Bloomberg Talks · 2026-08-20 · 12 分钟

加密货币市场结构立法

核心摘要

本集聚焦CFTC主席Michael Selig对《Clarity Act》立法的立场，以及CFTC在预测市场、体育合同诉讼和AI计算期货方面的监管策略。核心判断：优先推动立法，但若失败则利用现有权限；预测市场内幕交易规则已清，重点在执法。

优先推动立法：CFTC主席明确《Clarity Act》是锁定市场结构的最可靠方式，但若立法失败，将利用现有法定权限（如Safetc. authority）通过规则制定来设定市场结构。他说：“We're very optimistic that we're going to get clear rules of the road for crypto asset market structure... legislation is the priority.”
两党合作与谈判：法案需要民主党支持，主席强调“We've got to get the Democrats to come along with us... This should be bipartisan.” 同时，道德条款仍在谈判中，要求“not targeting the president or anybody else.”
准备状态：已要求工作人员探索现有权限下的潜在规则制定，但将聚焦于法案，直到法案命运明确。

执法优先于新指引：CFTC认为现有法律已清晰，不需额外指引，重点是通过调查和执法行动打击内幕交易和欺诈。主席说：“We believe that the rules are very clear, our statute is very clear.”
内幕交易定义：无论涉及证券、商品合约还是事件合约，内幕交易标准相同：“people are misappropriating non public material information... and they trade on it. That's insider trading.”
具体行动：已发布多项咨询和报告，和解了一些案件，将继续调查公开和未公开的欺诈案件。

上诉法院无败绩：CFTC在联邦上诉法院从未输过，若地方法院判决不利，将制造巡回法院分歧并上诉至最高法院。主席说：“We haven't lost in a single federal appellate court. We don't intend to. If we do, that's going to create a split and we'll see it at the Supreme Court.”
管辖权立场：坚持体育赛事合同属于CFTC专属管辖，若最高法院最终裁定为赌博，CFTC将遵守法律。

战略定位：CFTC将计算视为“digital oil”和“gasoline of the technological revolution”，认为美国必须主导计算期货市场，以赢得AI竞赛。主席说：“If America is going to win the AI race, we have to dominate the compute markets.”
当前进展：已发布请求评论（comment period 30-45天），与商务部（Secretary Lutnik）合作，预计未来几个月内更新监管框架。
目标：确保价格发现、基准设定和透明交易在美国进行，避免劣质产品流入美国市场。

❝ We're very optimistic that we're going to get clear rules of the road for crypto asset market structure on. The books, and this vote is critical. ❞
❝ We haven't lost in a single federal appellate court. We don't intend to. If we do, that's going to create a split and we'll see it at the Supreme Court. ❞
❝ If America is going to win the AI race, we have to dominate the compute markets. This is the most important commodity I think of our time. ❞

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