{"id":177413,"date":"2025-12-13T06:14:22","date_gmt":"2025-12-13T06:14:22","guid":{"rendered":"https:\/\/ktromedia.com\/?p=177413"},"modified":"2025-12-13T06:14:22","modified_gmt":"2025-12-13T06:14:22","slug":"%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e7%bb%84%e7%bb%87%e7%8c%9b%e7%83%88%e6%8a%a8%e5%87%bb-citadel-%e8%a6%81%e6%b1%82%e6%9b%b4%e4%b8%a5%e6%a0%bc-defi-%e8%a7%84%e5%88%99%e7%9a%84%e5%91%bc%e5%90%81","status":"publish","type":"post","link":"https:\/\/ktromedia.com\/?p=177413","title":{"rendered":"\u52a0\u5bc6\u8d27\u5e01\u7ec4\u7ec7\u731b\u70c8\u62a8\u51fb Citadel \u8981\u6c42\u66f4\u4e25\u683c DeFi \u89c4\u5219\u7684\u547c\u5401"},"content":{"rendered":"<div data-v-ae253174=\"\">\n<p data-ct-non-breakable=\"undefined\">\u4e00\u7fa4\u52a0\u5bc6\u8d27\u5e01\u7ec4\u7ec7\u62d2\u7edd\u4e86 Citadel \u8bc1\u5238\u7684\u8981\u6c42\uff0c\u5373\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u5728\u4ee3\u5e01\u5316\u80a1\u7968\u65b9\u9762\u52a0\u5f3a\u5bf9\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u7684\u76d1\u7ba1\u3002<\/p>\n<p>Andreessen Horowitz\u3001Uniswap \u57fa\u91d1\u4f1a\u4ee5\u53ca\u52a0\u5bc6\u8d27\u5e01\u6e38\u8bf4\u56e2\u4f53 DeFi Education Fund \u548c The Digital Chamber \u7b49\u8868\u793a\uff0c\u4ed6\u4eec\u5e0c\u671b\u5728\u4e00\u4efd\u58f0\u660e\u4e2d\u201c\u7ea0\u6b63\u4e00\u4e9b\u4e8b\u5b9e\u9519\u8bef\u63cf\u8ff0\u548c\u8bef\u5bfc\u6027\u9648\u8ff0\u201d\u3002 <a href=\"https:\/\/www.sec.gov\/files\/citadel-securities-letter-121225.pdf\" rel=\"noopener nofollow\" target=\"_blank\">\u4fe1<\/a> \u5468\u4e94\u5411\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u63d0\u4ea4\u3002<\/p>\n<p>\u8be5\u7ec4\u7ec7\u6b63\u5728\u56de\u590d Citadel \u672c\u6708\u65e9\u4e9b\u65f6\u5019\u7684\u4e00\u5c01\u4fe1\uff0c\u5176\u4e2d <a href=\"https:\/\/cointelegraph.com\/news\/crypto-community-slams-citadel-for-urging-sec-to-regulate-defi-developers\">\u6566\u4fc3 SEC \u4e0d\u8981\u7ed9\u4e88 DeFi<\/a> \u5e73\u53f0\u63d0\u4f9b\u4ea4\u6613\u7684\u201c\u5e7f\u6cdb\u8c41\u514d\u6551\u6d4e\u201d <a href=\"https:\/\/cointelegraph.com\/learn\/articles\/asset-tokenization\">\u4ee3\u5e01\u5316\u7684\u7f8e\u56fd\u80a1\u7968<\/a>\uff0c\u8ba4\u4e3a\u5b83\u4eec\u53ef\u80fd\u88ab\u5b9a\u4e49\u4e3a\u53d7\u8bc1\u5238\u6cd5\u76d1\u7ba1\u7684\u201c\u4ea4\u6613\u6240\u201d\u6216\u201c\u7ecf\u7eaa\u4ea4\u6613\u5546\u201d\u3002<\/p>\n<p>\u8be5\u7ec4\u7ec7\u8868\u793a\uff1a\u201cCitadel \u7684\u4fe1\u51fd\u57fa\u4e8e\u5bf9\u8bc1\u5238\u6cd5\u7684\u6709\u7f3a\u9677\u7684\u5206\u6790\uff0c\u8be5\u5206\u6790\u8bd5\u56fe\u5c06 SEC \u7684\u6ce8\u518c\u8981\u6c42\u6269\u5c55\u5230\u51e0\u4e4e\u4efb\u4f55\u4e0e DeFi \u4ea4\u6613\u6700\u65e0\u5173\u7684\u5b9e\u4f53\u3002\u201d<\/p>\n<p>\u8be5\u7ec4\u7ec7\u8865\u5145\u8bf4\uff0c\u4ed6\u4eec\u540c\u610f Citadel \u4fdd\u62a4\u6295\u8d44\u8005\u548c\u5e02\u573a\u8bda\u4fe1\u7684\u76ee\u6807\uff0c\u4f46\u4e0d\u540c\u610f\u201c\u5b9e\u73b0\u8fd9\u4e9b\u76ee\u6807\u603b\u662f\u9700\u8981\u6ce8\u518c\u4e3a\u4f20\u7edf\u7684 SEC \u4e2d\u4ecb\u673a\u6784\uff0c\u5e76\u4e14\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\u65e0\u6cd5\u901a\u8fc7\u7cbe\u5fc3\u8bbe\u8ba1\u7684\u94fe\u4e0a\u5e02\u573a\u6765\u5b9e\u73b0\u3002\u201d<\/p>\n<h2>\u8be5\u7ec4\u7ec7\u8868\u793a\uff0cCitadel \u7684\u8981\u6c42\u4e0d\u5207\u5b9e\u9645<\/h2>\n<p data-ct-non-breakable=\"undefined\">\u8be5\u7ec4\u7ec7\u8ba4\u4e3a\uff0c\u76d1\u7ba1\u53bb\u4e2d\u5fc3\u5316\u5e73\u53f0 <a href=\"https:\/\/cointelegraph.com\/learn\/articles\/commodities-vs-securities\">\u8bc1\u5238\u6cd5<\/a> \u201c\u9274\u4e8e\u5176\u529f\u80fd\uff0c\u8fd9\u662f\u4e0d\u5207\u5b9e\u9645\u7684\u201d\uff0c\u5e76\u4e14\u53ef\u4ee5\u6355\u83b7\u901a\u5e38\u4e0d\u88ab\u89c6\u4e3a\u63d0\u4f9b\u4ea4\u6362\u670d\u52a1\u7684\u5e7f\u6cdb\u94fe\u4e0a\u6d3b\u52a8\u3002<\/p>\n<p>\u8fd9\u5c01\u4fe1\u8fd8\u9488\u5bf9 Citadel \u5c06\u81ea\u4e3b\u8f6f\u4ef6\u63cf\u8ff0\u4e3a\u4e2d\u4ecb\u7684\u8bf4\u6cd5\uff0c\u8ba4\u4e3a\u5b83\u4e0d\u80fd\u6210\u4e3a\u201c\u91d1\u878d\u4ea4\u6613\u4e2d\u7684\u2018\u4e2d\u95f4\u4eba\u2019\uff0c\u56e0\u4e3a\u5b83\u4e0d\u662f\u4e00\u4e2a\u80fd\u591f\u884c\u4f7f\u72ec\u7acb\u88c1\u91cf\u6743\u6216\u5224\u65ad\u529b\u7684\u4eba\u201d\u3002<\/p>\n<figure>    <figcaption style=\"text-align: center;\"><em>\u6765\u6e90\uff1a <\/em><a href=\"https:\/\/x.com\/fund_defi\/status\/1999554704741650667\" rel=\"nofollow noopener\" target=\"_blank\" title=\"https:\/\/x.com\/fund_defi\/status\/1999554704741650667\"><em>DeFi\u6559\u80b2\u57fa\u91d1<\/em><\/a><\/figcaption><\/figure>\n<p>\u8be5\u7ec4\u7ec7\u8ba4\u4e3a\uff1a\u201cDeFi \u6280\u672f\u662f\u4e00\u9879\u65b0\u7684\u521b\u65b0\uff0c\u65e8\u5728\u4ee5\u4e0e\u4f20\u7edf\u91d1\u878d\u7cfb\u7edf\u4e0d\u540c\u7684\u65b9\u5f0f\u89e3\u51b3\u5e02\u573a\u98ce\u9669\u548c\u5f39\u6027\uff0c\u5e76\u4e14 DeFi \u4ee5\u4f20\u7edf\u91d1\u878d\u65e0\u6cd5\u505a\u5230\u7684\u65b9\u5f0f\u4fdd\u62a4\u6295\u8d44\u8005\u3002\u201d<\/p>\n<p><em><strong>\u6709\u5173\u7684\uff1a <\/strong><\/em><a href=\"https:\/\/cointelegraph.com\/news\/sec-caroline-crenshaw-crypto-regulation\"><em><strong>SEC \u7684\u514b\u4f26\u8096\u5728\u673a\u6784\u7684\u6700\u540e\u51e0\u5468\u7784\u51c6\u4e86\u52a0\u5bc6\u8d27\u5e01<\/strong><\/em><\/a><\/p>\n<p>Citadel \u5728\u4fe1\u4e2d\u8868\u793a\uff0cSEC \u4e3a DeFi \u4e0a\u7684\u4ee3\u5e01\u5316\u80a1\u7968\u5f00\u7eff\u706f\u201c\u5c06\u4e3a\u540c\u4e00\u8bc1\u5238\u7684\u4ea4\u6613\u521b\u5efa\u4e24\u4e2a\u72ec\u7acb\u7684\u76d1\u7ba1\u5236\u5ea6\u201d\uff0c\u5e76\u5c06\u7834\u574f\u201c\u4ea4\u6613\u6cd5\u91c7\u53d6\u7684\u2018\u6280\u672f\u4e2d\u7acb\u2019\u65b9\u6cd5\u201d\u3002<\/p>\n<p><template data-ct-widget=\"buzzsprout\" data-buzzsprout-podcast-id=\"2040516\" data-buzzsprout-episode-id=\"18343586\"\/><\/p>\n<p data-ct-non-breakable=\"undefined\">Citadel \u8ba4\u4e3a\uff0c\u514d\u9664 DeFi \u5e73\u53f0\u7684\u8bc1\u5238\u6cd5\u53ef\u80fd\u4f1a\u635f\u5bb3\u6295\u8d44\u8005\u7684\u5229\u76ca\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u5e73\u53f0\u4e0d\u4f1a\u53d7\u5230\u573a\u5730\u900f\u660e\u5ea6\u3001\u5e02\u573a\u76d1\u7763\u548c\u6ce2\u52a8\u6027\u63a7\u5236\u7b49\u4fdd\u62a4\u3002<\/p>\n<p>\u8fd9\u5c01\u4fe1\u6700\u521d\u5f15\u8d77\u4e86\u533a\u5757\u94fe\u534f\u4f1a\u9996\u5e2d\u6267\u884c\u5b98\u7684\u5f3a\u70c8\u53cd\u5bf9 <a href=\"https:\/\/cointelegraph.com\/news\/cftc-commissioner-summer-mersinger-blockchain-association\">\u8428\u9ed8\u00b7\u9ea6\u8f9b\u683c<\/a> \u79f0 Citadel \u7684\u7acb\u573a\u662f\u201c\u8fc7\u4e8e\u5bbd\u6cdb\u4e14\u4e0d\u53ef\u884c\u7684\u505a\u6cd5\u201d\u3002<\/p>\n<p>\u8fd9\u4e9b\u4fe1\u4ef6\u53d1\u51fa\u4e4b\u9645\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u6b63\u5728\u5bfb\u6c42\u6709\u5173\u5982\u4f55\u76d1\u7ba1\u4ee3\u5e01\u5316\u80a1\u7968\u7684\u53cd\u9988\uff0c\u8be5\u673a\u6784\u4e3b\u5e2d\u4fdd\u7f57\u00b7\u963f\u7279\u91d1\u65af\u8868\u793a\uff0c\u7f8e\u56fd\u91d1\u878d\u4f53\u7cfb <a