Odaily星球日报讯 在特朗普政府执政进入第二年之际，美国加密监管格局正发生明显变化。美国证券交易委员会（SEC）推进更为激进的加密监管议程，而商品期货交易委员会（CFTC）则在加密资产监管中扮演愈发核心的角色，双方此前的“监管权之争”趋于缓和。报道称，CFTC 代理主席此前已明确表示与 SEC 的监管分歧阶段结束，未来将加强协作。过去一年，两家机构已联合发布指导意见，涉及现货加密产品交易、24/7 市场、永续合约以及去中心化金融等重点方向。前 SEC 官员、现 Moses & Singer 律所合伙人 Howard Fischer 指出，这是他记忆中两大监管机构最具合作性的阶段。在具体行动上，SEC 主席 Paul Atkins 推出了“代币分类体系”，并启动“Project Crypto”，拟系统性更新数字资产监管规则，同时推动“创新豁免”机制以加速合规加密产品落地。SEC 还批准了部分加密 ETF 上市标准，并明确液态质押及 PoS 质押活动不构成证券交易。此外，代币化成为 SEC 的监管重点之一，近期向存管信托公司 DTC 出具的“不采取行动函”，被业内视为现实世界资产代币化的重要试点信号。与此同时，CFTC 通过“Crypto Sprint”加快规则澄清，允许交易所上线经监管批准的现货加密产品，并撤回部分限制性指引。新任 CFTC 主席 Michael Selig 被认为将在立法层面推动由 CFTC 主导的加密监管框架。Saga CEO Rebecca Liao 表示，若 CFTC 聚焦比特币这一已被明确认定为大宗商品的资产，将对整个加密市场形成显著带动效应。报道还指出，SEC 与 CFTC 目前均面临委员席位空缺问题，但分析人士认为，这不会改变 2026 年加密监管朝向协同化、制度化推进的总体趋势。（The Block）
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