SEC結束了反對Coinbase的案件，Coinbase是特朗普政府下對數字資產的更輕監管的預示

Coinbase週五表示，SEC將放棄拜登時代的訴訟，該訴訟聲稱美國最大的美國加密貨幣交易所是未註冊的證券交易所

The Securities and Exchange Commission is dropping its nearly two-year case against Coinbase, in a development that's likely to herald the coming era of lighter regulation of digital assets under the Trump Administration.

美國證券交易委員會（Securities and Exchange Commission）將其針對Coinbase的近兩年案件放棄，這一發展可能預示了即將到來的特朗普政府下的數字資產監管的時代。

Coinbase said Friday that the SEC would abandon the Biden-era lawsuit, which alleged that the largest US crypto exchange was an unregistered securities exchange, broker, and clearing agency.

Coinbase週五表示，SEC將放棄拜登時代的訴訟，該訴訟稱美國最大的加密貨幣交易所是未註冊的證券交易所，經紀人和清算機構。

Shares of the crypto exchange rallied on the news before giving up gains. Coinbase CEO Brian Armstrong said it marked a "huge day" for the company, adding that the SEC's case was "bogus."

加密交易所的股票在放棄收益之前就在新聞上集會。 Coinbase首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）表示，這對公司來說是“巨大的一天”，並補充說SEC的案子是“虛假的”。

Other industry insiders cheered the news.

其他行業內部人士為這一消息加了歡呼。

"It never made sense for the SEC to target one of the best run and most compliant players in the industry," Eli Cohen, General Counsel at tokenization platform Centrifuge, said. "This quick dismissal with $0 in fines is another indicator of just how egregious and unusual the Gensler approach to crypto really was."

令牌平台離心機總法律顧問Eli Cohen說：“ SEC瞄準了該行業中最好的運行和最合規的球員之一，這是沒有意義的。” “這次以$ 0的罰款迅速解僱是另一個指標，表明Gensler對加密貨幣的態度真是多麼令人髮指和不尋常。”

"This action is very welcome as it helps dispel the cloud of legal and regulatory uncertainty that has been hanging over the industry's head for years," Chrissy Hill, chief legal officer of Parity Technologies, said.

Parity Technologies首席法律官克里斯西·希爾（Chrissy Hill）說：“這項行動非常受歡迎，因為它有助於消除多年來一直懸而未決的法律和監管不確定性的雲。”

An SEC enforcement crackdown under former chair Gary Gensler saw similar cases pursued against other crypto firms, including US exchange Kraken, and Binance, the world's largest crypto exchange.

前董事長加里·蓋斯勒（Gary Gensler）領導下的SEC執法鎮壓行為看到了針對其他加密貨幣公司（包括美國交易所Kraken）和世界上最大的加密貨幣交易所Binance的類似案件。

"There's a common understanding in the industry that there is a wholesale re-examination of enforcement priorities and open investigations and lawsuits, particularly as they impact the digital asset industry," Alan Konevsky, executive vice president and chief legal and corporate affairs officer at tZERO, said.

Tzero執行副總裁兼首席法律事務官Alan Konevsky，“在行業中有一個共同的了解，對執法優先事項和開放調查和訴訟進行了批發重新檢查，尤其是在影響數字資產行業時。” ， 說。

He added that it's not unreasonable to expect other pending SEC litigation to be dropped.

他補充說，期望其他懸而未決的SEC訴訟將被撤銷並非不合理。

According to Zack Shapiro, head of policy at the Bitcoin Policy Institute, the Coinbase decision bodes well for other exchanges that have been in the regulator's crosshairs in recent years. However, the legal theory behind the SEC's original complaint remains unchanged.

比特幣政策研究所政策負責人扎克·夏皮羅（Zack Shapiro）表示，近年來，Coinbase的決定很好地實現了在監管機構十字準線中的其他交流。但是，SEC原始投訴背後的法律理論保持不變。

"Right now, for token issuers, the rules are all the same, and this is definitely more of a like vibe shift, or enforcement priorities shift from the SEC."

“目前，對於代幣發行人來說，規則都是相同的，這絕對更像是氛圍的轉變，或者執行優先級從SEC轉移。”

A key litmus test will be the agency's approach to its ongoing case against Ripple, which issues the XRP altcoin. The SEC's lawsuit claims XRP is an unregistered security, and many have seen the case as the biggest test of the SEC's authority over the crypto market.

