# Exemption的所有文章

在 HTX 新闻中心浏览与「Exemption」相关的最新资讯与深度分析。潘盖市场趋势、项目动态、技术进展及监管政策，提供权威的加密行业洞察。

Five-Year Exemption Window: SEC Officially Eases Restrictions on Crypto Asset Securities Trading Interfaces

The U.S. SEC’s Division of Trading and Markets has issued a staff statement providing a five-year exemption from broker-dealer registration for certain crypto asset securities trading interfaces, effective until April 13, 2031. The guidance clarifies that front-end interfaces—such as DeFi platforms, browser extensions, and self-custody wallet integrations—are not considered brokers if they solely act as neutral tools that translate user trading parameters into executable on-chain instructions and provide market data (e.g., gas fees, execution routes), without engaging in order execution, custody, or transaction facilitation. To qualify, these “Covered user interfaces” must adhere to 12 strict conditions centered on neutrality, transparency, and user control. Key requirements include: - Strict neutrality: no promotion of specific securities or execution paths; only objective, verifiable data display. - No payment for order flow or third-party compensation; only fixed, uniform fees permitted. - Full disclosure of conflicts, operational policies, and clear statements that the interface is not SEC-registered. The statement explicitly prohibits interfaces from negotiating terms, offering investment advice, handling user assets, or routing orders. This move aims to separate technical front-ends from financial intermediation, pushing the industry toward compliant, non-custodial, and transparent operations while addressing risks like MEV through enhanced user awareness.

marsbit04/14 07:25

Five-Year Exemption Window: SEC Officially Eases Restrictions on Crypto Asset Securities Trading Interfaces

marsbit04/14 07:25

‘In a few weeks’ – SEC’s tokenization exemption nears, but lawmakers worry

SEC Chair Paul Atkins confirmed that the long-awaited "innovation exemption" for tokenized securities may be rolled out within weeks, pending internal processes. While lawmakers recognize tokenization potential to modernize capital markets—improving efficiency, transparency, and accessibility—they raised strong concerns about investor protection. Some worry the exemption could create a two-tiered market, reducing regulatory oversight. Despite pushback from traditional firms like Citadel, major institutions such as NYSE, Nasdaq, and Morgan Stanley are preparing for tokenized trading. The SEC maintains that tokenized securities remain subject to existing securities laws but will receive similar capital treatment as traditional assets.

ambcrypto03/26 16:05

‘In a few weeks’ – SEC’s tokenization exemption nears, but lawmakers worry

ambcrypto03/26 16:05

‘Clarity once and for all’ – White House reviews SEC’s new crypto framework

The U.S. SEC is shifting its approach to crypto regulation by moving away from enforcement actions toward creating clear rules. On March 20, it submitted two proposals to the White House, one aimed at classifying digital assets to determine which should be considered securities. If approved, many cryptocurrencies may no longer be classified as securities, reducing regulatory confusion. An "innovation exemption" may ease compliance for crypto firms, encouraging innovation in the U.S. The CFTC chair emphasized the need for clarity. The SEC-CFTC collaboration suggests most digital assets should not be automatically treated as securities. Despite recent market gains, investor sentiment remains fearful. The new framework seeks to balance oversight and growth while awaiting potential congressional legislation.

ambcrypto03/24 15:08

‘Clarity once and for all’ – White House reviews SEC’s new crypto framework

ambcrypto03/24 15:08

SEC’s Atkins Charts New Course For Crypto Regulation In Latest Shift Toward Clarity

SEC Chair Paul Atkins announced a shift in the agency's approach to crypto regulation, moving away from enforcement-driven actions toward clearer, more constructive rules. He criticized the previous strategy for creating uncertainty and driving innovation offshore. The SEC and CFTC jointly issued interpretive guidance clarifying that crypto assets should not be treated as securities and identified four exempt categories: digital commodities, tools, collectibles (like NFTs), and stablecoins. Atkins also disclosed plans for a "startup exemption" and an upcoming safe harbor proposal to allow limited experimentation without full SEC compliance. The new guidance aims to provide regulatory clarity and keep crypto innovation within the U.S.

bitcoinist03/20 11:05

SEC’s Atkins Charts New Course For Crypto Regulation In Latest Shift Toward Clarity

bitcoinist03/20 11:05

Phantom Secures CFTC Exemption Letter, Enabling Crypto Wallets to Directly Connect to Compliant Derivatives Markets for the First Time

Phantom has secured a no-action relief letter from the CFTC, allowing its non-custodial crypto wallet to directly connect users to regulated derivatives and event contract markets—without requiring Phantom to register as an introducing broker. This marks the first global exemption of its kind. The approval enables Phantom to serve as a direct interface for users to submit orders to CFTC-registered exchanges, such as Designated Contract Markets (DCMs), while ensuring user funds are never held by Phantom. The exemption includes specific conditions to protect users and align with CFTC policy priorities. Phantom adopted a proactive compliance approach—engaging with regulators early and seeking clarity before launch, rather than building first and seeking forgiveness later. The company believes this sets a new precedent for constructive regulatory collaboration in crypto. The CFTC indicated it may develop future rules or guidance that could replace this exemption. Phantom hopes its efforts help establish a lasting framework benefiting the broader industry. The move reinforces Phantom’s commitment to offering secure, compliant, and user-centric financial access in crypto.

