為什麼Coinbase（Coin）股票在SEC刪除其執行案後跌幅8％

當SEC上週五同意放棄針對公司的執法案時，它不僅代表了Coinbase的巨大勝利，而且代表了整個行業的勝利。

On paper, things couldn't be better for Coinbase (COIN): When the SEC agreed to drop its enforcement case against the company last Friday, it represented not just a massive victory for Coinbase but a win for the entire industry.

從表面上看，對於Coinbase（硬幣）來說，情況再好不過了：當SEC同意上週五對公司的執法案件放棄時，它不僅代表了Coinbase的巨大勝利，而且代表了整個行業的勝利。

For those unfamiliar, the SEC's case against Coinbase essentially hinged on how one defines security. The agency said crypto assets should fall under federal investor-protection rules like stocks or bonds, while Coinbase argued that the law didn't support equating bitcoin and other crypto assets with this definition of securities.

對於那些不熟悉的人，SEC反對Coinbase的案件基本上取決於人們如何定義安全性。該機構表示，加密貨幣資產應屬於聯邦投資者保護規則，例如股票或債券，而Coinbase則認為該法律不支持將比特幣和其他加密貨幣資產與證券定義等同。

The fact that the SEC ultimately decided to drop its lawsuit signaled that President Trump's campaign promise of creating a friendlier regulatory environment for the crypto industry was already being put into action. This was further shown when the SEC then dismissed its lawsuit against Robinhood's own crypto business on Monday. The regulator had previously claimed that most crypto transactions made on Robinhood's platform were subject to federal securities laws, making a similar argument it had made against Coinbase.

SEC最終決定放棄訴訟的事實表明，特朗普總統的競選承諾已經為加密行業創造更友好的監管環境，這一事實已經在採取行動。當SEC隨後在周一駁回了Robinhood自己的加密業務的訴訟時，進一步顯示了這一點。該監管機構此前曾聲稱，大多數在Robinhood的平台上進行的加密交易都受聯邦證券法的約束，從而對Coinbase提出了類似的論點。

Both of these lawsuits were filed under former SEC Chairman Gary Gensler.

這兩項訴訟均在前美國證券交易委員會主席Gary Gensler提起。

But while Coinbase stock quickly rose on Friday after the SEC dropped its enforcement case, COIN closed down 8%. It has since fallen for seven straight days (as of this writing), trading below $210 on Tuesday.

但是，儘管Coinbase Stock在SEC撤銷執法案後，週五很快上升了，但硬幣關閉了8％。從那以後，它連續七天（截至撰寫本文開始），週二的交易低於210美元。

So what gives?

那給什麼呢？

Bad news keeps coming

壞消息不斷來

Within hours of Coinbase revealing that the SEC had agreed to drop its lawsuit, news broke that the Dubai-based crypto exchange Bybit had been hacked by a North Korean criminal group and over $1.4 billion in ETH-related tokens had been stolen.

在Coinbase的幾個小時內透露，SEC已同意放棄訴訟，消息傳出，總部位於迪拜的加密交易所交易所Bybit已被朝鮮犯罪集團砍伐，超過14億美元的與ETH有關的代幣被盜。

Industry analysts note that this was the largest crypto theft the industry has suffered by a significant amount.

行業分析師指出，這是該行業所遭受的最大加密盜竊。

And then OKX, an offshore crypto exchange with offices in Hong Kong and Singapore, pleaded guilty on Monday in the U.S. District Court of Manhattan to a charge of operating illegally in the United States as an unlicensed money transmitting business. It agreed to pay a $504 million fine.

然後，OKX是一家與香港和新加坡辦事處的海上加密交易所，週一在曼哈頓地區法院認罪，罪名是在美國非法經營的罪名是無證的貨幣傳輸業務。它同意支付5.04億美元的罰款。

Add to all this a crypto scandal now enveloping Argentine President Javier Milei after a meme coin called LIBRA that he promoted on X plunged and cost investors about $251 million.

除此之外，在一個名為Libra的Meme Coin之後，他在X下降了，並使投資者付出了約2.51億美元的資金。

What all this points to is the way in which investors seem to view the crypto business as one monolithic industry, which means bad news for one is bad news for all.

所有這些都指出的是投資者似乎將加密貨幣業務視為一個整體行業的方式，這意味著對所有人來說都是個壞消息。

To be sure, concerns over Trump's trade policies and lingering inflation in America are also hurting shares of COIN as they are all risk assets at the moment.

可以肯定的是，對特朗普的貿易政策和美國揮之不去的通貨膨脹的擔憂也損害了硬幣的股票，因為它們目前都是風險資產。

COIN reflects the crypto industry’s health

硬幣反映加密貨幣行業的健康

As the only publicly traded crypto exchange, COIN moves with broader market forces like any other risk asset. These include concerns over Trump's trade policies, stubborn U.S. inflation, and black swan events like Bybit's hack could be one of the explanations for why COIN unexpectedly plunged on the day the SEC dropped its lawsuit.

作為唯一公開交易的加密交易所，硬幣像其他任何風險資產一樣，與更廣泛的市場力量一起移動。這些包括對特朗普的貿易政策，頑固的美國通貨膨脹以及諸如拜比特黑客之類的黑天鵝事件的擔憂，這可能是為什麼在SEC撤銷其訴訟之日出乎意料地跌落的原因之一。

The hack of Bybit suddenly raised concerns among investors over the security of all digital assets, even though Coinbase itself has never suffered a security breach of its exchange.

bybit的黑客突然引起了投資者對所有數字資產安全性的關注，即使Coinbase本身從未遭受過違反其交換的安全性。

And having another crypto exchange plead guilty to operational malfeasance as OKX did Monday could also weigh on investors' minds as they evaluate the inherent risks of the industry.

而且，像OKX週一的OKX所做的那樣，再有一個加密貨幣交易所對運營瀆職行動認罪，這也可能使投資者評估該行業固有的風險。

Although Coinbase appears poised to see future growth with a friendlier regulatory environment in the U.S., the recent wave of bad news in the industry has put its current slump out of its hands.

儘管Coinbase似乎有望在美國友好的監管環境中看到未來的增長，但該行業最近的壞消息使其目前的低迷脫離了手。