{"id":570,"date":"2026-01-21T16:26:59","date_gmt":"2026-01-21T08:26:59","guid":{"rendered":"https:\/\/www.shoppingguid.com\/?p=570"},"modified":"2026-01-21T16:26:59","modified_gmt":"2026-01-21T08:26:59","slug":"%e5%90%88%e5%b9%b6%e5%90%8e%e7%9a%84%e4%bb%a5%e5%a4%aa%e5%9d%8a%e6%98%af%e8%af%81%e5%88%b8%e5%90%97%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.jiankangguanli1.com\/?p=570","title":{"rendered":"\u5408\u5e76\u540e\u7684\u4ee5\u592a\u574a\u662f\u8bc1\u5238\u5417\uff1f"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"739\" height=\"375\" src=\"https:\/\/afndaily.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-03-at-5.20.39-pm.png\"  class=\"wp-image-230129\" title=\"\u5408\u5e76\u540e\u7684\u4ee5\u592a\u574a\u662f\u8bc1\u5238\u5417\uff1f\u63d2\u56fe\" alt=\"\u5408\u5e76\u540e\u7684\u4ee5\u592a\u574a\u662f\u8bc1\u5238\u5417\uff1f\u63d2\u56fe\" \/><img loading=\"lazy\" decoding=\"async\" width=\"739\" height=\"375\" src=\"https:\/\/afndaily.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/afndaily.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-03-at-5.20.39-pm.png\"  class=\"wp-image-230129 j-lazy\" title=\"\u5408\u5e76\u540e\u7684\u4ee5\u592a\u574a\u662f\u8bc1\u5238\u5417\uff1f\u63d2\u56fe1\" alt=\"\u5408\u5e76\u540e\u7684\u4ee5\u592a\u574a\u662f\u8bc1\u5238\u5417\uff1f\u63d2\u56fe1\" \/><\/figure>\n<\/div>\n<p>\u4ece\u521b\u5efa\u7684\u90a3\u4e00\u523b\u8d77\uff0c\u5173\u4e8e ETH \u6027\u8d28\u7684\u4e89\u8bba\u5c31\u4e0d\u80fd\u88ab\u7b80\u5355\u5f52\u7ed3\u3002\u5728\u6700\u8fd1\u534f\u8bae\u5411\u201c\u6743\u76ca\u8bc1\u660e\u201d\uff08PoS\uff09\u4ea4\u6613\u9a8c\u8bc1\u673a\u5236\u5b8c\u6210\u8fc7\u6e21\u65f6\uff0c\u4e89\u8bae\u53ea\u4f1a\u66f4\u751a\u3002<\/p>\n<p>\u6838\u5fc3\u4f53\u73b0\u5728 ETH \u662f\u5546\u54c1\u8fd8\u662f\u8bc1\u5238\u3002\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a (SEC) \u4e3b\u5e2d Gary Gensler \u5728\u201c\u5408\u5e76\u201d\u4e4b\u540e\u7b2c\u4e00\u4e2a\u8c08\u5230\u8fd9\u4e00\u70b9\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u4ed6\u7684\u4e3b\u8981\u7acb\u573a\u5f52\u7ed3\u4e3a\u6839\u636e\u8c6a\u5a01\u6d4b\u8bd5\uff08Howey test\uff09\uff0c\u5927\u591a\u6570\u52a0\u5bc6\u4ee3\u5e01\u90fd\u53ef\u4ee5\u4f5c\u4e3a\u8bc1\u5238\u201d\u8fd9\u4e00\u4e8b\u5b9e\u3002\u6839\u636e\u8be5\u6d4b\u8bd5\uff0c\u5982\u679c\u201c\u5bf9\u666e\u901a\u4f01\u4e1a\u8fdb\u884c\u8d27\u5e01\u6295\u8d44\uff0c\u5e76\u5408\u7406\u9884\u671f\u4ece\u5176\u4ed6\u53c2\u4e0e\u8005\u7684\u6d3b\u52a8\u4e2d\u83b7\u5229\u201d\uff0c\u5219\u786e\u8ba4\u6295\u8d44\u5408\u540c\u7684\u5b58\u5728\u3002<\/p>\n<p>\u6839\u636e