<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/20260317_1116_Image-Generation_simple_compose_01kkx59k9se0arbwvyvd126dxw.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/20260317_1116_Image-Generation_simple_compose_01kkx59k9se0arbwvyvd126dxw.png"/></p>
<p>美國證券交易委員會已提議對一項關鍵的經紀商報告規則進行修訂，該修訂可能將加密資產從最初為股票證券設計的要求中剔除。</p>
<p>根據週一發佈的聲明，委員會提議修訂第 15c2-11 條，以將場外市場經紀商的報告要求範圍限制為僅限股票證券，實際上是撤回了 2021 年引入的更廣泛的解釋。</p>
<h2>什麼是第 15c2-11 條？</h2>
<p>第 15c2-11 條於 1971 年首次引入並通過，是一項證券交易法條款，規定了經紀商如何在場外市場發佈證券報價。</p>
<p>該規則旨在解決薄弱交易市場中的欺詐風險，特別是針對便士股票，要求公司在報價證券之前驗證基本的發行人信息是否公開可用。</p>
<p>從本質上講，該規則要求經紀商審查並維護有關發行人的最新信息，包括其業務運營、管理和財務狀況的詳細信息。</p>
<p>如果這些信息不可獲取且不及時更新，經紀商不得在場外市場啓動或恢復該證券的報價，這實際上充當了一種把關機制，防止不透明或潛在欺詐的證券被積極報價。</p>
<h2>這對加密貨幣意味着什麼？</h2>
<p>幾十年來，市場參與者普遍認為該規則適用於普通股和優先股等股票證券。</p>
<p>然而，2020 年通過並於 2021 年實施的修訂挑戰了這一長期理解，擴大了該規則的解釋範圍。</p>
<p>更新後的方法為第 15c2-11 條的適用範圍超越股票，擴展到其他資產類別，包括固定收益工具，這引發了關於某些加密資產是否也可能被視為證券的問題。</p>
<p>許多代幣並沒有傳統上市公司提供的結構化披露，這使得公司難以滿足該規則的信息要求。</p>
<p>因此，一些市場參與者因合規風險的擔憂而減少了對這些資產的報價或交易促進。</p>
<p>SEC 最新的提案旨在通過明確將該規則限制在股票證券上來劃定更清晰的邊界。</p>
<p>通過這樣做，它表明第 15c2-11 條下的報告框架並不打算適用於加密資產，即使在其作為證券的分類問題尚未解決的情況下。</p>
<p>對於加密市場而言，這一變化可能使經紀商更容易支持二級交易活動，而無需依賴與大多數數字資產運作方式不一致的披露標準。</p>
<p>這也減少了公司在一項從未針對去中心化網絡或基於代幣的系統設計的規則下面臨執法行動的可能性。</p>
<p>與此同時，該提案並未將加密貨幣排除在監管範圍之外。</p>
<p>SEC 已明確表示，監管將通過其他機制繼續進行，特別是在與欺詐、市場操縱以及數字資產何時符合證券資格的問題相關的領域。</p>
<h2>SEC 正在徵求意見</h2>
<p>委員會已開啓為期 60 天的公眾評論期，以收集關於股票證券的定義是否應擴展到加密資產以及該規則未來應如何適用的反饋。</p>
<p>SEC 委員 Hester Peirce 歡迎這一提案，她表示這將有助於解決該規則擴展解釋所造成的多年來的混亂。</p>
<p>“根據其條款，第 15c2-11 條的文本始終適用於 ‘證券’ 的報價。然而，市場參與者和包括我在內的其他觀察者理解該規則僅適用於場外（‘OTC’）股票證券的報價，” 她補充道。</p>
<p>該文章的標題為《SEC 尋求將加密貨幣排除在第 15c2-11 條之外，這意味着什麼？》，首次發佈在 Invezz 上。</p>

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<p>美國證券交易委員會（SEC）已提議修訂第 15c2-11 條規則，旨在將加密資產排除在原本為股票證券設計的經紀商報告要求之外。此項變更旨在明確該規則僅適用於股票證券，從而減輕加密市場中經紀商的合規負擔。雖然這並不意味着加密資產免於監管，但它降低了在不適用於去中心化網絡的規則下采取執法行動的風險。SEC 目前正在徵求公眾對該提案的意見</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/20260317_1116_Image-Generation_simple_compose_01kkx59k9se0arbwvyvd126dxw.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/20260317_1116_Image-Generation_simple_compose_01kkx59k9se0arbwvyvd126dxw.png"/></p>
<p>The US Securities and Exchange Commission has proposed an amendment to a key broker-dealer reporting rule that could carve out crypto assets from requirements originally designed for equity securities.</p>
<div class="lb-trans"><p>美國證券交易委員會已提議對一項關鍵的經紀商報告規則進行修訂，該修訂可能將加密資產從最初為股票證券設計的要求中剔除。</p>
</div><p>According to a statement released on Monday, the commission has proposed an amendment to Rule 15c2-11 to limit the scope of reporting requirements for broker-dealers in the over-the-counter market to equity securities only, effectively rolling back the broader interpretation introduced in 2021.</p>
<div class="lb-trans"><p>根據週一發佈的聲明，委員會提議修訂第 15c2-11 條，以將場外市場經紀商的報告要求範圍限制為僅限股票證券，實際上是撤回了 2021 年引入的更廣泛的解釋。</p>
</div><h2>What is Rule 15c2-11?</h2>