href=\"https:\/\/cointelegraph.com\/news\/sec-tokenized-stock-exemptions-targeted-stock-exchanges-say\">\u53ef\u4ee5\u62e5\u62b1\u4ee3\u5e01\u5316<\/a> \u5728\u201c\u51e0\u5e74\u201d\u5185\u200b\u200b\u3002<\/p>\n<p>\u4ee3\u5e01\u5316\u4eca\u5e74\u5927\u53d7\u6b22\u8fce\uff0c\u4f46 NYDIG \u5468\u4e94\u8b66\u544a\u79f0\uff0c\u94fe\u4e0a\u8f6c\u79fb\u7684\u8d44\u4ea7\u4e0d\u4f1a <a href=\"https:\/\/cointelegraph.com\/news\/tokenization-benefits-light-at-first-but-will-increase-if-democratized-nydig\">\u7acb\u5373\u5927\u6709\u88e8\u76ca<\/a> \u76f4\u5230\u6cd5\u89c4\u5141\u8bb8\u4ed6\u4eec\u4e0e DeFi \u66f4\u6df1\u5165\u5730\u7ed3\u5408\u3002<\/p>\n<p><em><strong>\u6742\u5fd7\uff1a <\/strong><\/em><a href=\"https:\/\/cointelegraph.com\/magazine\/sec-crypto-laws-unclear\/\"><em><strong>SEC \u5bf9\u52a0\u5bc6\u8d27\u5e01\u7684\u6001\u5ea6\u5927\u8f6c\u53d8\uff0c\u5173\u952e\u95ee\u9898\u4ecd\u672a\u5f97\u5230\u89e3\u7b54<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\" label=\"Subscription Form: Crypto Biz Newsletter\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u4e00\u7fa4\u52a0\u5bc6\u8d27\u5e01\u7ec4\u7ec7\u62d2\u7edd\u4e86 Citadel \u8bc1\u5238\u7684\u8981\u6c42\uff0c\u5373\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u5728\u4ee3\u5e01\u5316\u80a1\u7968\u65b9\u9762\u52a0\u5f3a\u5bf9\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u7684\u76d1\u7ba1\u3002 Andreessen Horowitz\u3001Uniswap \u57fa\u91d1\u4f1a\u4ee5\u53ca\u52a0\u5bc6\u8d27\u5e01\u6e38\u8bf4\u56e2\u4f53 DeFi Education Fund \u548c The Digital Chamber \u7b49\u8868\u793a\uff0c\u4ed6\u4eec\u5e0c\u671b\u5728\u4e00\u4efd\u58f0\u660e\u4e2d\u201c\u7ea0\u6b63\u4e00\u4e9b\u4e8b\u5b9e\u9519\u8bef\u63cf\u8ff0\u548c\u8bef\u5bfc\u6027\u9648\u8ff0\u201d\u3002 \u4fe1 \u5468\u4e94\u5411\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\u63d0\u4ea4\u3002 \u8be5\u7ec4\u7ec7\u6b63\u5728\u56de\u590d Citadel \u672c\u6708\u65e9\u4e9b\u65f6\u5019\u7684\u4e00\u5c01\u4fe1\uff0c\u5176\u4e2d \u6566\u4fc3 SEC \u4e0d\u8981\u7ed9\u4e88 DeFi \u5e73\u53f0\u63d0\u4f9b\u4ea4\u6613\u7684\u201c\u5e7f\u6cdb\u8c41\u514d\u6551\u6d4e\u201d \u4ee3\u5e01\u5316\u7684\u7f8e\u56fd\u80a1\u7968\uff0c\u8ba4\u4e3a\u5b83\u4eec\u53ef\u80fd\u88ab\u5b9a\u4e49\u4e3a\u53d7\u8bc1\u5238\u6cd5\u76d1\u7ba1\u7684\u201c\u4ea4\u6613\u6240\u201d\u6216\u201c\u7ecf\u7eaa\u4ea4\u6613\u5546\u201d\u3002 \u8be5\u7ec4\u7ec7\u8868\u793a\uff1a\u201cCitadel \u7684\u4fe1\u51fd\u57fa\u4e8e\u5bf9\u8bc1\u5238\u6cd5\u7684\u6709\u7f3a\u9677\u7684\u5206\u6790\uff0c\u8be5\u5206\u6790\u8bd5\u56fe\u5c06 SEC \u7684\u6ce8\u518c\u8981\u6c42\u6269\u5c55\u5230\u51e0\u4e4e\u4efb\u4f55\u4e0e DeFi \u4ea4\u6613\u6700\u65e0\u5173\u7684\u5b9e\u4f53\u3002\u201d \u8be5\u7ec4\u7ec7\u8865\u5145\u8bf4\uff0c\u4ed6\u4eec\u540c\u610f Citadel \u4fdd\u62a4\u6295\u8d44\u8005\u548c\u5e02\u573a\u8bda\u4fe1\u7684\u76ee\u6807\uff0c\u4f46\u4e0d\u540c\u610f\u201c\u5b9e\u73b0\u8fd9\u4e9b\u76ee\u6807\u603b\u662f\u9700\u8981\u6ce8\u518c\u4e3a\u4f20\u7edf\u7684 SEC \u4e2d\u4ecb\u673a\u6784\uff0c\u5e76\u4e14\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\u65e0\u6cd5\u901a\u8fc7\u7cbe\u5fc3\u8bbe\u8ba1\u7684\u94fe\u4e0a\u5e02\u573a\u6765\u5b9e\u73b0\u3002\u201d \u8be5\u7ec4\u7ec7\u8868\u793a\uff0cCitadel \u7684\u8981\u6c42\u4e0d\u5207\u5b9e\u9645 \u8be5\u7ec4\u7ec7\u8ba4\u4e3a\uff0c\u76d1\u7ba1\u53bb\u4e2d\u5fc3\u5316\u5e73\u53f0 \u8bc1\u5238\u6cd5 \u201c\u9274\u4e8e\u5176\u529f\u80fd\uff0c\u8fd9\u662f\u4e0d\u5207\u5b9e\u9645\u7684\u201d\uff0c\u5e76\u4e14\u53ef\u4ee5\u6355\u83b7\u901a\u5e38\u4e0d\u88ab\u89c6\u4e3a\u63d0\u4f9b\u4ea4\u6362\u670d\u52a1\u7684\u5e7f\u6cdb\u94fe\u4e0a\u6d3b\u52a8\u3002 \u8fd9\u5c01\u4fe1\u8fd8\u9488\u5bf9 Citadel \u5c06\u81ea\u4e3b\u8f6f\u4ef6\u63cf\u8ff0\u4e3a\u4e2d\u4ecb\u7684\u8bf4\u6cd5\uff0c\u8ba4\u4e3a\u5b83\u4e0d\u80fd\u6210\u4e3a\u201c\u91d1\u878d\u4ea4\u6613\u4e2d\u7684\u2018\u4e2d\u95f4\u4eba\u2019\uff0c\u56e0\u4e3a\u5b83\u4e0d\u662f\u4e00\u4e2a\u80fd\u591f\u884c\u4f7f\u72ec\u7acb\u88c1\u91cf\u6743\u6216\u5224\u65ad\u529b\u7684\u4eba\u201d\u3002 \u6765\u6e90\uff1a DeFi\u6559\u80b2\u57fa\u91d1 \u8be5\u7ec4\u7ec7\u8ba4\u4e3a\uff1a\u201cDeFi \u6280\u672f\u662f\u4e00\u9879\u65b0\u7684\u521b\u65b0\uff0c\u65e8\u5728\u4ee5\u4e0e\u4f20\u7edf\u91d1\u878d\u7cfb\u7edf\u4e0d\u540c\u7684\u65b9\u5f0f\u89e3\u51b3\u5e02\u573a\u98ce\u9669\u548c\u5f39\u6027\uff0c\u5e76\u4e14 DeFi \u4ee5\u4f20\u7edf\u91d1\u878d\u65e0\u6cd5\u505a\u5230\u7684\u65b9\u5f0f\u4fdd\u62a4\u6295\u8d44\u8005\u3002\u201d \u6709\u5173\u7684\uff1a SEC \u7684\u514b\u4f26\u8096\u5728\u673a\u6784\u7684\u6700\u540e\u51e0\u5468\u7784\u51c6\u4e86\u52a0\u5bc6\u8d27\u5e01 Citadel 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