technology for me. is the most exciting aspect about all this. So I hesitate to say it at a Bitcoin conference, but, you know, I'm basically agnostic as to the actual tokens themselves and whatnot, and may the markets, you know, decide what's best. But the prospect of having You know, T zero, what we say, instantaneous settlement for many instruments.

15:46這可能不適用於所有情況，但能夠在鏈上實現交割對付款、收據對付款的即時性，我認為這是讓我們金融體系降風險最令人興奮的事情，因為每當交易時間與清算和結算之間存在差異時，那就是一種風險，這種風險是投資人以及雙方都必須承擔的。所以，無論如何，我們的目標就是要推動這件事，讓它能夠在美國實現。現在有很多既有的業者，所有現有的交易所和其他相關單位，但我們也希望對他們開放。這也是一種讓他們自己市場降風險的方法。It probably won't work for everything, but to have that delivery versus payment, receipt versus payment immediacy on chain, I think is the most exciting to de-risk our financial system, because every second that you have a difference between. The transaction time and then clearance and settlement is a risk that, you know, the investor and, you know, both parties bear. So anyway, so we're out to, you know, try to foster that, to enable that to happen here in the United States. There are a lot of incumbent players. All with the current exchanges and everything else, but we want to make this open to them too. This is a way for them to de-risk their own markets.

16:33然後，還有來自各種其他人的絕佳想法，你知道，就是那些屬於加密原生、區塊鏈原生社群的人。所以我們想要讓——所有這些不同的花朵都能綻放，這樣只會讓美國作為一個創意和金融創新的市場更加強大。我認為，這對全世界都更好，對消費者、投資人，以及我們整體經濟都更好。And then there are great ideas out there from all sorts of other, you know, people who are on the crypto-native, you know, blockchain-native community. So we want to let—All these different flowers bloom, and so it'll just strengthen the United States as a marketplace for ideas and for financial innovation. And that's better for the world. It's better for consumers, investors, and our economy as a whole, I think.

17:03結語：美國金融創新新時代

17:03這就是我們的目標。很高興能用這個訊息作結。Atkins 主席，非常感謝你來參加，也謝謝大家。So that's what we're out to do. I think that's a great message to close on. Chairman Atkins, thank you so much for joining us. Great to see you again. Absolutely. So thank you all very much.