<div class="lb-trans"><h2>什麼是第 15c2-11 條？</h2>
</div><p>First introduced and adopted in 1971, Rule 15c2-11 is a Securities Exchange Act provision that governs how broker-dealers can publish quotations for securities in the over-the-counter market.</p>
<div class="lb-trans"><p>第 15c2-11 條於 1971 年首次引入並通過，是一項證券交易法條款，規定了經紀商如何在場外市場發佈證券報價。</p>
</div><p>The rule was designed to address fraud risks in thinly traded markets, particularly in penny stocks, by requiring firms to verify that basic issuer information is publicly available before quoting a security.</p>
<div class="lb-trans"><p>該規則旨在解決薄弱交易市場中的欺詐風險，特別是針對便士股票，要求公司在報價證券之前驗證基本的發行人信息是否公開可用。</p>
</div><p>At its core, the rule places an obligation on broker-dealers to review and maintain current information about an issuer, including details about its business operations, management, and financial condition.</p>
<div class="lb-trans"><p>從本質上講，該規則要求經紀商審查並維護有關發行人的最新信息，包括其業務運營、管理和財務狀況的詳細信息。</p>
</div><p>Without this information being accessible and up to date, a broker-dealer is not permitted to initiate or resume quotations for that security in OTC markets which effectively acts as a gatekeeping mechanism, preventing opaque or potentially fraudulent securities from being actively quoted.</p>
<div class="lb-trans"><p>如果這些信息不可獲取且不及時更新，經紀商不得在場外市場啓動或恢復該證券的報價，這實際上充當了一種把關機制，防止不透明或潛在欺詐的證券被積極報價。</p>
</div><h2>What does it mean for crypto?</h2>
<div class="lb-trans"><h2>這對加密貨幣意味着什麼？</h2>
</div><p>For decades, market participants largely understood the rule to apply to equity securities such as common and preferred stock.</p>
<div class="lb-trans"><p>幾十年來，市場參與者普遍認為該規則適用於普通股和優先股等股票證券。</p>
</div><p>However, that long-held understanding was challenged after amendments adopted in 2020 and implemented in 2021 broadened how the rule could be interpreted.</p>
<div class="lb-trans"><p>然而，2020 年通過並於 2021 年實施的修訂挑戰了這一長期理解，擴大了該規則的解釋範圍。</p>
</div><p>The updated approach opened the door for Rule 15c2-11 to extend beyond equities and into other asset classes, including fixed income instruments, which in turn raised questions about whether certain crypto assets could also fall within its scope if deemed securities.</p>
<div class="lb-trans"><p>更新後的方法為第 15c2-11 條的適用範圍超越股票，擴展到其他資產類別，包括固定收益工具，這引發了關於某些加密資產是否也可能被視為證券的問題。</p>
</div><p>Many tokens do not have the kind of structured disclosures that traditional public companies provide, making it hard for firms to satisfy the rule’s information requirements.</p>
<div class="lb-trans"><p>許多代幣並沒有傳統上市公司提供的結構化披露，這使得公司難以滿足該規則的信息要求。</p>
</div><p>As a result, some market participants pulled back from quoting or facilitating trades in these assets due to concerns around compliance risk.</p>
<div class="lb-trans"><p>因此，一些市場參與者因合規風險的擔憂而減少了對這些資產的報價或交易促進。</p>
</div><p>The SEC’s latest proposal seeks to draw a clearer boundary by explicitly limiting the rule to equity securities.</p>