一項關鍵的試金測試將是該機構針對Ripple的持續案件的方法，該案件發行了XRP Altcoin。 SEC的訴訟聲稱XRP是一種未註冊的安全性，許多人認為此案是對SEC對加密市場的權威的最大考驗。

"If they drop that appeal and they settle with Ripple, that would be another sort of different step, because then they're withdrawing specific theories they have that tokens are securities," Shapiro said.

Shapiro說：“如果他們放棄上訴並與連鎖反應解決，那將是另一個不同的步驟，因為他們正在撤回特定的理論，即代幣是證券。”

Amy Lynch, founder of FrontLine Compliance, expects that most cases related to "unregistered exchanges" will be dropped, though those related to crypto fraud should remain ongoing.

Frontline Compliance的創始人艾米·林奇（Amy Lynch）預計，儘管與加密欺詐相關的案件將繼續進行，但大多數與“未註冊交流”有關的案件將被撤銷。

As its priorities shift, Lynch said she expects the SEC will turn its attention toward creating a regulatory framework. This month, Commissioner Heather Pierce said that would be the goal of the SEC's newly created Crypto Task Force.

隨著優先事項的轉變，林奇表示，她預計SEC將把注意力轉向創建監管框架。本月，專員希瑟·皮爾斯（Heather Pierce）表示，這將是SEC新成立的加密特遣部隊的目標。

If that pans out, Lynch suspects that the effort could end up creating definitions for when digital assets act as securities and when they are commodities, which would dictate which agency is responsible for oversight.

如果那樣破碎，林奇懷疑這項工作最終可能會為數字資產充當證券以及何時是商品的定義，這將決定哪個機構負責監督。

"And I think that will be really the determining factor as to how regulation proceeds," Lynch told BI.

林奇告訴BI：“我認為這確實是監管如何進行的決定因素。”

To Shapiro, Friday's reversal wasn't because the SEC felt it was losing. Instead, the decision to drop the case without a fine signals a big shift in enforcement priorities, he said.

對於夏皮羅來說，星期五的逆轉不是因為SEC覺得它正在輸。他說，取而代之的是，決定沒有明確表示執法優先事項的案件決定。

"Coinbase has been litigating this for a long time. They would have happily paid a huge fine in order to make this go away. This is not about how the litigation was going, this is about the Trump administration not wanting to go after crypto," he told Business Insider.

“ Coinbase已經訴訟了很長時間了。他們會很樂意支付巨額罰款以使這一訴訟消失。這與訴訟的發生無關，這是關於特朗普政府不想追求加密貨幣的政府“他告訴業務內部人士。

Other sources who spoke with BI were unsurprised by the decision. President Donald Trump, once a crypto-skeptic, made waves during the election by aligning himself closely with the industry.

與BI交談的其他消息來源對該決定並不奇怪。唐納德·特朗普（Donald Trump）曾經是加密貨幣的懷疑論者，在選舉期間通過與行業緊密結盟而引起了轟動。

Even ahead of his inauguration, he had nominated crypto-friendly policymakers, released his own memecoin, and created a working group to oversee regulatory changes.

即使在就職典禮之前，他也提名了對加密貨幣友好的決策者，發布了自己的成員，並成立了一個工作組來監督監管變化。

Meanwhile, a stream of crypto donations aided the shift in sentiment among policymakers. Coinbase was a major political donor in the 2024 campaign, pouring millions into the Fairshake crypto PAC. The company later contributed to the president's inauguration fund and was among the sponsors of the "Crypto Ball" days before Trump was sworn in.

同時，一系列加密捐贈有助於決策者之間的情感轉變。 Coinbase是2024年競選活動的主要政治捐助者，將數百萬美元投入到Fairshake Crypto PAC中。該公司後來為總統的就職基金做出了貢獻，並成為特朗普宣誓就職前幾天的“加密舞會”的讚助商之一。

While the industry broadly appeared encouraged by Friday's announcement, at least one analyst said there's a risk the regulatory pendulum will swing too far the other way.

儘管週五宣布這一消息引起了人們的鼓舞，但至少一位分析師表示，監管擺的風險會以相反的方式擺動。

"There will be far less enforcement of crypto scams, digital gambling activities and technical/bureaucratic and substantive offerings of financial products without the proper licenses and regulatory oversight in areas that are gray or unsettled," said Terrence Yang, Swan Strategic Advisor at Swan Bitcoin.

天鵝比特素（Swan Bitcoin）的天鵝戰略顧問Terrence Yang表示：“將少於加密騙局，數字賭博活動以及技術/官僚主義的金融產品的實質性產品，而沒有適當的許可證和監管監督的灰色或不穩定的監管。” 。