本文為美國SEC主席保羅·S·阿特金斯（Paul S. Atkins）於2026年3月17日在華府區塊鏈峰會（DC Blockchain Summit）的演講全文。

他表示，「數位證券」——亦即代幣化的傳統證券——是唯一受證券法規範的加密資產類別。

其他四大類不被認定為證券的資產分別為：數位商品、數位收藏品、數位工具，以及符合《GENIUS法案》規範的穩定幣。

他同時提出「加密資產監管框架」，計畫透過安全港機製提供融資管道，包括：最長約4年、融資上限約500萬美元的新創豁免，以及12個月內最高約7,500萬美元的融資豁免；在符合條件後，可適用投資合約安全港。相關規則預計將進入公眾意見徵詢階段。

This is the full text of a speech delivered by U.S. SEC Chair Paul S. Atkins at the DC Blockchain Summit on March 17, 2026.

He stated that “digital securities” — meaning tokenized traditional securities — are the only category of crypto assets subject to securities laws.

Four other categories **not deemed securities** are digital commodities, digital collectibles, digital utilities, and stablecoins compliant with the GENIUS Act.

He also proposed a “crypto asset regulatory framework” that would provide funding pathways through safe harbor provisions, including:

- a startup exemption of up to approximately 4 years and a funding cap of around $5 million;

- a funding exemption of up to roughly $75 million within 12 months.

After meeting the relevant conditions, the investment contract safe harbor would apply.

The rules are expected to enter the public comment phase.