Gary Gensler \u7684\u8bf4\u6cd5\uff0c\u5728\u5207\u6362\u5230 POS \u4e4b\u540e\uff0c\u4ee5\u592a\u574a\u5f00\u59cb\u66f4\u52a0\u4f53\u73b0\u51fa\u8bc1\u5238\u7684\u6027\u8d28\uff0c\u56e0\u4e3a\u201c\u4ee3\u5e01\u62b5\u62bc\u4e0e\u501f\u8d37\u975e\u5e38\u76f8\u4f3c\u201d\uff0c\u800c\u6295\u8d44\u4ee5\u592a\u5e01\u5b9e\u9645\u4e0a\u4e0e\u5229\u6da6\u9884\u671f\u76f8\u5173\u8054\uff0c\u56e0\u4e3a\u6240\u6709\u5229\u76ca\u76f8\u5173\u8005\uff08\u201c\u5176\u4ed6\u53c2\u4e0e\u8005\u201d\uff09\u7684\u6d3b\u52a8\uff0c\u5141\u8bb8\u6574\u4e2a\u9a8c\u8bc1\u673a\u5236\u5b58\u5728\uff0c\u5373\u4f7f\u7279\u5b9a\u5229\u76ca\u76f8\u5173\u8005\u7684\u5229\u6da6\u53d6\u51b3\u4e8e\u4ed6\u7684\u7279\u5b9a\u5229\u76ca\u3002<\/p>\n<p>\u540c\u65f6\uff0c\u8d1f\u8d23\u4efb\u7684\u91d1\u878d\u521b\u65b0\u6cd5\u6848 (RFIA) \u5c06\u5927\u591a\u6570\u6570\u5b57\u8d27\u5e01\u79f0\u4e3a\u5546\u54c1\uff0c\u5176\u4e2d\u5e94\u5305\u62ec ETH \u3002RFIA \u4e3a\u786e\u5b9a\u4f55\u65f6\u5c06\u6570\u5b57\u8d44\u4ea7\u89c6\u4e3a\u5546\u54c1\u4ee5\u53ca\u4f55\u65f6\u5c06\u5176\u89c6\u4e3a\u8bc1\u5238\u63d0\u4f9b\u4e86\u660e\u786e\u7684\u6807\u51c6\u3002\u5982\u679c\u8d44\u4ea7\u4e0d\u8d4b\u4e88\u6240\u6709\u8005\u516c\u53f8\u6743\u5229\uff0c\u5219\u6839\u636e\u6295\u8d44\u5408\u540c\u53d1\u884c\u7684\u4ee3\u5e01\u5c06\u6709\u8d44\u683c\u4f5c\u4e3a\u201c\u8f85\u52a9\u8d44\u4ea7\u201d\u3002RFIA \u5c06\u8f85\u52a9\u8d44\u4ea7\u4e0e\u8bb0\u5f55\u8f85\u52a9\u8d44\u4ea7\u8f6c\u8ba9\u534f\u8bae\u7684\u57fa\u7840\u6295\u8d44\u5408\u540c\u660e\u786e\u533a\u5206\u5f00\u6765\u3002\u4e8b\u5b9e\u8bc1\u660e\uff0c\u53ea\u8981 ETH \u8d4b\u4e88\u516c\u53f8\u6743\u5229\uff0c\u5305\u62ec\u83b7\u5f97\u80a1\u606f, \u90a3\u5b83\u5c31\u662f\u4e00\u79cd\u5546\u54c1\u3002<\/p>\n<p>\u6ce8\uff1a2022 \u5e74 6 \u6708 7 \u65e5\uff0c\u7f8e\u56fd\u53c2\u8bae\u5458 Cynthia Lummis (R-WY) \u548c Kirsten Gillibrand (D-NY) \u63d0\u51fa\u4e86\u300a\u8d1f\u8d23\u4efb\u91d1\u878d\u521b\u65b0\u6cd5\u6848\u300b\uff08S. 4356 &#8211; the Responsible Financial Innovation Act\uff0c\u7b80\u79f0 