SEC исключила DePIN-токены из-под своего контроля

cryptonews.ruPublicado em 2025-05-29Última atualização em 2025-09-30

DePIN-токены не являются ценными бумагами, поэтому находятся вне надзора SEC. Об этом говорится в письме регулятора, адресованном проекту DoubleZero.

Главный юрист отдела корпоративных финансов Комиссии Майкл Симэн заявил, что не будет рекомендовать ведомству предпринимать меры в отношении запланированного запуска токена 2Z. По его словам, монета не требует регистрации в качестве ценной бумаги согласно американскому законодательству.

В заявлении команда DoubleZero пояснила, что ее протокол предоставляет блокчейн-системам доступ к «недоиспользуемым частным оптоволоконным линиям», которые обслуживаются участниками сети. Последние и будут получать монеты 2Z.

Соучредитель проекта Остин Федера назвал решение SEC доказательством возможности продуктивного диалога между регуляторами и криптопроектами.

Today is a monumental day for crypto in America.

The @SECGov Division of Corporation Finance confirmed that the DoubleZero Networks’ native token (2Z) flows to contributors of the network are not subject to the registration requirements under the Securities Acts, and has issued… https://t.co/zefnuHDW2p

— Austin Federa | 🇺🇸 (@Austin_Federa) September 29, 2025

«Вердикт SEC по модели токена 2Z — прецедент, важный не только для DoubleZero. Он доказывает, что в Америке может существовать правовое поле для токенов, которые не просто соответствуют регуляторным нормам, но и являются ключевым элементом работы блокчейн-систем, приносящих реальную пользу», — написал он.

Сообщество позитивно отреагировало на новость. К поздравлениям DoubleZero с регуляторной победой также присоединился основатель Solana Анатолий Яковенко.

Yuuuge!!!

— toly 🇺🇸 (@aeyakovenko) September 29, 2025

Бывшая журналистка Fox Business Элеанор Терретт отметила:

«В более широком контексте, это первое письмо об отказе от преследования, полученное от SEC, которое дает определенную нормативную определенность в отношении некоторых моделей распределения токенов».

Позиция SEC

Комиссар Хестер Пирс отдельно пояснила, что экономическая сущность DePIN-проектов фундаментально отличается от операций по привлечению капитала, которые находятся в рамках юрисдикции регулятора.

Она назвала токены этого сегмента — функциональные стимулы для поощрения участников сети, а не доли в компании или обещания прибыли от чужих усилий. По словам чиновницы, такая позиция регулятора позволит провайдерам «вкладывать время в создание инфраструктуры вместо анализа нюансов законов о ценных бумагах».

«Конгресс создал SEC для надзора за рынками ценных бумаг, а не для регулирования всей экономической деятельности», — подчеркнула Пирс.

Комиссар также предупредила, что блокчейн-технологии не раскроют потенциал, если регуляторы будут пытаться вписать все виды деятельности в существующие финансовые рамки.

Напомним, в июле Белый дом представил рекомендации по регулированию криптовалют. Впоследствии SEC запустила инициативу Project Crypto, которую аналитики Bernstein назвали «революционной».

В августе глава Комиссии Пол Аткинс заявил о начале разработки четких правил для криптовалютной отрасли. Позднее он также прокомментировал статус цифровых активов, отметив, что лишь немногие токены являются ценными бумагами.

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