[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-secs-peirce-questions-defi-developer-liability-zh":3,"article-related-secs-peirce-questions-defi-developer-liability-zh":31,"series-blockchain-cbb09427-de23-42a8-ae1d-7387f8cfadc7":81},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":23,"views":27,"created_at":28,"published_at":29,"topic_cluster_id":30},"cbb09427-de23-42a8-ae1d-7387f8cfadc7","secs-peirce-questions-defi-developer-liability-zh","Peirce 質疑 DeFi 開發者責任","\u003Cp data-speakable=\"summary\">SEC 委員 Hester Peirce 在 \u003Ca href=\"\u002Fnews\u002Fcayman-crypto-rules-2026-web3-founder-guide-zh\">2026\u003C\u002Fa> 年 6 月 5 日表示，開源 \u003Ca href=\"\u002Ftag\u002Fdefi\">DeFi\u003C\u002Fa> 程式碼本身不該因他人使用而觸發證券註冊義務。\u003C\u002Fp>\u003Cp>5 日，\u003Ca href=\"https:\u002F\u002Fwww.sec.gov\u002F\" target=\"_blank\" rel=\"noopener\">SEC\u003C\u002Fa> 委員 Hester Peirce 在普林斯頓大學 IC3 Blockchain Camp 發言，直接把焦點拉回「程式碼」與「受監管行為」的分界。她的說法，等於把 DeFi 開發者責任問題再往前推了一步。\u003C\u002Fp>\u003Cp>這場爭論不是抽象法理，而是會影響誰要註冊、誰要背責任、誰能繼續開源。對做錢包、前端介面、協議工具的人來說，這條線畫在哪裡，會直接改變產品設計。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>項目\u003C\u002Fth>\u003Cth>數值\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>發言日期\u003C\u002Ftd>\u003Ctd>2026 年 6 月 5 日\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SEC staff guidance 日期\u003C\u002Ftd>\u003Ctd>2026 年 4 月 13 日\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>場地\u003C\u002Ftd>\u003Ctd>IC3 Blockchain Camp，普林斯頓大學\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>觸及範圍\u003C\u002Ftd>\u003Ctd>Covered User Interface Providers\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>發生了什麼\u003C\u002Fh2>\u003Cp>Peirce 的核心意思很直接：SEC \u003Ca href=\"\u002Fnews\u002Fwhy-nft-game-studios-stop-issuing-stablecoins-zh\">應該\u003C\u002Fa>盯的是實際做了受監管行為的那一方，不該因為別人用了某段開源軟體，就把責任丟給寫程式的人。她認為，傳統證券法裡的 broker、dealer、exchange、clearinghouse，拿來套在去中心化系統上，常常會失準。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780860774195-j7qj.png\" alt=\"Peirce 質疑 DeFi 開發者責任\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>她也重申，公開釋出的開源程式碼屬於受保護的表達，不該因第三方後續用途而先經過監管核准。換句話說，\u003Ca href=\"\u002Ftag\u002F區塊鏈\">區塊鏈\u003C\u002Fa>工具不等於市場中介，因為同一套工具可能同時被用在證券交易以外的場景。\u003C\u002Fp>\u003Cul>\u003Cli>她主張，違規責任應落在真正做出違法行為的人身上。\u003C\u002Fli>\u003Cli>她警告，別把舊有中介機構標籤硬套到去中心化網路。\u003C\u002Fli>\u003Cli>SEC 4 月 13 日的 staff guidance 主要談的是介面，不是單純的鏈上程式碼。\u003C\u002Fli>\u003Cli>那份指引只給符合條件的介面供應者有限度緩解。\u003C\u002Fli>\u003C\u002Ful>\u003Cp>這份 staff statement 針對的是 Covered User Interface Providers，也就是建立或營運介面、用來準備 crypto asset securities 交易的業者。文件說，若業者不主動推介特定交易、不保管資產，也不負責執行或結算，SEC 在有限條件下不會反對 broker-dealer 註冊救濟。\u003C\u002Fp>\u003Cp>它允許介面把使用者選定的交易資訊轉成鏈上可讀指令，也可以顯示市場資料與教育內容。這種寫法把風險焦點放在介面行為與交易流程，而不是把整個開源生態一口氣納入同一套牌照邏輯。\u003C\u002Fp>\u003Cp>從監管語氣看，這代表 SEC 內部至少有一條線：不是所有 on-chain 工具都該被當成交易所或經紀商。問題是，這條線現在還很細，而且還沒完全固定。\u003C\u002Fp>\u003Ch2>為什麼重要\u003C\u002Fh2>\u003Cp>對開發者來說，這差別很實際。