观点：美SEC拟重启公开代币融资，但ICO市场需求已明显减弱

观点：美SEC拟重启公开代币融资，但ICO市场需求已明显减弱

2026-08-28 10:31

ChainThink 消息，8 月 28 日，据彭博社报道，美国证券交易委员会（SEC）本月拟议规则拟重新向美国投资者开放公开代币销售，允许加密初创企业最高融资 500 万美元，规模较大项目每年最高融资 7500 万美元，且无需完成完整 SEC 注册程序。

新框架要求发行方进行信息披露，合规成本可能较高；代币发行后二级市场交易规则仍较复杂。提案还允许代币所附投资合同在发行方完成或永久停止管理工作后终止，而非永久随代币存在。

但市场需求已明显减弱。投机资金更多集中于比特币、主流代币、永续合约、预测市场和 AI 概念股；加密风投参与的代币融资数量下降，部分大型风投将投资扩展至 AI、机器人等领域。

ICO 在 2018 年 1 月高峰期单月融资约 30 亿美元。

Dragonfly 合伙人 Tom Schmidt 表示提案“显然好过什么都没有”，但更迫切问题是国会停滞的 CLARITY 法案。

GSR 分析师 Carlos Guzman 称，2026 年 ICO 已不同于 2018 年，仅凭白皮书和愿景吸引资金的时代已结束。

Disclaimer: Contains third-party opinions, does not constitute financial advice

Recommended Reading

NVIDIA attracts $85 billion in investor demand during massive bond issuance

06-16
NVIDIA attracts $85 billion in investor demand during massive bond issuance

Ethereum surges over 10% in 24 hours, currently priced at $1,841.31

06-16
Ethereum surges over 10% in 24 hours, currently priced at $1,841.31

Amazon announces a multi-billion dollar investment in Missouri to build a data center campus, expected to create over 400 long-term positions

06-16
Amazon announces a multi-billion dollar investment in Missouri to build a data center campus, expected to create over 400 long-term positions

Binance Platform's SpaceX Perpetual Contract Trading Volume Surpasses $9 Billion, Capturing Over 60% Market Share

06-16
Binance Platform's SpaceX Perpetual Contract Trading Volume Surpasses $9 Billion, Capturing Over 60% Market Share

Binance platform XLM/USDT short-term spike down to $0.17, now recovered to $0.225

06-16
Binance platform XLM/USDT short-term spike down to $0.17, now recovered to $0.225

Trump: The Strait of Hormuz has been fully reopened as of Friday, and all agreements have been signed

06-16
Trump: The Strait of Hormuz has been fully reopened as of Friday, and all agreements have been signed

SlowMist: Aztec Connect Contract Hacked for $2.19 Million Due to ZK-Rollup L1/L2 State Boundary Vulnerability

06-15
SlowMist: Aztec Connect Contract Hacked for $2.19 Million Due to ZK-Rollup L1/L2 State Boundary Vulnerability