如果唐納川普重新入主白宮，「加密貨幣」業者可能會陷入金融監管的雞窩裡

鑑於 SEC 今年春天向 Robinhood 的加密部門發出了 Wells 通知，加拉格爾的任命將極其尷尬。

If Donald Trump wins the presidency again, crypto industry figures could end up in top financial regulatory roles, which may hinder regulators' efforts to hold crypto operators accountable, according to a recent Politico report.

根據 Politico 最近的一份報告，如果唐納德·川普再次贏得總統職位，加密行業人物最終可能會擔任金融監管最高職位，這可能會阻礙監管機構追究加密運營商責任的努力。

Dan Gallagher, currently chief legal officer at crypto-friendly online brokerage Robinhood (NASDAQ:HOOD) and a former Securities and Exchange Commission (SEC) commissioner, is reportedly in the running to replace Gary Gensler as head of the SEC. Other potential candidates include current SEC commissioner Hester ‘Crypto Mom’ Peirce, former Commodity Futures Trading Commission (CFTC) chairman Chris ‘CryptoDad’ Giancarlo, and former SEC general counsel Robert Stebbins.

據報道，加密友好型線上經紀公司 Robinhood（納斯達克股票代碼：HOOD）現任首席法律官、前證券交易委員會（SEC）專員 Dan Gallagher 正在競選取代 Gary Gensler 擔任 SEC 主席。其他潛在候選人包括現任 SEC 委員「加密媽媽」Hester Peirce、前商品期貨交易委員會 (CFTC) 主席 Chris「CryptoDad」Giancarlo 以及前 SEC 總法律顧問 Robert Stebbins。

While Politico’s sources claim that Gallagher is a ‘natural’ for the position, his appointment would raise eyebrows considering that the SEC sent a Wells notice to Robinhood’s crypto division earlier this year, indicating that an enforcement action was being prepared regarding its “cryptocurrency listings, custody of cryptocurrencies, and platform operations.”

儘管 Politico 的消息來源稱 Gallagher 是該職位的“自然人選”，但考慮到 SEC 今年早些時候向 Robinhood 的加密部門發送了 Wells 通知，表明正在準備對其“加密貨幣上市、加密貨幣的託管和平台營運."

At the time, Gallagher issued a statement saying that the assets listed on Robinhood Crypto “are not securities” and that the company was eager to demonstrate “just how weak any case against Robinhood Crypto would be on both the facts and the law.”

當時，加拉格爾發表聲明稱，Robinhood Crypto 上列出的資產“不是證券”，該公司急於證明“任何針對 Robinhood Crypto 的案件在事實和法律上都是多麼無力”。

America’s ‘revolving door’ between industry and government is already a hot-button issue, but Gallagher’s appointment would mark a new level of ‘regulatory capture,’ in which industry has undue influence over the agencies that oversee their operations. Politico noted that Gallagher’s nomination could face stiff opposition from Senate Democrats at his confirmation hearings.

美國工業界和政府之間的「旋轉門」已經是一個熱門議題，但加拉格爾的任命將標誌著「監管捕獲」的新水平，即工業界對監督其運營的機構擁有不當影響力。 Politico 指出，加拉格爾的提名可能會在確認聽證會上遭到參議院民主黨人的強烈反對。

A few weeks ago, billionaire investor Mark Cuban said he would be open to serving as Gensler’s replacement if Trump’s Democratic opponent, Kamala Harris, wins in November. Cuban, who supports Harris over Trump, later claimed he was joking about serving at the SEC and was only trying to “send a message to Gary Gensler that he’s doing it all wrong.”

幾週前，億萬富翁投資者馬克庫班(Mark Cuban) 表示，如果川普的民主黨對手卡馬拉哈里斯(Kamala Harris) 在11 月獲勝，他願意接替詹斯勒(Gensler) 。支持哈里斯而不是川普的庫班後來聲稱，他在開玩笑，只是想「向加里·詹斯勒傳達一個訊息，表明他所做的一切都是錯的」。

Cuban also said he had a face-to-face confrontation with Gensler in late September when the two were both in the CNBC green room ahead of separate interviews. Cuban said he told Gensler, “you’re screwing the whole thing up. You’re pushing industries overseas.” Cuban claimed that Gensler has “some of that Elizabeth Warren in him,” referring to the Massachusetts senator who is among the most vocal crypto critics.

