#SEC加密资产证券披露指南

The new regulations on cryptocurrency asset securities disclosure from the U.S. SEC have sparked heated discussions in the industry. This guideline systematically standardizes the information disclosure obligations of cryptocurrency projects in securities issuance for the first time, even requiring the public disclosure of the underlying code of smart contracts, extending the traditional financial regulatory framework to the blockchain domain. While the new regulations enhance market transparency and strengthen investor protection, they also raise concerns about the space for technological innovation. For cryptocurrency project teams, the steep increase in compliance costs necessitates the establishment of specialized legal teams, and core technological secrets may face security risks due to the open-sourcing of code. The anonymity of project operations fundamentally conflicts with regulatory requirements for real-name systems. Regulatory agencies still need to clarify technical details such as the legal characterization of smart contracts and code auditing standards. This marks a shift for the cryptocurrency industry from "wild growth" to "regulatory deep waters"; how to maintain technological innovation momentum within a compliance framework will be key for project teams to break through. As global regulatory coordination strengthens, cryptocurrency assets may accelerate their integration into the mainstream financial system.