RFIA\uff09\uff0c\u65e8\u5728\u5efa\u7acb\u4e00\u5957\u7f8e\u56fd\u5bf9\u6570\u5b57\u8d44\u4ea7\u7684\u76d1\u7ba1\u4f53\u7cfb\u3002\u8fd9\u9879\u5907\u53d7\u671f\u5f85\u7684\u6cd5\u6848\u65e8\u5728\u89e3\u51b3\u91d1\u878d\u76d1\u7ba1\u673a\u6784\u5bf9\u6570\u5b57\u8d44\u4ea7\u7684\u7ba1\u8f96\u6743\u957f\u671f\u5b58\u5728\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u6f84\u6e05\u6570\u5b57\u8d44\u4ea7\u548c\u53bb\u4e2d\u5fc3\u5316\u81ea\u6cbb\u7ec4\u7ec7\uff08DAO\uff09\u7684\u7a0e\u6536\u95ee\u9898\uff0c\u5e76\u5bf9\u6570\u5b57\u8d44\u4ea7\u7684\u53d1\u884c\u8005\u548c\u670d\u52a1\u63d0\u4f9b\u8005\u786e\u7acb\u4fe1\u606f\u62ab\u9732\u548c\u6d88\u8d39\u8005\u4fdd\u62a4\u4e49\u52a1\u3002\u9605\u8bfb\u66f4\u591a\uff1a<\/p>\n<p>https:\/\/m.8btc.com\/article\/6774564<\/p>\n<p>\u5728 8 \u6708\u521d\u53d1\u5e03\u7684\u53c2\u8bae\u9662\u519c\u4e1a\u59d4\u5458\u4f1a\u6700\u8fd1\u9881\u5e03\u7684\u300a\u6570\u5b57\u5546\u54c1\u6d88\u8d39\u8005\u4fdd\u62a4\u6cd5\u300b\uff08\u201c\u6cd5\u6848\u201d\uff09\u4e2d\u4e5f\u662f\u540c\u6837\u7684\u903b\u8f91\u3002<\/p>\n<p>\u8be5\u6cd5\u6848\u5b9a\u4e49\u4e86\u201c\u6570\u5b57\u5546\u54c1\u201d\uff0c\u5176\u4e2d\u5305\u62ec\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\uff0c\u800c\u4e0d\u5305\u62ec\u8bc1\u5238\u5728\u5185\u7684\u67d0\u4e9b\u91d1\u878d\u5de5\u5177\u3002\u56e0\u6b64\uff0c\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a\uff08\u201cCFTC\u201d\uff09\u6307\u5b9a\u5176\u5bf9 ETH \u7684\u7ba1\u8f96\u6743\uff0c\u4f46\u4e3a\u4e0e\u8bc1\u5238\u76f8\u5173\u7684\u5176\u4ed6\u8d44\u4ea7\u7684\u76d1\u7ba1\u7559\u51fa\u4e86\u7a7a\u95f4\uff0c\u5e76\u5c06\u53d7 SEC \u76d1\u7ba1\u3002\u8be5\u6cd5\u6848\u5c06\u4f7f\u6570\u5b57\u8d44\u4ea7\u88ab\u786e\u5b9a\u4e3a\u5546\u54c1\u7684\u8fc7\u7a0b\u7cfb\u7edf\u5316\u3002<\/p>\n<p>\u8be5\u6cd5\u6848\u8fd8\u6388\u4e88 CFTC \u5bf9\u6570\u5b57\u5546\u54c1\u4ea4\u6613\u7684\u4e13\u5c5e\u7ba1\u8f96\u6743\uff0c\u4f46\u5356\u65b9\u6216\u6d88\u8d39\u8005\u4ec5\u4f7f\u7528\u6570\u5b57\u5546\u54c1\u8d2d\u4e70\u6216\u51fa\u552e\u5546\u54c1\u6216\u670d\u52a1\u7684\u4ea4\u6613\u9664\u5916\u3002<\/p>\n<p>\u6b63\u5982\u6211\u4eec\u6240\u770b\u5230\u7684\uff0c\u5bf9 ETH \u7684\u76d1\u7ba1\u6709\u4e0d\u540c\u65b9\u5f0f\u3002\u5728\u6211\u770b\u6765\uff0c\u65b9\u5f0f\u7684\u4e0d\u540c\u662f\u7531\u4e8e ETH \u6027\u8d28\u7684\u7279\u6b8a\u6027\uff1a<\/p>\n<p>1. \u5728\u8d28\u62bc\u7684\u60c5\u51b5\u4e0b\uff0c\u6211\u4eec\u8c08\u8bba\u7684\u662f\u901a\u8fc7\u653e\u7f6e\u4ee3\u5e01\u4f5c\u4e3a\u9a8c\u8bc1\u533a\u5757\u94fe\u4ea4\u6613\u7684\u673a\u5236\u800c\u83b7\u5f97\u7684\u6536\u5165\u3002\u662f\u7684\uff0c\u5b83\u4e0e\u503a\u52a1\u8bc1\u5238\u975e\u5e38\u76f8\u4f3c\u3002<\/p>\n<p>2. 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