SEC的Coinbase Move信號是加密的調節真空

歡迎來到加密貨幣監管真空的正式開始。這是我們目前的情況，因為美國最大的加密貨幣交易所Coinbase表示，它已與美國證券交易委員會（SEC）的員工達成協議，以駁回指控該公司運營非法證券交易所的訴訟（至少這就是Coinbase所說的- 我們將在委員會投票後等待SEC的確認）。

Original title: SEC's Coinbase move signals regulatory vacuum for crypto

原始標題：SEC的Coinbase移動信號信號的監管真空加密真空

Original author: Yueqi Yang, The Information

原始作者：Yueqi Yang，信息

Original compilation: Block unicorn

原始彙編：塊獨角獸

Welcome to the official beginning of the cryptocurrency regulatory vacuum. That's where we are now, as the largest U.S. cryptocurrency exchange, Coinbase, says it has reached an agreement with U.S. Securities and Exchange Commission (SEC) staff to dismiss a lawsuit that accused the company of operating an unregistered securities exchange (at least, that's what Coinbase is saying—we'll have to wait for the SEC to confirm after a committee vote).

歡迎來到加密貨幣監管真空的正式開始。作為美國最大的加密貨幣交易所Coinbase表示，我們現在是我們現在所處的位置Coinbase在說什麼 - 我們必須等待SEC在委員會投票後確認）。

Coinbase shares rose 2.2% in morning U.S. trading on Friday. The news marks a major development in the crypto industry's push for regulation, especially after the SEC decided to drop its long-running lawsuit against Coinbase, suggesting that the crypto industry has entered a regulatory vacuum. Coinbase CEO Brian Armstrong said in an X post that the dismissal means Coinbase will not pay any fines or make any changes to its business, adding that the company has spent about $50 million on the lawsuit.

週五，Coinbase股票在美國早上的交易中增長了2.2％。該消息標誌著加密貨幣行業的促進監管的重大發展，尤其是在SEC決定放棄針對Coinbase的長期訴訟之後，這表明加密工業已經進入了監管真空。 Coinbase首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）在X帖子中說，解僱意味著Coinbase不會支付任何罰款或對其業務進行任何更改，並補充說該公司已在訴訟上花費了約5000萬美元。

It appears that top financial regulators are hitting pause on enforcing decades-old securities rules for crypto as they wait for Congress to set new ones—if Congress can agree on anything at all. Those congressional efforts are likely to take some time. In the meantime, crypto companies have been promised a break from regulators while Trump's crypto task force figures out the next steps for the industry.

看來，頂級金融監管機構正在停頓為加密的數十年證券規則，他們等待國會設定新的證券規則，如果國會可以完全達成共識。這些國會努力可能需要一些時間。同時，加密貨幣公司已被保證要與監管機構休息，而特朗普的加密貨幣特遣部隊則為該行業的下一步付出了。

But if that all sounds optimistic for the crypto industry, there's a risk warning baked into the news: Just two hours after Coinbase's good news, Bybit, the world's third-largest cryptocurrency exchange by trading volume, confirmed it was hit by a hack of more than $1 billion, marking it as the largest cryptocurrency hacking incident in history.

但是，如果這對加密貨幣行業來說聽起來很樂觀，那麼新聞中就有一個風險警告：在Coinbase的好消息後僅兩個小時，通過交易量，世界第三大加密貨幣交易所Bybit證實了這一點被更多的黑客襲擊。超過10億美元，將其標記為歷史上最大的加密貨幣黑客事件。

When hacks like this happen, worried investors can withdraw their funds en masse, which could spell doom for exchanges if they don't have the funds to meet the withdrawal requests. For now, Bybit CEO Ben Zhou said the exchange has enough funds to cover the hacked amount and is still processing withdrawals as normal. Both Bitcoin and Ethereum prices fell, however, and Coinbase shares—which rose in morning trading on news of the SEC action—fell 8% in afternoon trading.

當這樣的黑客發生時，擔心的投資者可以大批撤回其資金，如果他們沒有資金來滿足提款請求的資金，這可能會說出厄運。目前，拜比特首席執行官本·周說，該交易所有足夠的資金來支付入侵金額，並且仍在正常地處理提款。但是，比特幣和以太坊的價格都下跌了，Coinbase股票（在SEC行動的新聞中都在交易中上漲）在下午的交易中銷售8％。

It could take days or weeks for the situation to become clear, and any knock-on effects will only become apparent over time. The hack not only highlights the inherent risks of crypto but also shows how traditional financial institutions are shielded from crypto risks by the current regulatory protections. That's some comfort for banks and traditional securities exchanges, which are still heavily overseen by the SEC and federal banking regulators.

這種情況變得清晰起來可能需要幾天或幾週的時間，並且任何連鎖反應只會隨著時間的流逝而變得明顯。該黑客不僅強調了加密貨幣的固有風險，而且還表明瞭如何通過當前的監管保護措施屏蔽了傳統金融機構的風險。對於銀行和傳統證券交易所來說，這是一些安慰，這些交易所仍然受到SEC和聯邦銀行監管機構的大量監督。

Those companies have been arguing that the crypto industry currently has an unfair regulatory advantage. For example, Nasdaq, in a meeting with the task force earlier this month, reportedly asked the SEC to set a clear timeline for this "hands-off" status for cryptocurrency exchanges. The exchange giant has previously said it wants to launch crypto services. Banks also want to be able to offer crypto services to institutional traders and investors, perhaps to avoid losing crypto-interested clients to exchanges and trading firms. But they still need banking regulators' approval to do that.

這些公司一直在爭辯說，加密行業目前具有不公平的監管優勢。例如，據報導，納斯達克在本月早些時候與特遣部隊的一次會議上要求SEC為加密貨幣交流的這種“失望”狀態設定明確的時間表。這家Exchange Giant此前曾表示，它希望推出加密服務。銀行還希望能夠為機構貿易商和投資者提供加密服務，也許是為了避免失去加密利益的客戶來交流和貿易公司。但是他們仍然需要銀行監管機構的批准才能做到這一點。

This week, a powerful coalition of banking lobbyists asked the Trump administration to find ways to make sure they don't lose out on the action. The episode highlights not only the vulnerability of the crypto industry but also the advantages of traditional financial institutions when it comes to regulation and protection. And as the crypto market continues to evolve and the regulatory landscape slowly takes shape, it's a question to watch how they balance innovation and risk in the future.

本週，一個有力的銀行遊說者聯盟要求特朗普政府找到方法，以確保他們不會輸掉這一行動。這一集不僅突出了加密行業的脆弱性，而且還強調了傳統金融機構在監管和保護方面的優勢。隨著加密貨幣市場的不斷發展，監管景觀逐漸形成，這是一個問題，即觀察他們將來如何平衡創新和風險。