入门 Circle proposes functional crypto asset framework to SEC
Circle filed a formal comment letter with the U.S. Securities and Exchange Commission on October 29, 2026, proposing a principles-based regulatory framework for crypto assets — one that distinguishes payment tokens, utility tokens, and investment tokens by function and economic reality, not legal labels alone. The submission does not request exemptions or special treatment but urges consistent application of existing securities law logic where applicable, while advocating statutory clarity for non-security digital assets. No new data points, thresholds, or enforcement timelines were disclosed in the source material.
Circle’s comment letter emphasizes functional analysis over token taxonomy. It recommends regulators assess whether an asset’s primary use is settlement (e.g., stablecoins like USDC), network access (e.g., protocol governance tokens), or capital raising (e.g., early-stage token sales). This contrasts with earlier industry proposals that leaned heavily on safe harbors or time-bound exemptions. Circle explicitly rejects bright-line tests — such as the Howey test applied rigidly to all tokens — arguing that context matters: a token sold in a public fundraising round carries different implications than the same token distributed via on-chain staking rewards. The source does not list specific legislative language or draft rule text (wublock123.com, 2026-10-29).
Stablecoin issuers — particularly those operating under U.S. banking charters or state trust licenses — may benefit from Circle’s push to treat payment tokens as distinct from securities. That could ease compliance burdens for entities like Paxos or TrustToken if the SEC adopts functional distinctions. For DeFi protocols, Circle’s framework implies governance tokens used solely for voting on open-source upgrades would fall outside securities jurisdiction — provided no centralized entity retains unilateral control or profit rights. Institutional custody providers face less direct impact, but Circle’s emphasis on ‘clear ownership transfer mechanics’ reinforces demand for verifiable, on-chain asset provenance — a feature supported by cryptodlhub’s glossary on digital asset custody. The source does not quantify adoption timelines or estimate cost savings.
Three unresolved tensions persist. First, the SEC has not confirmed whether it will treat stablecoins as commodities, payment instruments, or securities — a classification that determines which agency holds authority (CFTC vs. SEC vs. Treasury). Second, Circle’s proposal assumes inter-agency coordination, yet no joint statement or memorandum of understanding between the SEC and CFTC was referenced in the source. Third, the comment letter does not address cross-border enforcement: USDC is issued by Circle but held globally; foreign jurisdictions apply divergent standards (e.g., MiCA in the EU). Without statutory backing, any SEC guidance remains subject to judicial review — and litigation risk remains high for projects launching post-submission. The source provides no indication of internal SEC deliberation timelines or stakeholder feedback windows.
Cryptodlhub is not affiliated with Circle, the U.S. Securities and Exchange Commission, or any federal regulatory body. This article reports publicly available information and does not constitute legal, tax, or investment advice. Regulatory frameworks evolve; outcomes are uncertain. Past statements by firms do not guarantee future policy adoption. We receive referral fees when readers access exchange tools via our /go/binance-download/ link — this supports our independent reporting. For foundational concepts, see our glossary of crypto terms and guide to digital asset classification.
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