若監管只看 conduct、不看 code，寫 DeFi 協議、發布開源前端、維護錢包元件的人，面臨被當成受監管中介的風險就會下降。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780860773524-x21r.png\" alt=\"Peirce 質疑 DeFi 開發者責任\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>對產業來說，這也會影響合規成本怎麼拆。錢包團隊、介面供應商、協議貢獻者若能更清楚知道責任邊界，就比較能決定要不要加上風控、限制功能，或是保留開源架構。\u003C\u002Fp>\u003Cp>更大的訊號是，SEC 內部對 crypto 的處理\u003Ca href=\"\u002Fnews\u002F4-ways-bears-use-indiana-as-leverage-zh\">方式\u003C\u002Fa>還在拉扯。\u003Ca href=\"https:\u002F\u002Fwww.sec.gov\u002Fabout\u002Fdivisions-offices\u002Fdivision-enforcement\" target=\"_blank\" rel=\"noopener\">SEC 執法部門\u003C\u002Fa>、Crypto Task Force 和委員公開發言之間，對「哪些工具算市場基礎設施」的答案並不一致，市場只能先看哪一派說法會被寫進後續指引。\u003C\u002Fp>\u003Cp>對 DeFi 團隊而言，現在最該問的不是「會不會被管」，而是「哪一層功能會先被認定成受監管行為」。這個答案，決定產品要不要改、程式碼要不要拆、團隊要不要補牌照。\u003C\u002Fp>\u003Cp>如果 SEC 最後把責任線畫在介面與交易流程，而不是開源程式碼本身，下一波壓力就會從寫碼的人，轉到真正接觸訂單與資產的人身上。\u003C\u002Fp>","SEC 委員 Hester Peirce 在 2026 年 6 月 5 日表示，開源 DeFi 程式碼本身不該因他人使用而觸發證券註冊義務。","www.cryptobreaking.com","https:\u002F\u002Fwww.cryptobreaking.com\u002Fsecs-peirce-questions-defi-developer\u002F",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780860774195-j7qj.png","blockchain","zh","bc2ebae6-9b67-48f8-b53d-12bebf3577a4",[17,18,19,20,21,22],"SEC","DeFi","開源","開發者責任","監管","Princeton",[24,25,26],"Peirce 反對把開源 DeFi 程式碼本身直接當成證券註冊對象。","SEC 4 月的 guidance 聚焦介面供應商，沒有把所有鏈上程式碼一起納管。","真正的爭點已縮小到：哪一層功能算受監管市場活動。",0,"2026-06-07T19:32:25.342556+00:00","2026-06-07T19:32:25.332+00:00","fa65b41c-9782-4a2e-b109-c807d0fc376b",{"tags":32,"relatedLang":40,"relatedPosts":44},[33,35,36,37,38],{"name":17,"slug":34},"sec",{"name":21,"slug":21},{"name":20,"slug":20},{"name":19,"slug":19},{"name":18,"slug":39},"defi",{"id":15,"slug":41,"title":42,"language":43},"secs-peirce-questions-defi-developer-liability-en","SEC’s Peirce Questions DeFi Developer Liability","en",[45,51,57,63,69,75],{"id":46,"slug":47,"title":48,"cover_image":49,"image_url":49,"created_at":50,"category":13},"e03026a3-7ff2-459d-9d80-fa8fabcb58bb","cayman-crypto-rules-2026-web3-founder-guide-zh","Cayman 2026：Web3 創辦人合規指南","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780854476771-rin8.png","2026-06-07T17:47:24.386022+00:00",{"id":52,"slug":53,"title":54,"cover_image":55,"image_url":55,"created_at":56,"category":13},"5f1390ac-1ee6-465b-84d9-98e1b1a906f1","why-nft-game-studios-stop-issuing-stablecoins-zh","為什麼 NFT 遊戲工作室應該停止發行自己的穩定幣","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780852674698-o7rj.png","2026-06-07T17:17:24.031301+00:00",{"id":58,"slug":59,"title":60,"cover_image":61,"image_url":61,"created_at":62,"category":13},"019eb8ae-0051-42e5-9dd8-89d027547fe0","casper-ai-toolkit-live-x402-payments-zh","Casper 推 AI 工具包，x402 付款上主網","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780810369602-r132.png","2026-06-07T05:32:22.899783+00:00",{"id":64,"slug":65,"title":66,"cover_image":67,"image_url":67,"created_at":68,"category":13},"d6768cdb-e43c-4b70-b015-dca026ebd1de","how-to-buy-linea-assets-on-bitget-wallet-zh","5 