marsbit03/18 05:49

Phantom Secures CFTC Exemption Letter, Enabling Crypto Wallets to Directly Connect to Compliant Derivatives Markets for the First Time

marsbit03/18 05:49

Bitcoin Tax Battle: Bitcoin Policy Institute Pushes For Inclusion, Coinbase Tackles Allegations

The Bitcoin Policy Institute (BPI) has released a report addressing ongoing U.S. legislative efforts to establish a Bitcoin de minimis tax exemption. Pro-crypto Senator Cynthia Lummis is advocating for a standalone bill proposing a $300 transaction threshold and a $5,000 annual cap, alongside measures to prevent double taxation for miners and stakers. The bill is projected to generate $600 million over a decade. However, with midterm elections approaching and Lummis leaving the Senate in 2027, BPI warns that the window for passing such legislation is narrowing. Meanwhile, Coinbase has denied allegations that it lobbied against the tax exemption to favor stablecoins, with its Chief Policy Officer stating the company "has never and will never lobby against Bitcoin."

bitcoinist03/13 11:32

Bitcoin Tax Battle: Bitcoin Policy Institute Pushes For Inclusion, Coinbase Tackles Allegations

bitcoinist03/13 11:32

Hester Peirce Says SEC Working on Limited Innovation Exemption for Tokenized Securities

SEC Commissioner Hester Peirce has indicated that the agency is developing a limited innovation exemption to allow restricted trading and experimentation with tokenized securities within the current regulatory framework. The proposal, discussed during an SEC Investor Advisory Committee meeting, is intended to be narrower than a broad blanket exemption. The committee cautioned against a wide-ranging exemption, emphasizing that such assets must still comply with federal securities laws. It also acknowledged potential benefits of tokenization, including improved settlement efficiency, reduced intermediary dependency, and possible 24-hour trading. Any regulatory changes would undergo standard public notice and comment procedures.

TheNewsCrypto03/13 07:43

Hester Peirce Says SEC Working on Limited Innovation Exemption for Tokenized Securities

TheNewsCrypto03/13 07:43

CFTC Partners With SEC On ‘Project Crypto’ For Unified Regulatory Approach

The U.S. SEC and CFTC are relaunched "Project Crypto" as a joint initiative to create a unified regulatory framework for crypto assets. The effort aims to harmonize oversight, clarify jurisdictional boundaries, eliminate redundant compliance requirements, and enhance interagency coordination. Both agencies emphasized the need for precise, innovation-friendly regulation that supports economic growth while protecting investors. Additionally, the SEC delayed its anticipated innovation exemption for crypto firms, originally expected by early 2026, citing the need for careful implementation and potential disruptions from government shutdowns. The exemption would allow crypto products to launch under principles-based conditions rather than prescriptive rules. Both chairs reaffirmed their commitment to ensuring that the U.S. remains a leader in the evolving digital asset landscape.

bitcoinist01/31 14:02

CFTC Partners With SEC On ‘Project Crypto’ For Unified Regulatory Approach

bitcoinist01/31 14:02

Crypto Exemption Fails to Take Effect in January! SEC Slams the Brakes, Wall Street in Uproar

The U.S. SEC's planned January implementation of a broad regulatory exemption for tokenized securities and DeFi projects has been delayed following strong opposition from Wall Street institutions. In a closed-door meeting, major financial entities including JPMorgan, Citadel, and SIFMA argued against creating a separate regulatory framework for crypto assets. They advocated for applying existing federal securities laws under a "same business, same rules" principle, warning that broad exemptions could undermine investor protection and introduce systemic risks, citing past market failures as examples. Concurrently, the SEC released guidance clarifying that tokenization does not change the applicability of securities laws. It categorized tokenized securities into two types: issuer-sponsored (subject to traditional registration) and third-party sponsored (including custodial and synthetic models, the latter potentially falling under swap regulations). The SEC emphasized that regulatory treatment depends on economic substance, not technology, and expressed openness to working with innovators within the existing legal framework. This move aims to reduce regulatory arbitrage and pave the way for more traditional institutional participation in tokenized assets.

marsbit01/30 02:05

Crypto Exemption Fails to Take Effect in January! SEC Slams the Brakes, Wall Street in Uproar

marsbit01/30 02:05

PARITY Act Explained—House Lawmakers Propose New Crypto Tax Rules

A bipartisan group of U.S. House lawmakers has introduced the draft PARITY Act, aiming to modernize crypto taxation. A key provision creates a de minimis exemption for small gains or losses from everyday transactions using regulated, dollar-pegged stablecoins, treating them similarly to foreign currency. The bill also proposes extending stock market wash-sale rules to digital assets to prevent investors from claiming tax deductions on quick buy-backs. It includes measures on mark-to-market accounting, constructive sales, and clearer rules for staking, mining, and crypto lending to defer income recognition. The goal is to provide clarity and an even playing field without creating new loopholes.

ccn.com12/22 08:19

PARITY Act Explained—House Lawmakers Propose New Crypto Tax Rules