SEC发布重要新规 或将改变DeFi格局
作者：Phyrex 来源：X，@Phyrex_Ni
SEC今天发布的这条信息好像中文领域关注的人并不多，但这可能是一件非常非常重要的事情，重要到可能会改变DeFi的格局。（可能不包括的内容是资产低于5,000万美元）
可能有小伙伴会质疑有没有那么夸张，可以先看新的规则，在新规则中要求：
“担任某些交易商角色的市场参与者，特别是那些在市场中承担重要流动性提供角色的市场参与者，必须在 SEC 注册，成为自律组织的成员（ SRO），并遵守联邦证券法和监管义务。”
能明白这是什么意思吗？理论上来说，这是对于做市商的要求，需要做市商必须在SEC登记注册，并且：
“任何从事规则中描述的活动的人都是“交易商”或“政府证券交易商”，并且在没有例外或豁免的情况下，需要： 根据第 15(a) 条或第 15(a) 条向委员会注册15C，如适用；成为 SRO 的成员；并遵守联邦证券法和监管义务以及适用的 SRO 和财政部规则和要求。”
也就是说这需要得到SEC审批并且获得相关的资质，才可以从事“做市商”的角色，看到这里可能还是有很多小伙伴不理解，这就是要求做市商而已，和DeFi有什么关系？
这就是最大的问题，DeFi里有一个角色叫“AMM”，组成这个角色的叫“LP”，到这里是不是明白了，给DeFi提供流动性的LP，也就是给AMM提供流动性的也叫做市商，而且实际上提供的服务确实也是做市商的服务。
那么AMM到底是不是归SEC所说的这种“担任某些交易商角色的市场参与者，特别是那些在市场中承担重要流动性提供角色的市场参与者”，这就不是一个摸棱两可的结果，我举一个例子。
假设项目方A发了一个币，然后在DEX上组了交易对，而且这个交易对中最大的流动性提供就是该项目方，那么项目方A就符合了SEC的规定，因为项目A就成为了“交易商”。
当然如果A整体的流动性包括币价非常的有限，那么即便是违反了SEC的规定，我相信也没有人来找你的麻烦，但如果把A替换成一个顶级的项目，而且这个顶级的项目吸引到了大量的用户和资金，而项目方或者是某一个人成为了最大的流动性提供者，那么你说SEC会不会下手？即便不会直接下手，但是如果搭配SEC的口头语
“你是证券”，又会怎么样？
对，你可能会说，这只是代码，这是去中心化的。这没错，但是给代码提供“流动性”的一定是拥有资产的中心化“实体”，当然你非说这是AI组的流动性池子，也不是不行，那么就要看AI最终的收益者是谁，如果是黑洞，那自然就没关系了，但如果是实体的个人，还是适用于这个新的规定。
再当然，该规定是否真的会延申到Crypto的领域（已经证实适用于DeFi），现在并不知道，但可以知道的是，这条规定是100%的包括了Crypto的领域，无非就是看SEC会选择如何执行，仅此而已。
PS：那么这项规定的坏处在哪里？这还用问吗？SEC不会轻易的对某一个个人下手，执法成本太高，收益太低，而且个人本身也不是会对某一个项目有太大影响的，但如果本身就是处于SEC“证券”的管辖范围之内，那么收到SEC传票的可能性就会很大，说人话就是如果你或者你的项目不在SEC的名单或者视线上，那就是100%池子都是你的都没事，但如果你或者你的项目正在被SEC“监视”，那么你的风险就会很高。
再举一个例子，在上一次SEC公布了几个Token是“证券”，而好死不死的你又是其中一个被认定是“证券”Token的最大流动性提供方，那么你不倒霉谁倒霉。
这里的“你”，即可能是项目方，也有可能是做市商，甚至有可能是某一个坐庄的大户。而关键点就在于“承担重要流动性提供角色的市场参与者”。尤其是你提供流动性大于5,000万美元的时候。
PS2：关于5,000万美元的门槛目前好像尚未定论，姑且先按5,000万美元计算，5,000万美元只是Gary当时犹豫后说出的数字，未必就是最终。
The information released by the author's source today seems that there are not many people who pay attention to it in the Chinese field, but it may be a very, very important thing, and the pattern that may change may not include the content that the assets are less than 10 thousand dollars, and some small partners may question whether it is so exaggerated. You can look at the new rules first. In the new rules, market participants who play the role of some traders, especially those who play an important role in providing liquidity in the market, must register as self-regulatory groups. Members of the organization and abide by the federal securities law and regulatory obligations. Can you understand what this means? Theoretically, this is a requirement for market makers. Market makers must be registered, and anyone who engages in the activities described in the rules is a dealer or government securities dealer. Without exceptions or exemptions, they need to register with the Committee as a member if applicable, and abide by the federal securities law and regulatory obligations, as well as the applicable rules and requirements of the Ministry of Finance. That is to say, This needs to be approved and qualified before it can play the role of market maker. Seeing here, there may still be many small partners who don't understand that this is just a requirement for market makers and what is the relationship. This is the biggest problem. There is a role called the one who constitutes this role. Is it clear that it is a service for providing liquidity, that is, it is also called a market maker, and the service provided is actually a market maker's service? Market participants who play the role of traders, especially those who play an important role in providing liquidity in the market, this is not an ambiguous result. Let me give an example. Suppose that the project party sends a coin and then sets up a trading pair, and the biggest liquidity provision in this trading pair is the project party, then the project party meets the regulations, because the project becomes a trader. Of course, if the overall liquidity, including the currency price, is very limited, then even if it violates the regulations, I will I believe no one will bother you, but if you replace it with a top-level project, and this top-level project attracts a large number of users and funds, and the project owner or one person becomes the largest liquidity provider, then do you think you will do it? Even if you don't do it directly, what will happen if you are a securities? You may say that this is just code, which is decentralized, but it must be a centralized entity with assets that provides liquidity to the code. Of course, it's not impossible for you to say that this is the liquidity pool of the group, so it depends on who the ultimate beneficiary is. If it is a black hole, it naturally doesn't matter. But if it is an entity or an individual, it will still apply to this new regulation. Of course, whether this regulation will really be extended to areas that we don't know now, but what we can know is that this regulation includes areas that are nothing more than how to choose to implement it. So what are the disadvantages of this regulation? It's not easy to ask. The cost of law enforcement against an individual is too high and the income is too low, and the individual himself will not have much impact on a certain project. However, if he is within the jurisdiction of securities, the possibility of receiving a subpoena is very high. To put it bluntly, if you or your project is not on the list or in sight, the pool is all yours, but if you or your project is being monitored, your risk will be high. Let me give another example. Last time, several certificates were published. You are one of the largest liquidity providers of securities, so you are not unlucky. Who is unlucky? You here may be the project party, the market maker or even a big family, and the key point lies in the market participants who play an important role in providing liquidity, especially when you provide liquidity greater than 10,000 US dollars. At present, it seems that the threshold of 10,000 US dollars has not been decided. Let's calculate 10,000 US dollars first, but the figures that were said after hesitation at that time may not be final. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台
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