分鐘在 Bitget Wallet 買入 Linea 資產","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780746470651-trap.png","2026-06-06T11:47:23.216233+00:00",{"id":70,"slug":71,"title":72,"cover_image":73,"image_url":73,"created_at":74,"category":13},"3faf79cc-bd60-4eab-a7a6-88a87ccec57b","layer-2-picks-turn-ethereum-scaling-into-buys-zh","Layer 2 選股別再看熱鬧","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780745602743-xkgx.png","2026-06-06T11:32:54.43137+00:00",{"id":76,"slug":77,"title":78,"cover_image":79,"image_url":79,"created_at":80,"category":13},"cb4ff8b8-badb-4aab-9fe2-5bb3c82d86e0","5-reasons-many-ethereum-l2s-are-losing-purpose-zh","5 個 Ethereum L2 失去用途的原因","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780744671230-jzek.png","2026-06-06T11:17:25.330035+00:00",[82,87,92,97,102,107,112,117,122,127],{"id":83,"slug":84,"title":85,"created_at":86},"e1b4b518-f86b-410c-8c82-8cfb787ff2ef","moonpay-open-wallet-standard-ai-payments-zh","MoonPay 推 OWS，瞄準 AI 付款","2026-03-28T03:08:33.379969+00:00",{"id":88,"slug":89,"title":90,"created_at":91},"e72bae29-ddbd-437b-aaa4-cd662605394b","next-gen-crypto-simulators-ai-web3-training-zh","新一代加密模擬器更聰明了","2026-04-01T09:36:33.917023+00:00",{"id":93,"slug":94,"title":95,"created_at":96},"b8e39b58-6b9d-4714-92d3-26df18a3e0f4","rtk-cuts-claude-code-token-spend-zh","RTK 讓 Claude Code 少燒 Token","2026-04-01T10:24:29.259497+00:00",{"id":98,"slug":99,"title":100,"created_at":101},"7ff10146-4ca0-4670-a02c-384dde04f610","trm-labs-ai-agents-crypto-investigations-zh","TRM Labs 將 AI agent 帶進加密調查","2026-04-01T10:33:30.166266+00:00",{"id":103,"slug":104,"title":105,"created_at":106},"00668dea-9f0e-4019-b861-03817d5a8877","how-web3-marketing-changed-in-2026-zh","2026 Web3 行銷怎麼變了","2026-04-02T01:36:34.973322+00:00",{"id":108,"slug":109,"title":110,"created_at":111},"e7992274-42ee-40bc-bb05-97250098c56c","ai-agentic-defi-web3-grants-march-2026-zh","AI、Agentic DeFi 與 Web3 補助案","2026-04-02T05:51:36.857954+00:00",{"id":113,"slug":114,"title":115,"created_at":116},"5cef810b-af3d-467a-8b41-627769eca895","why-crypto-is-fixated-on-ai-agents-zh","為何加密圈盯上 AI Agent","2026-04-02T05:54:28.919864+00:00",{"id":118,"slug":119,"title":120,"created_at":121},"d30e6203-d522-41a1-b529-fcf4499cd985","web3-explained-what-it-is-why-it-matters-zh","Web3 是什麼，為何重要","2026-04-02T06:15:32.580114+00:00",{"id":123,"slug":124,"title":125,"created_at":126},"f29e65ae-64df-463b-ba22-afd9dcbd0f8f","trust-wallet-agent-kit-ai-trade-25-chains-zh","Trust Wallet 讓 AI 幫你交易","2026-04-02T06:27:33.183404+00:00",{"id":128,"slug":129,"title":130,"created_at":131},"91022b4c-b53e-4c18-abfe-914a8eca6e28","blockchain-in-ai-real-use-cases-zh","區塊鏈加 AI，真實落地在哪裡","2026-04-02T06:30:44.026286+00:00"]