<div class="lb-trans"><p>SEC 最新的提案旨在通過明確將該規則限制在股票證券上來劃定更清晰的邊界。</p>
</div><p>By doing so, it signals that the reporting framework under Rule 15c2-11 is not intended to apply to crypto assets, even in cases where questions around their classification as securities remain unresolved.</p>
<div class="lb-trans"><p>通過這樣做，它表明第 15c2-11 條下的報告框架並不打算適用於加密資產，即使在其作為證券的分類問題尚未解決的情況下。</p>
</div><p>For the crypto market, the change could make it easier for broker-dealers to support secondary trading activity without needing to rely on disclosure standards that do not align with how most digital assets operate.</p>
<div class="lb-trans"><p>對於加密市場而言，這一變化可能使經紀商更容易支持二級交易活動，而無需依賴與大多數數字資產運作方式不一致的披露標準。</p>
</div><p>It also reduces the likelihood of firms facing enforcement action under a rule that was never designed with decentralised networks or token-based systems in mind.</p>
<div class="lb-trans"><p>這也減少了公司在一項從未針對去中心化網絡或基於代幣的系統設計的規則下面臨執法行動的可能性。</p>
</div><p>At the same time, the proposal does not place crypto outside the regulatory perimeter.</p>
<div class="lb-trans"><p>與此同時，該提案並未將加密貨幣排除在監管範圍之外。</p>
</div><p>The SEC has made it clear that oversight will continue through other mechanisms, particularly in areas related to fraud, market manipulation, and the question of when a digital asset qualifies as a security.</p>
<div class="lb-trans"><p>SEC 已明確表示，監管將通過其他機制繼續進行，特別是在與欺詐、市場操縱以及數字資產何時符合證券資格的問題相關的領域。</p>
</div><h2>SEC is seeking comments</h2>
<div class="lb-trans"><h2>SEC 正在徵求意見</h2>
</div><p>The commission has opened a 60-day public comment period to gather feedback on whether the definition of equity securities should extend to crypto assets and how the rule should apply going forward.</p>
<div class="lb-trans"><p>委員會已開啓為期 60 天的公眾評論期，以收集關於股票證券的定義是否應擴展到加密資產以及該規則未來應如何適用的反饋。</p>
</div><p>SEC commissioner Hester Peirce has welcomed the proposal, which she said would help address years of confusion created by the rule’s expanded interpretation.</p>
<div class="lb-trans"><p>SEC 委員 Hester Peirce 歡迎這一提案，她表示這將有助於解決該規則擴展解釋所造成的多年來的混亂。</p>
</div><p>“By its terms, the text of Rule 15c2-11 always has applied to quotations of a ‘security.’ Market participants and other observers including me, however, understood the rule to apply only to quotations of over-the-counter (‘OTC’) equity securities,” she added.</p>
<div class="lb-trans"><p>“根據其條款，第 15c2-11 條的文本始終適用於 ‘證券’ 的報價。然而，市場參與者和包括我在內的其他觀察者理解該規則僅適用於場外（‘OTC’）股票證券的報價，” 她補充道。</p>
</div><p>The post SEC seeks to exclude crypto from Rule 15c2-11, what does it mean? appeared first on Invezz</p>
<div class="lb-trans"><p>該文章的標題為《SEC 尋求將加密貨幣排除在第 15c2-11 條之外，這意味着什麼？》，首次發佈在 Invezz 上。</p>
</div>

SEC seeks to exclude crypto from Rule 15c2-11, what does it mean?

- 美國證券交易委員會提議修改經紀交易商報告規則，以限制報告要求。  
- 新提案將報告範圍限於股票，不再涵蓋加密資產，減少合規風險。  
- 此舉可能促進經紀交易商支持加密資產的二級交易活動。

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美國證券交易委員會（SEC）尋求將加密貨幣排除在 15c2-11 規則之外，這意味着什麼？