and
tags. We'll keep them. Now, we need to ensure the translation is natural and accurate. Let's refine some parts: - "break free from the investment contracts" -> "摆脱投资合同的束缚" or "脱离投资合同" – we used "摆脱其出售时所依据的投资合同" but that's a bit wordy. Better: "使其摆脱所出售时依据的投资合同" but we can simplify: "使代币脱离其销售时所依据的投资合同" but we have "crypto assets" not necessarily tokens. We'll say "使加密资产摆脱其发行时所依据的投资合同" but it says "sold under" so "出售时所依据的" is fine. - "principles-based narrative disclosures" -> "基于原则的叙述性披露" is fine. - "that's a lighter touch than a traditional IPO" -> "这比传统的IPO更轻便" or "比传统IPO更为宽松" – we said "比传统的IPO要轻" but "轻" might be ambiguous. Better: "这比传统IPO的负担更轻" or "这比传统IPO更简洁". We'll say "这比传统IPO的监管负担更轻" but we need to keep concise. Actually "lighter touch" means less regulation. So "这比传统IPO的监管要求更宽松" is good. - "It's not a free pass" -> "并非免费通行证" we used. - "delinked from an investment contract" -> "与投资合同脱钩" is good. - "essential managerial efforts" -> "关键管理努力" or "必要的管理努力" – we said "所有关键管理努力" but we have "essential" so "所有必要的管理努力". - "preempt state securities-law registration" -> "优先于州证券法的注册要求" – we said "优先于州证券法的注册和资格要求" – good. - "patchwork of state rules" -> "各州规则的拼凑" or "各州规则的混乱局面" – we said "各州规则拼凑" – okay. - "antifraud and antimanipulation" -> "反欺诈和反操纵" – good. - "share in the growth and value" -> "分享增长和价值" – we said "分享企业增长和价值"
