转 来自 @SECGov “加密任务小组（Crypto Task Force）——金融隐私与监控”圆桌会议的最后一段视频。 J.W. Verret（@theblockprof）向美国证监会（SEC）提出的、关于代币化股权与隐私的具体建议。 乔治梅森大学法学院教授 J.W. Verret 为监管机构勾勒了一条兼顾宪法原则与现实可行性的路线图。 宪法框架 他反对将“金钱”与“言论”割裂开来的观点，援引了 Citizens United 判例中将金钱视为言论的处理方式，以及最高法院对匿名性作为言论权利组成部分的认可。 “这一切都是相互关联的。” 向 SEC 提出的具体建议 在未来（希望是明年）代币化股权获得豁免性监管许可时，Verret 敦促 SEC： 1️⃣ 将隐私视为投资者保护 “扳手攻击（Wrench attacks）是真实存在的，而且非常残酷。”链上财富的公开暴露会让个人成为现实世界中的攻击目标。 2️⃣ 拥抱底层中立性（Base Layer Neutrality） 这与 SEC 的核心使命是一致的：公平有序的市场、竞争，以及资本形成。 3️⃣ 在 DeFi 中为代币化股权绑定 KYC/AML 前务必谨慎 目前缺乏足够的法律基础来支持这种做法。 关于“第三方原则（Third Party Doctrine）”的警告 KYC/AML 建立在“第三方原则”之上，而这一原则目前已岌岌可危。Verret 认为，如果有机会，戈萨奇大法官（Justice Gorsuch） 今天很可能会重新审视这一原则。 他半开玩笑地说：也许 SEC 真该强行附加严苛的 KYC 要求——那样反而可能成为最终推翻第三方原则的测试案例。 但严肃地讲：不要在代币化股权的豁免性监管中，附加那些缺乏成文法或宪法依据的要求，否则将危及整个改革尝试。 核心结论 让代币化股权在 DeFi 中自然存在。 谨慎选择你要“附加”上去的东西。 （注：我没能记录下这场精彩会议中的所有亮点，强烈建议观看完整的官方视频。） One final video from the @SECGov Crypto Task Force Roundtable on Financial Privacy & Surveillance J.W. Verret's @theblockprof's Concrete Recommendations to the SEC on Tokenized Equity & Privacy George Mason law professor J.W. Verret laid out a constitutional and practical roadmap for regulators: The Constitutional Framework: He pushed back on the separation of money and speech, citing Citizens United's treatment of money as speech—and the Supreme Court's recognition of anonymity as a right to speech. "It's all connected." Tangible Asks for the SEC: When tokenized equity exemptive relief comes (hopefully next year), Verret urged the SEC to: 1️⃣ Recognize privacy as investor protection — "Wrench attacks are real, and they're nasty." Exposing on-chain wealth makes people targets. 2️⃣ Embrace base layer neutrality — It's consistent with the SEC's core mission: fair and orderly markets, competition, and capital formation. 3️⃣ Think carefully before attaching KYC/AML to tokenized equity in DeFi — The legal foundation isn't there. The Third Party Doctrine Warning: KYC/AML lives on top of the third party doctrine, and that doctrine is "hanging on by a thread." Verret believes Justice Gorsuch would revisit it today if given the chance. Then, a half-serious quip: Maybe the SEC should attach aggressive KYC requirements—it could become the test case that finally kills the third party doctrine. But seriously: Don't overburden tokenized equity exemptive relief with requirements that lack statutory or constitutional foundation. It will imperil the entire effort. Bottom line: Let tokenized equity live in DeFi. Be careful what you attach. (Note: I wasn't able to capture all of the great moments from this amazing meeting, so I suggest watching the entire official video.)