前 SEC「加密媽媽」對激進的加密方法表示擔憂

在最近的小組討論中，前 SEC 執法律師 Elizabeth Stewart 討論了該機構監管加密貨幣行業的有爭議的方法。史都華表示擔心，美國證券交易委員會最近在 Coinbase 案件中的勝利將使其律師更有勇氣繼續在加密貨幣領域提起監管案件。她還評論了圍繞監管清晰度的爭論，呼應了 SEC 主席加里·詹斯勒 (Gary Gensler) 的立場，即現有法律已經足夠。然而，史都華承認，針對 Ripple 和 Coinbase 等公司的訴訟最終可能會提交至最高法院，以解決證券的組成問題。

Former SEC Enforcer Lisa "Crypto Mom" Stewart Raises Concerns over Agency's Aggressive Crypto Stance

前 SEC 執法人員麗莎“加密媽媽”斯圖爾特對機構激進的加密立場表示擔憂

In the wake of her departure from the Securities and Exchange Commission (SEC), former Director of Enforcement Lisa "Crypto Mom" Stewart has expressed her concerns over the agency's perceived lack of clarity and overly aggressive approach toward the blockchain sector.

在離開美國證券交易委員會 (SEC) 後，前執法總監 Lisa「加密媽媽」史都華對該機構在區塊鏈領域缺乏明確性和過於激進的做法表示擔憂。

During a panel discussion at Columbia Business School, Stewart acknowledged the industry's apprehension in the aftermath of Judge Katherine Failla's recent ruling in the SEC's lawsuit against Coinbase. She warned that the decision could embolden the agency's Chair, Gary Gensler, and its lawyers to continue pursuing regulatory cases against crypto companies.

在哥倫比亞商學院的一次小組討論中，史都華承認，法官 Katherine Failla 最近在美國證券交易委員會針對 Coinbase 的訴訟中作出裁決後，業界感到擔憂。她警告說，這項決定可能會鼓勵該機構主席加里·詹斯勒(Gary Gensler)及其律師繼續對加密貨幣公司提起監管訴訟。

"It's probably going to give the SEC that sort of comfort it needs to proceed as it has been," Stewart said. "It's not going to back off of bringing regulatory cases in the crypto space."

史都華說：“這可能會給美國證券交易委員會帶來必要的安慰，讓其繼續進行下去。” “它不會放棄在加密貨幣領域提起監管案件。”

Stewart also weighed in on the ongoing debate surrounding the definition of a security in the context of crypto assets. While Gensler has maintained that existing laws are sufficient, Stewart acknowledged that the lack of clarity has created significant uncertainty for businesses seeking to comply.

史都華也參與了圍繞加密資產背景下證券定義的持續爭論。雖然詹斯勒堅持認為現有法律已經足夠，但史都華承認，缺乏明確性為尋求遵守的企業帶來了巨大的不確定性。

"One of these lawsuits is going to make it to the Supreme Court, and then there will be some definitive sort of clarity on that question," Stewart said.

史都華說：“其中一項訴訟將提交至最高法院，然後這個問題就會得到某種明確的澄清。”

The panel discussion also addressed the issue of whether the underlying crypto token itself constitutes a security or if it is the sale that creates an investment contract. Stewart clarified that the SEC's position has consistently been that the underlying asset is not the security, but rather its offer and sale.

小組討論也討論了基礎加密代幣本身是否構成證券，或是否透過銷售創建投資合約的問題。史都華澄清說，美國證券交易委員會的立場一貫是，標的資產不是證券，而是其發行和銷售。

However, panelists raised concerns about the practicality of this distinction, particularly in the context of registration. If the token is not the security, they questioned, what entity or instrument should be registered?

然而，小組成員對這種區別的實用性表示擔憂，特別是在註冊方面。他們質疑，如果代幣不是證券，應該註冊什麼實體或工具？

"You can't obviously register all the stuff, but you can register the token," Stewart responded.

「你顯然不能註冊所有的東西，但你可以註冊令牌，」史都華回答。

Panelist Lewis Cohen, cofounder of DLx Law, countered that this approach created a paradoxical situation where the SEC's definition of a security diverged from the industry's understanding.

DLx Law 聯合創始人、小組成員 Lewis Cohen 反駁說，這種做法造成了一種自相矛盾的情況，即 SEC 對證券的定義與行業的理解存在分歧。

"We agreed that's not the security, and that's not the investment contract, either," Cohen said. "This is, I think, where the industry and the SEC have this divide, which is tell us what to do, and it's hard to know."

「我們一致認為，這不是證券，也不是投資合同，」科恩說。 “我認為，這就是行業和 SEC 之間存在分歧的地方，即告訴我們該做什麼，但很難知道。”

Despite the differing perspectives, Stewart emphasized that the SEC's enforcement team had been operating with professionalism and integrity. She also expressed her appreciation for the opportunity to engage in open debate with industry experts.

儘管觀點不同，史都華強調，美國證券交易委員會的執法團隊一直以專業和誠信的方式運作。她也對有機會與行業專家進行公開辯論表示感謝。

"We're all friends," Stewart concluded with a smile.

「我們都是朋友，」史都華微笑著總結道。

The panel discussion highlighted the ongoing tension between the SEC's regulatory mandate and the rapidly evolving cryptocurrency industry. As the sector matures, it remains to be seen how the agency will navigate the complex legal and technological challenges posed by decentralized finance and other emerging blockchain applications.

小組討論強調了 SEC 的監管授權與快速發展的加密貨幣行業之間持續存在的緊張關係。隨著該行業的成熟，該機構將如何應對去中心化金融和其他新興區塊鏈應用帶來的複雜的法律和技術挑戰還有待觀察。