比特幣（BTC）由其權力下放定義：Lee Reiners概述了比特幣的獨特特徵

Lee Reiners是杜克金融經濟學中心的來訪者，根據其權力下放的水平定義了比特幣（BTC）

Lee Reiners, a visiting fellow at the Duke Financial Economics Center, defined Bitcoin according to its level of decentralization during the first-ever US SEC Crypto Task Force roundtable. The financial expert stated that Bitcoin is neither a security nor an investment contract.

杜克金融經濟學中心的來訪者李·賴納斯（Lee Reiners）根據其在美國SEC Crypto第一個圓桌會議期間的權力下放水平定義了比特幣。財務專家表示，比特幣既不是證券，也不是投資合同。

LEE REINERS: "BITCOIN IS NOT A SECURITY, IT'S NOT AN INVESTMENT CONTRACT, BECAUSE IT IS SUFFICIENTLY DECENTRALIZED"

Lee Reiners：“比特幣不是安全性，而是投資合同，因為它已經足夠分散了”

What Makes Bitcoin Unique in Terms of Decentralization?

是什麼使比特幣在權力下放方面與眾不同？

According to Reiners, despite Bitcoin’s widely acknowledged extent of decentralization, it remains impossible to determine when a digital asset is “sufficiently decentralized.” Discussing a CFTC report from last year, the financial expert noted that digital assets decentralization exists across a spectrum of parameters. These parameters include governance, asset, user, application, data, network, protocol, and hardware.

根據賴因斯的說法，儘管比特幣被廣泛承認的權力下放程度，但仍然無法確定何時“足夠分散的數字資產”。在討論去年的CFTC報告時，這位財務專家指出，數字資產分散量存在於一系列參數。這些參數包括治理，資產，用戶，應用程序，數據，網絡，協議和硬件。

"We still don't know what sufficiently decentralized means. Is it in terms of protocol, in terms of network, in terms of hardware? Is it in terms of application, data, user, asset, governance? There are many different dimensions in which we can talk about decentralization," said Reiners.

萊納斯說：“就協議而言，就硬件而言，這是什麼足夠分散的。

The financial expert argued that it’s currently impossible to determine whether all these areas are decentralized enough so that profits do not come from the efforts of other users.

財務專家認為，目前不可能確定所有這些領域是否已經足夠分散，以免利潤來自其他用戶的努力。

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The financial expert’s submission was only an aspect of the discussion at the SEC-Crypto roundtable, which is part of the US government’s efforts, largely focused on new administrative levels and towards providing a tailored regulation for the crypto industry.

財務專家的提交只是在SEC-Crypto圓桌會議上討論的一個方面，這是美國政府努力的一部分，主要集中在新的行政層面上，並致力於為加密行業提供量身定制的法規。

Main Focus of the SEC-Crypto Roundtable

SEC-Crypto圓桌會議的主要重點

Friday’s roundtable primarily focused on how US regulators can effectively apply existing securities laws to digital assets, especially considering the new administration’s stated intention to reshape the regulatory landscape for the crypto industry.

星期五的圓桌會議主要集中在美國監管機構如何有效地將現有證券法應用於數字資產上，尤其是考慮到新政府已既定的意圖重塑加密行業的監管格局的意圖。

Apart from Lee Reiners, John Reed Stark, former chief of the SEC’s Office of Internet Enforcement, Miles Jennings, the general counsel for Andreessen Horowitz’s crypto arm, a16z, and former SEC Commissioner Troy Paredes attended the roundtable.

除了李·賴納斯（Lee Reiners）外，SEC互聯網執法辦公室前負責人Miles Jennings，Andreessen Horowitz的Crypto Arm，A16Z和前SEC專員Troy Paredes參加了圓桌會議。

Roundtable Reflects President Trump’s Stated Crypto Agenda

圓桌會議反映了總統特朗普的宣稱議程

The SEC-Crypto roundtable, part of the agency's broader effort to engage with the cryptocurrency industry in new administrative levels, is a significant step towards providing a tailored regulatory framework for digital assets.

SEC-Crypto圓桌會議是該機構在新的行政層面與加密貨幣行業互動的更廣泛努力的一部分，是為數字資產提供量身定制的監管框架的重要一步。

The roundtable’s discussion reflects President Trump’s stated agenda for cryptocurrency, following promises made during his 2024 presidential campaign. Trump had indicated his intention to ease the industry crackdown seen under former president Joe Biden and to bring in a better-regulated ecosystem for cryptocurrency could thrive in the US.

圓桌會議的討論反映了特朗普總統在2024年總統競選期間的承諾之後，特朗普總統的加密貨幣議程。特朗普表示，他打算放鬆前總統喬·拜登（Joe Biden）的行業鎮壓，並引入一個受監管的生態系統以在美國蓬勃發展。

Reporting by Chainalysis earlier this year showed that the Biden administration’s administration saw a dramatic increase in the SEC’s involvement in crypto cases. prefer to be immune to the whims of government and markets alike. A large part of crypto’s appeal is supposed to be its independence.

鏈條分析的報導今年早些時候表明，拜登政府的政府在SEC參與加密案件的介入急劇增加。寧願不受政府和市場的異想天開。加密訴訟的很大一部分應該是它的獨立性。

Related: US SEC Shifts Crypto Enforcement Strategy Under New Trump Administration

相關：美國SEC在新特朗普政府下轉移加密執法策略

Under the Biden administration, the SEC engaged in several high-profile court cases with crypto companies in what they perceived to be securities law violations. However, the commission’s new leadership has since agreed to withdraw or pause many of these cases as it works towards revising the overall regulatory environment for digital assets.

在拜登政府的領導下，SEC與加密貨幣公司一起從事了幾項備受矚目的法院案件，以違反證券法。但是，此後，委員會的新領導人同意撤回或停止許多案件，因為它致力於修改數字資產的整體監管環境。

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