庫班還表示，9 月下旬，他與詹斯勒進行了面對面的對抗，當時兩人都在 CNBC 的休息室裡接受單獨採訪。庫班說，他告訴詹斯勒，「你把整件事搞砸了。你們正在將產業推向海外。庫班聲稱詹斯勒“身上有一些伊麗莎白沃倫的氣質”，指的是這位馬薩諸塞州參議員，她是最直言不諱的加密貨幣批評者之一。

Gurbir Grewal, director of the SEC’s enforcement division, recently announced that he will be leaving the agency on October 11. Current deputy enforcement director Sanjay Wadhwa will take over as acting director, while the division’s chief counsel Sam Waldon will serve as acting deputy director.

SEC 執法部門主管 Gurbir Grewal 最近宣布將於 10 月 11 日離開該機構。

Grewal expressed pride in the SEC’s accomplishments during his tenure, “from recalibrating penalties and remedies to confronting emerging risks and holding issuers, insiders, and gatekeepers accountable.” He also hailed Gensler’s “unwavering commitment to investor protection and support of a robust enforcement program.”

Grewal 對 SEC 在其任職期間取得的成就表示自豪，“從重新調整處罰和補救措施，到應對新出現的風險，以及追究發行人、內部人士和把關人的責任。”他還讚揚 Gensler “堅定不移地致力於保護投資者並支持強有力的執法計劃。”

On October 4, Bloomberg reported that Grewal will join the law firm of Milbank LLP as a partner in the litigation and arbitration practice at the firm’s New York office. Milbank has a fintech unit that helps clients “optimize opportunities and manage risk on a full range of fintech transactions and initiatives.”

10月4日，彭博社報道稱，Grewal將加入Milbank LLP律師事務所，擔任該所紐約辦公室訴訟和仲裁業務的合夥人。美邦擁有一個金融科技部門，幫助客戶「優化各種金融科技交易和措施的機會並管理風險」。

In 2020, some Milbank attorneys co-authored a paper on ‘blockchain and cryptocurrency regulation,’ with their contribution focused on “the potential applicability of distributed ledger technology (DLT) to the transfer of assets represented by ‘tokens’ or other digital assets.” It should be an interesting orientation.

2020 年，美邦銀行的一些律師共同撰寫了一篇關於「區塊鏈和加密貨幣監管」的論文，其貢獻重點是「分散式帳本技術(DLT) 在以'代幣'或其他數位資產為代表的資產轉移中的潛在適用性。這應該是一個有趣的方向。

Grewal’s announcement came the same day the SEC filed notice of its intention to appeal a U.S. District Court for the Southern District of New York ruling on Ripple Labs, issuers of the XRP token. The SEC has yet to file the actual appeal, but a spokesperson said the district court ruling “conflicts with decades of Supreme Court precedent and securities law.”

Grewal 宣布這項消息的同一天，美國證券交易委員會 (SEC) 提交通知，表示打算對美國紐約南區地方法院對 XRP 代幣發行商 Ripple Labs 的裁決提出上訴。美國證券交易委員會尚未提出實際上訴，但發言人表示，地方法院的裁決「與最高法院數十年的判例和證券法相衝突」。

The appeal to the U.S. Court of Appeals for the Second Circuit follows a July 2023 ruling by U.S. District Judge Analisa Torres. The ruling found that, while institutional sales of XRP represented unregistered securities under the Howey test, so-called ‘programmatic sales’ of XRP to retail customers on digital asset exchanges were in the clear.

美國地區法官阿娜麗莎·托雷斯 (Analisa Torres) 於 2023 年 7 月作出裁決後，向美國第二巡迴上訴法院提出上訴。裁決發現，雖然在 Howey 測試中 XRP 的機構銷售代表了未註冊的證券，但在數位資產交易所向零售客戶所謂的 XRP「程序化銷售」是明確的。

(This opinion was rejected a few weeks later in a separate federal court dealing with Terraform Labs, in which the judge found the Howey test “makes no such distinction between purchasers” for identifying securities offerings.)

（幾週後，這一意見在與 Terraform Labs 打交道的另一家聯邦法院被駁回，法官認為 Howey 測試在識別證券發行方面「對購買者之間沒有這種區別」。）

In August, Torres imposed a $125 million fine and an injunction prohibiting Ripple from future violations of U.S. securities law. Judge Torres scolded Ripple for “egregious” conduct in its “recurrent, highly lucrative violation” of the Securities Act and found reason to suspect a “reasonable probability of future violations.” However, the $125 million penalty was a fraction of the $2 billion fine the SEC had sought, allowing Ripple execs

8 月，Torres 處以 1.25 億美元罰款，並頒布禁令，禁止 Ripple 未來違反美國證券法。托雷斯法官譴責瑞波幣“一再、高額違反《證券法》”，其行為“極其惡劣”，並找到理由懷疑“未來發生違規行為的合理可能性”。然而，1.25 億美元的罰款只是 SEC 尋求的 20 億美元罰款的一小部分，這使得 Ripple 高層能夠